Rising adoption of cloud platform across various industries on the back of its ability to benefit the organizations to access data on cloud platform from anywhere around the globe, and extract valuable and meaningful information; is expected to be the key driver for the market growth during the forecast period. Additionally, growing advancement in technology ensures faster and convenient processing of data, thereby contributing to the expansion of the IoT monetization market.
Rise in high speed internet connectivity, along with increase in the number of connected devices around the globe which is estimated to be more than 15 billion is significantly contributing to the growth of the market. Additionally, the sharp increase in smart city projects on the back of growing applications of integrated IoT, is anticipated to provide lucrative growth opportunities in the global IoT monetization market. Moreover, increased governmental support, pertaining to promoting digitalization to generate value-producing opportunities is predicted to boost the growth of IoT monetization market during the forecast period.
Lack of universally accepted standards for adoption of IoT devices is anticipated to restraint the growth of IoT monetization market. Additionally, rising privacy concerns among the end users and service providers on the account of increasing cases of data breaches is estimated to negatively affect the growth of the IoT monetization market over the forecast period.
The global IoT monetization market is anticipated to record a CAGR of around 54% over the forecast period i.e. 2019-2027. The market is segmented by deployment into on premises & cloud, out of which, the cloud segment is anticipated to grow at substantial rate on account of rising adoption of cloud platform across the business functions and applications. The businesses are adopting cloud platforms for improved efficiency and scalability which is also reducing the cost and risk involved in their business. According to our research, more than half of the amount of work done by enterprises will run in the cloud in the next five years.
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Based on application segment, the manufacturing segment is expected to hold largest share in the global IoT monetization market during the forecast period, on account of increased productivity and cost effectiveness provided by IoT solutions in the manufacturing sector. The healthcare segment is anticipated to witness highest growth rate during the forecast period on account of increased penetration of IoT connected devices in the healthcare sector and its allied services.
Our-in depth analysis of the global IoT monetization market includes the following segments:
On the basis of regional analysis, the global IoT monetization market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America accounts for largest market share for the current period and is expected to hold major share during the forecast period owing to the presence of major key players in the region. Additionally, increased research and development activities along with, early adoption of new and advanced technology across multiple end-users are some of the significant reasons that are anticipated to boost the growth of the market in upcoming years. Further, the market in Asia Pacific is expected to project highest growth rate during the forecast period owing to increased adoption of IoT in major industries coupled with the presence of emerging economies of countries like India and China.
The global IoT monetization market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh