With the advent of the Internet, everyday devices are now interconnected. Due to the proliferation of the IoT, several offices and homes have become smart –functioning through connected devices. Increased usage of smart devices such as smart phones and tablets is pushing the demand for IoT monetization. It is a trend that is becoming a serious business activity for many and opening doors for future growth.
The IoT monetization market can be segmented on the basis of application into healthcare, building & home automation, retail, agriculture, automotive & transportation, consumer electronics, industrial, energy, and others.
The report presents a broad overview of various factors contributing to the expansion of the global IoT monetization market. It also provides insights into challenges that the market could face over the forecast period. The prevailing trends in overall market operations are also studied in the report in detail.
Global IoT Monetization Market: Trends and Opportunities
The global IoT monetization market is receiving impetus from increased use of smartphones and other connected devices, growing Internet connectivity, and rise in the adoption of cloud platforms. Moreover, encouraging government regulations, heavy demand for dependable energy-efficient systems and improved home security for home & building automation applications, and growing demand for smart devices such as smartphones and tablets are furthering the growth of the market. On the contrary, factors such as shortage of power-efficient devices and absence of common communication standards across platforms are preventing the IoT monetization market’s growth.
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In terms of application, the automotive & transportation segment is expected to aid in the market’s growth. Through connected cars and intelligent transportation systems such as sensors and communication & traffic control technologies, it is easier to support states, towns, and cities globally to meet the rising demand for surface transportation systems. Automotive manufacturers are extensively adopting IoT, which in turn is driving the market for IoT monetization.
Consumer electronics is also emerging as a crucial application segment. The demand for smart consumer electronics is expected to increase with its rising use in building smart offices, smart cities, and smart buildings. The consumer electronics application segment is anticipated to grow during the forecast period due to the growing number of smart appliances that can be connected to smartphones and the Internet.
Global IoT Monetization Market: Geographical Evaluation
On the basis of geography, the global IoT monetization market can be segmented into Europe, Asia Pacific, North America, and Rest of the world. It is projected that North America will account for a large share in the overall market, and will continue to exhibiting robust growth through the forecast period. In North America, the U.S. 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 market in North America. Several IoT companies present in the U.S. offer a variety of IoT devices for applications in automotive & transportation, industrial, retail, healthcare, consumer electronics, and other sectors.
The other major contributor to the market is Asia Pacific. Recent developments in technology, increased disposable income, high usage of smart phones, and better Internet connectivity are some of the factors positively impacting the market growth in this region.