According to Stratistics MRC, the “Global IoT Monetization Market” is accounted for $35.41 billion in 2016 and expected to grow at a CAGR of 53.1% to reach $699.9 billion by 2023. Various factors contributing to the expansion of the market growth are increased use of smart phones and other connected devices, adoption of the cloud technology, emergence of home automation products, rising demand for surface transportation systems and connected IoT sensors and wearable devices. However, poor internet connectivity in the underdeveloped and developing economies and lack of power-efficient devices are hampering the market growth. Moreover, proliferation of smart city and smart lighting projects, government funding for R&D in IoT, IoT in aerospace & defense sector are expected to provide lucrative growth opportunities for the market.
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IoT monetization is a procedure that genres revenue from the IoT-empowered products and services by securing the IoT information and generating the data from IoT connected devices. It provides various advantages such as efficiency, cost-cutting, improved reengineer operations, reach new market, etc. Owing to increasing deployment of IoT devices in different application sectors such as healthcare, retail, automotive and transportation large volume of unstructured data is produced, which in turn is increasing the demand for these devices and data stored in them.
Opportunity: The government funds across the globe for R&D in IoT would provide ample opportunities for the market growth.
The government is funding for R&D activities across the globe in fields of technology to enable IoT and initiating cloud based open source projects for online collaboration. This is also done for smart farming to make the agriculture landscape more resource-efficient and productive. The agriculture industry and automation providers are exploring new opportunities by utilizing IoT and digital solutions for improving yields, profitability, and farming practices. Additionally, IoT has wide scope in precision farming. Sensors can likewise monitor crop fields for signs of pest-infestation and weed development, enabling farmers only to apply pesticides and herbicides in the necessary areas.
Driver: The increased demand for requirement for smart phones is driving the market growth.
The ever-expanding penetration of cell phones and tablets and the rising demand for connected devices are some of the driving factors for the growth of the market. Smart phones are progressively becoming an essential device for utilizing email, accessing websites, storing data, synchronizing work and personal calendars, accessing enterprise applications, and conducting online transactions due to which it is adopted at a wide range by the individuals.
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Depending on application, industrial segment is expected to grow at the significant market share during the forecast period as IoT plays a key role in these applications. The connection of objects through embedded smart devices or by the use of detectors and data carriers help in communicating with an intelligent supporting network infrastructure and information systems; this would optimize production processes and help in monitoring the whole lifecycle of objects-from production to dumping. By labeling items and containers, greater transparency can be acquired about the status of the shop floor, location and disposition of materials, and status of machines.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period due to the increasing utilization of IoT in industrial and automotive & transportation applications in the region. The strong support of government in nations such as China and India to flourish on the digital innovation, factors such as economies of scale and cross-sector partnerships are fueling the growth of the market in this region. The use of mobile IoT in the region is also likely to increase in the coming years.
Some of the key players in Global IoT Monetization market are International Business Machine Corporation, Mircosoft Corporation, Oracle Corporation, SAP SE, Amdocs Ltd., PTC, Inc., Intel Corp., Cisco Systems Inc., Google Inc, Robert Bosch GmbH, General Electric Corporation and Facebook Inc.
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Cisco Systems Inc: In June 2016, Cisco Systems Inc collaborated with IBM Corp. (U.S.) to provide solutions on IoT. With this collaboration, businesses and organizations in remote and autonomous locations would be able to tap the combined power of IBMs Watson IoT and business analytics technologies and Cisco’s edge analytics capabilities.
Oracle Corporation: In February 2017, Oracle Corporation launched four cloud-based solutions thus expanding its portfolio of Internet of Things (IoT). The new solutions will aid businesses take advantage of the digital supply chains. Businesses will be able to attain actionable insights from the IoT-enabled devices. It is being built on the company’s Big Data Cloud and IoT Cloud. In order to allow operational visibility, along with providing improved responsiveness and customer service, they have been given integration compatibility with Oracle Service Cloud, Oracle Supply Chain Management (SCM) Cloud, and software that is on-premise
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