IoT Monetization Market 2018 Global Trends, Size, Segments and Industry Growth by Forecast to 2022

Global IoT monetization market was valued at USD 42.40 billion in 2017 and is expected to reach USD 542.84 billion by 2023, at a CAGR of 52.95% during the forecast period. Major factors such as increasing Internet connectivity, increased use of smartphones & other connected devices, and growing adoption of cloud platforms are the major drivers for the IoT monetization market. Moreover, rise in number of smart city and smart lighting projects are expected to provide lucrative growth opportunities to the market. However, absence of common communication standards across platforms and lack of power-efficient devices are the factors hampering the growth of this market. As IoT adoption continues to increase over the forecast years, new opportunities will enable companies to track and measure customers usage pattern of IoT products and services. Companies looking to generate revenue from IoT will need to transform the information from smart, connected products into services by offering the entire product as a service, or using the product's data stream to engage customers with additional services.