IoT Monetization Market : Increased Internet Connectivity Would Enhance the Growth of the Market
Posted: Dec 06, 2018
[112 Pages Report] The IoT monetization market was valued at USD 23.09 billion in 2015 and is expected to reach USD 443.27 billion by 2022, at a CAGR of 52.98% during the forecast period. The base year used for this study is 2015, and the forecast period considered is between 2016 and 2022. Internet of things has been a defining trend since the last decade with trillions of revenue expected from billions of connected devices. These connected devices are expected to generate a huge amount of data to be used by the companies to bring in innovation and automation in their businesses. The increase in revenue with the use of IoT would help all the diverse applications to grow. This aspiring technology is all set to bring in a transformation in the way of living and workstyle of human beings, thereby bringing in a new revolution for interactions between machines and human beings.
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The IoT monetization market was valued at USD 23.09 billion in 2015 and is expected to reach USD 443.27 billion by 2022, at a CAGR of 52.98% during the forecast period. The increasing Internet connectivity, increased use of smartphones and other connected devices, and growing adoption of cloud platforms are the major drivers for the IoT monetization market. The use and penetration of the Internet or broadband facilities has increased over the last decade, the rate of which is high in the developed countries such as the U.S., Japan, and Germany. This factor is expected to propel the growth of the IoT monetization market during the forecast period.
The scope of this report covers the IoT monetization market on the basis of application and geography. Automotive & transportation applications are expected to hold the largest share of the overall IoT monetization market during the forecast period. The rising adoption of IoT by automotive manufacturers is driving the growth of the IoT monetization market for automotive & transportation applications. The IoT monetization market for consumer electronics applications is expected to grow at a high rate between 2016 and 2022. The increasing use of consumer electronics in building smart cities, smart buildings, and smart offices is expected to boost the demand for smart consumer electronics. With the emergence of a number of smart appliances that can connect to the Internet and smartphones, the IoT monetization market for consumer electronics applications is expected to grow during the forecast period.
North America held the largest share of the IoT monetization market in 2015. The U.S. is a major contributor to the growth of the IoT monetization market in North America. The high growth of the market in North America can be attributed to the fast adoption of new technology by the masses and the presence of several IoT companies in the region, especially in the U.S.; these companies offers a wide range of IoT devices for applications in the retail, industrial, consumer electronics, healthcare, automotive & transportation, and other sectors.
The major players in the IoT monetization market are PTC, Inc. (U.S.), IBM Corp. (U.S.), Intel Corp. (U.S.), Cisco Systems, Inc. (U.S.), General Electric Co. (U.S.), Oracle Corp. (U.S.), Google Inc. (U.S.), Microsoft Corp. (U.S.), SAP SE (Germany), and Amdocs Ltd. (U.S.). The key innovators profiled in the report include Infosys Ltd. (India), Robert Bosch GmbH (Germany), and Tata Consultancy Services (TCS) (India).
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