Asia Pacific is witnessing the highest growth rate in the Global IoT Monetization Market
The global IoT monetization market is expected to witness a CAGR of above 20% during the forecast period 2019–2025 to touch more than $500 million revenues
Bangalore, India, July 05, 2019: With its recently published study “Global IoT Monetization Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global IoT monetization market is expected to grow backed by the increasing deployments of IoT and data-driven platforms. IoT billing and invoicing software helps in monetizing the IoT devices and platforms.
IoT billing and invoicing software finds significant interest from various industries globally. The increasing need to monetize the smart devices and manage its connected features are increasingly compelling organizations to follow the subscription model, consequently generating more revenues for smart equipment manufacturers. The trend of IoT billing solution adoption is likely to increase, especially in Asia Pacific and North America during the forecast period 2019–2025. The trend of maximizing the profitability of smart product providers and revenue through subscription is helping the market to grow at a CAGR of more than 20% to reach a revenue of over $500 million by 2025.
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North American organizations are expected to quickly realize the investment potential in billing and real-time monitoring of IoT connected devices. The smart product adoption is expected to grow substantially with growing notice from industries in adopting usage-based billing and focus on OPEX spending. Asia Pacific is poised to grow at the highest CAGR as the region holds great potential, owing to growing economies and developments in nations such as China and India.
Lack of adoption of IoT-based services is restricting the growth of IoT billing software vendors. IoT billing is in the early stages of adoption and is expected to be adopted across different geographic regions. On the other hand, technologies in the smart product vendors, are expected to generate revenue from government initiatives of smart city and industrializations as well.
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Most of the emerging vendors are currently based out of North America. Also, there are many vendors in India, Israel, and China focusing on the IoT billing market. Smart vendors can reap the benefits of IoT billing and invoicing market with an integrated approach to drive customers towards enhanced monitoring and customer experience of IoT devices.
“With increasing adoption of IoT devices along with consumerization of IoT and connected technologies, the IoT monetization market is expected to help smart and IoT product vendors to monetize their IoT services,” analysed Swarup Bhowal, Research Analyst, Infoholic Research.
Key Segments of the Report Include:
- Organization Size:
- Large Enterprises
- Commercial Building
- Transportation and Logistics
- Smart Home Appliances
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East Africa
- South Africa
- Rest of Middle East Africa
- Latin America
- Rest of Latin America
- Industry outlook: Market trends, drivers, restraints, and opportunities
- North America