Growing Enterprise Data Augments the Global Iot Monetization Market Growth at 44.57% by 2027
“According to a new market research report published by Inkwood Research, the Global IoT Monetization Market is estimated to record a CAGR of 44.57% during the forecasting years of 2019-2027.”
“Browse 29 Market Data Tables and 40 Figures spread over 164 Pages, along with an in-depth TOC on the Global IoT Monetization Market Forecast 2019-2027.”
IoT monetization is a process that results in revenue generation from IoT-enabled services. It aids in cutting down the operational costs of the enterprise. There has been an increase in the dependence on IoT-based products and solutions, along with the rising usage of smart devices like smartphones. The internet boom and the subsequent technological advancements have resulted in the emergence of interconnected devices. The increasing number of smart city projects across the globe is set to result in lucrative growth opportunities for the IoT monetization market.
Increasing Volume of Enterprise Data Propels the Market Growth
The IoT monetization aids in the conversion of raw or aggregated data into valuable data, thereby helping to make the right decisions for the business enterprises. The companies and organizations are increasingly becoming aware of the several opportunities entailed in their enterprise data, which is a result of voluminous unstructured data. At the same time, the companies that adopted data monetization witnessed a significant increase in the variety, volume and speed of data. Many industry verticals use business intelligence and analytics tools for IoT monetization, wherein they use their data assets alongside unstructured and structured data. The financial service companies are also adopting IoT monetization for analyzing trades so as to record profit from the minor inefficiencies of the market.
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Transportation & Logistics Holds the Largest Share in the Industrial Verticals Segment
The IoT data is utilized in the transportation and logistics companies for improving service performance and reducing the cost of operations. The increasing use of long-haul and short-haul trucks is set to result in numerous growth opportunities in the future. Most transport and mobility services are increasingly getting automated, which results in increased demands for IoT monetization solutions. The transportation agencies are adapting technologies powered by the Internet of Things, which results in connecting streets and highways with highly automated vehicles and mass transit systems, thereby generating a huge amount of data. The market also benefits from the increasing government expenditure on smart transportation systems.
The Asia Pacific to Record the Highest CAGR over the Forecast Period
The IoT monetization market in the Asia Pacific market region is projected to be the fastest-growing market during the forecasted period. The market analysis of the region includes the study of countries like India, China, Japan, South Korea, Australia, and the rest of the Asia Pacific. The expanding telecommunication sector and several other industries are shifting towards IoT monetization for generating an enormous amount of data with an intent to deliver a better customer experience. The regional market entails untapped potential, along with commercial investment in IoT by various industries. The developing countries like China and India, the expanding mobile internet sector, have led to increased demand for data monetization solutions. At the same time, the multinational companies are steering towards the market through partnerships with local companies, technology partners, and channel partners. This is set to result in increased growth opportunities during the forecasted period.
The lucrative growth has paved the way for many well-established and upcoming players, in the market. Some of the prominent companies in the market include, Ericsson, Amdocs, Gemalto NV, Cisco Systems, Inc., General Electric Co., Aria Systems, Inc., etc. The new entrants face stiff competition from the well-established market players, along with high start-up costs and government regulations. With several companies competing for market share, the elimination of some companies becomes certain.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.