IoT Monetization Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: IoT Monetization Market covers analysis by Deployment Type (On-Premise and Cloud) and Application (Retail, Education, Aerospace & Defence, Automotive, Healthcare, Manufacturing, IT & Telecom, and Others, and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00003058
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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IoT monetization market is expected to grow from US$ 76.58 billion in 2021 to US$ 865.40 billion by 2028 with an estimated CAGR of 42.0% from 2022 to 2028.

The evolution of Internet of Things has resulted in the progress of technology that once appeared unfathomable. From connected home, smart devices, remote door locks to app-controlled devices, IoT products offer a pool of convenience that help shape daily lives. Internet of Things devices in the consumer market are typically pertaining to products that enable smart homes, e.g., lighting fixtures, thermostats, home appliances, cameras, and home security systems. The new class of products can be controlled from other cloud-connected devices or a smartphone. The Internet of Things technology helps connect various smart devices to ease the operation and data sharing. There are different smart devices, such as sensors, smartphones, and wearable, which collect necessary data from devices, which are further utilized to enhance customer’s experience. The rising need for data analysis and integration of analytics is expected to drive the IoT monetization market during the forecast period.

MARKET DYNAMICS

The rising adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, drives the IoT monetization market growth. With the traditional manufacturing sector among a digital transformation, the IoT fuels intelligent connectivity's next industrial revolution. This is changing the way industries approach increasingly complex systems and machines to improve efficiency and reduce downtime. The Internet of Things is anticipated to make a massive transformation to various areas, such as replenishing goods. Devices such as connected refrigerators that can automatically place order for milk, cheese, or any other product that is running low are being introduced by major electronics manufacturers—Samsung and LG. Additionally, e-commerce platforms are rapidly increasing due to the ease of shopping and growing smartphone penetration in the market. Growing need for data analysis and integration of analytics is anticipated to drive the utilization of IoT, subsequently expected to drive the IoT monetization market over the forecast period.

MARKET SCOPE

The "Global IoT Monetization Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global IoT monetization market trends. The report aims to provide an overview of IoT monetization market with detailed IoT monetization market segmentation by component, enterprise size, and end user. The global IoT monetization market is expected to witness notable growth during the forecast period. The report provides key statistics on the market status of the leading IoT monetization market player and throw light on key trends and opportunities in the IoT monetization market.

Strategic Insights

MARKET SEGMENTATION

The global IoT monetization market is segmented on the basis of component, enterprise size, and end user. Based on component, the IoT monetization market is further segmented into solution and services. By enterprise size, the market is categorized into small & medium enterprises and large enterprises. In terms of end user, the IoT monetization market is split into retail, education, aerospace & defense, automotive, healthcare, manufacturing, IT & telecom, and others.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global  IoT monetization market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America, which are further fragmented by countries for detailed research survey. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.

From the regional perspective, North America is expected to hold the major share in IoT monetization market during the forecast period. In North America, the US is a key contributor to the IoT monetization market. Factors such as presence of several IoT companies in the region and fast adoption of new technology by the masses are driving the IoT monetization market in North America. Several IoT companies present in the US offer a variety of IoT devices for applications in automotive & transportation, industrial, retail, healthcare, consumer electronics, and other sectors. The below figure showcases the revenue growth trend in the global IoT monetization market:IoT Monetization Market

Source: The Insight Partners Analysis

The report analyzes factors affecting IoT monetization market from both demand and supply side and further evaluates market dynamics effecting the IoT monetization market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis highlighting the factors affecting the IoT monetization market in these regions.

IMPACT OF COVID-19 PANDEMIC

With the increasing number of COVID-19 cases globally, economy of many countries were significantly impacted in 2020. The supply chain and import & export got disrupted due to the COVID-19 outbreak. The global IoT monetization market witnessed a negative impact in Q1 & Q2 of 2020. This was mostly because several ongoing IoT projects were paused. Most of the companies reduced the investments in new projects. However, from Q3 2020, the demand for digitization accelerated. Several governing bodies uplifted the travel restrictions, which enabled transportation but with all safety measures and social distancing norms. Companies began strategically investing in connected technologies, such as remote asset management. In the medium to long run, the COVID-19 impact on IoT will be positive due to the increasing demand from various industry verticals such as healthcare, manufacturing, and smart homes. Also, companies will want to build more resilience to be better prepared if another pandemic rattles the world. Additional investment in digital infrastructure can be expected in 2022 and 2023. Overall, the impact of COVID-19 on the global IoT monetization market was low to moderate and is expected to witness high growth from 2022 onwards. The businesses had to transition to remote working, online operations and sales, and other business protocol modifications in response to the COVID-19 pandemic. As companies began to rely on cloud technologies, IoT, Big Data, AI, etc., the pandemic accelerated the implementation of IoT technology in 2020.

World Geography

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MARKET PLAYERS

The report covers key developments, as well as organic and inorganic growth strategies, in the  IoT monetization market. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from mobile payment technologies market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for IoT.

The report also includes the profiles of key IoT monetization market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of a few companies engaged in the IoT monetization market.

  • Amdocs
  • Cisco Systems, Inc. (Cisco Jasper)
  • Flexera
  • Thales (Gemalto NV)
  • Intel Corporation
  • Microsoft Corporation
  • Netcracker Inc. (NEC Corporation)
  • Samsung Electronics Co. Ltd.
  • SAP SE
  • Telefonaktiebolaget LM Ericssonare

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.IoT Monetization Market

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Deployment Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

The List of Companies

1. Amdocs
2. Cisco Systems, Inc. (Cisco Jasper)
3. Flexera
4. Gemalto NV
5. Intel Corporation
6. Microsoft Corporation
7. Netcracker Inc. (NEC Corporation)
8. Samsung Electronics Co. Ltd.
9. SAP SE
10. Telefonaktiebolaget LM Ericsson

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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