Internet of Things (IoT) billing platform enables monetization of the installed IoT devices. Heavy deployments are witnessed due to smart city initiatives by various nations. Countries such as US, China, and Australia are investing greatly in smart cities which will witness revenue generation for many infrastructure service providers in the IoT ecosystem.
The IoT monetizationplatform tracks the usage of various smart products. Bringing out optimum efficiency and monetization, the IoT billing helps product manufacturers to grow and sustain clients. The global telecom equipment and telecom product players are competing in the market to take a lead in this emerging and growing market. The increase in adoption rate of IoT billing and invoicing platform is currently highest in Asia Pacific followed by North America and Asia Pacific region is likely to retain the top spot by 2025.
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The growing need to capitalize on generating profits from services and OPEX (Operational Expenditure), enterprises are increasingly relying on smart products and real-time billing from IoT-based sensors. Comarch, Amdocs, Ericsson, Magnasoft, Cerillion, and NetCracker are few of the companies leading in the market. The IoT billing software helps in scalable deployments of IoT and helps in understanding user behaviour. These vendors are helping organizations in monetizing digital transformations and system modernizations to help generate revenue faster and enrich their customer experience coupled with increased efficiency. More organizations are expected to leverage IoT or connected technologies in its product offerings and integrate billing into its software. The major deployments of the IoT billing and invoicing are witnessed in cloud billing system. The IoT has brought a whole new experience for product maintenance and generate revenue from services. The IoT market is still in its infancy stage and the emergence of strong IoT platforms and insight platforms would help in reshaping IoT billing ecosystem soon.
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– Swarup Bhowal
ICT – Research Analyst