IoT Monetization Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The IoT Monetization market size is projected to reach US$ 2552.69 billion by 2031 from US$ 154.42 billion in 2023. The market is expected to register a CAGR of 42.0% during 2023–2031.  Edge computing and integration with technologies such as AI and ML are likely to remain key trends in the market.

IoT Monetization Market Analysis

The evolution of the Internet of Things has resulted in the progress of technology that once appeared unfathomable. From connected homes, smart devices, and remote door locks to app-controlled devices, IoT products offer a pool of convenience that helps shape daily lives. Internet of Things devices in the consumer market typically pertain 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 by 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 wearables, 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.

IoT Monetization Market Overview

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 in 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 in various areas, such as replenishing goods. Devices such as connected refrigerators that can automatically place orders 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. The 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.

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IoT Monetization Market: Strategic Insights

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IoT Monetization Market Drivers and Opportunities

Maximizing Business Potential with IoT Data to Favor Market

In the growing IoT world, monetization techniques are changing away from one-time hardware costs and toward more dynamic, recurring revenue models. This change is critical for firms looking to increase their influence across many industries and develop long-term trust with users through continual customer involvement. Companies that focus on IoT data monetization not only improve revenue predictability but also considerably increase overall value.

Enhancing IoT Monetization with Subscription and Usage Management

Subscription and Usage Management (SUM) solutions are critical tools for automating manual procedures in IoT monetization, resulting in faster uptake and more efficient pricing strategies for applications with high Monthly Recurring Revenue (MRR) potential. These platforms make it possible to effectively monetize a wide range of recurring business models, allowing for the long-term collection of income in exchange for IoT products or services. Pricing methods can include one-time fees, subscriptions, consumption-based outcomes, or a combination of the above, allowing for more flexible ways for IoT monetization.

IoT Monetization Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IoT monetization market analysis are type and application.

• Based on deployment type, the IoT monetization market is divided into on-premise and cloud. The cloud segment held a larger market share in 2023.
• By application, the market is segmented into retail, education, aerospace and defense, automotive, healthcare, manufacturing, IT & telecom, and others.

IoT Monetization Market Share Analysis by Geography

The geographic scope of the IoT monetization market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds a prominent share in the market. In North America, the US is a key contributor to the IoT monetization market. Factors such as the presence of several IoT companies in the region and the 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.

IoT Monetization Market Regional Insights

The regional trends and factors influencing the IoT Monetization Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IoT Monetization Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

IoT Monetization Market Report Scope

IoT Monetization Market Players Density: Understanding Its Impact on Business Dynamics

The IoT Monetization Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the IoT Monetization Market are:

1. Amdocs
2. Cisco Systems Inc.
3. Flexera
4. Thales
5. Intel Corporation
6. Microsoft Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

IoT Monetization Market News and Recent Developments

The IoT monetization market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT monetization market are listed below:

• SEALSQ Corp, a semiconductor, PKI, and Post-Quantum technology firm, announced the debut of SEALDATA, a new service designed to help clients monetize their Internet of Things (IoT) data. This service is designed to capitalize on the increasing value of IoT data by providing a platform for users to transform data from their devices into cash streams using SEALCOIN, a new cryptocurrency set to be issued by the end of the second quarter of 2024. (Source: SEALSQ Corp, Newsletter, 2024)
• Nokia has launched a new Software-as-a-Service (SaaS) solution to assist communication service providers (CSPs) and enterprises in commercializing new 5G and IoT use cases and offers.  The solution works in situations with over 150 million subscribers and can be integrated with 5G Standalone core network functionalities in a multivendor environment. Nokia stated that the SaaS solution will help CSPs better monetize new consumer and enterprise solutions such as cloud gaming and logistics. (Source: Nokia, Newsletter, 2022)

IoT Monetization Market Report Coverage and Deliverables

The “IoT Monetization Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• IoT monetization market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• IoT monetization market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• IoT monetization market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT monetization market
• Detailed company profiles