The Internet of Things (IoT) monetization market is expected to grow impressively over the forecast period. IoT monetization process involves revenue generation by an organization taking the support of IoT-enabled devices including smartphones, smart appliances, and others. The advent of IoT has resulted in the invention of automobile automation, smart farming, domotics (home automation), and automated healthcare among others. The growing trend of smart farming, IoT connected cars, and home automation along with shifting focus of enterprises toward the revenue generation via big data usage is a major factor to drive the growth of the IoT monetization market.
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The proliferation of IoT in public transport owing to the emergence of smart cities is a major factor contributing to the growth of the IoT monetization market. Developers are indulged in creation of a platform that will include vehicles, people, traffic lights, weather, timing, and all the data sources that can have an impact on traffic to create an online system with public access. This platform will be utilized tocollect a huge number of variables into account so as to control traffic in an efficient manner. Informing commuters of traffic densities in various parts of the city with a real-time map offered by the IoT solution will enable them to make better decisions about the suitable route.
The growing application of information and communication technology such as IoT in farming is expected to transform the way of traditional farming.The agriculture industry and the relevant suppliers are finding several new opportunities through the use of IoT and digital solutions to improve yields, profits, and farming practices. In addition, the utility of IoT has wide scope in the field of precision farming as the purpose of precision farming is to create data through sensors that track related vehicles, monitor livestock, and monitor storage areas.The emergence of IoT in the agriculture industry is expected to create a significant contribution to the growth of the IoT monetization market.
Recent Activity
· In February 2019, HCL Technologies had launched iCE.X. iCE.X. is an intelligent, scalable and secure IoT device management platform for consumer premises equipment (CPE),sensors, gateways, and various other IoT devices to execute monetization.
· In July 2017, Samsung Electronics company had launched Samsung ARTIK Cloud Monetization for the IoT,a service to monetize the data shared by IoT devices.
Current Market trends covered in the market report
· The paradigm shift from service-centric to server-centric population
· Significant adoption of diversified cloud services across the globe
· Rapid advancement in sensor technology
· The risk associated with data privacy to restrain the market growth
· Numerous applications in end-user industry are a major market opportunity
· Growing adoption of smart devices driving the market growth
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Internet of Things (IoT) Monetization Market Segmentation
By Application
· Automotive & Transportation
· Building and Home Automation
· Consumer Electronics
· Healthcare
· Agriculture
· Others (Media and Entertainment)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
