According to the new research report “IoT Monetization Market Case Studies, and Use Cases, by Application (Retail, Industrial, Automotive & Transportation, Building & Home Automation, Consumer Electronics, Energy, Agriculture, and Healthcare) and Geography – Global Forecast to 2022”, published by MarketsandMarkets, the market is expected to grow from USD 23.09 Billion in 2015 to USD 443.27 Billion by 2022, at a CAGR of 52.98% between 2016 and 2022.
The increasing Internet connectivity, increased use of smartphones and other connected devices, and growing adoption of cloud platforms are the major drivers for the IoT monetization market.
Automotive & transportation to hold the largest share of the IoT monetization market.The automotive & transportation sector covers connected cars and intelligent transportation systems (ITSs) such as sensors and communication & traffic control technologies. These communication & traffic control technologies assist states, cities, and towns worldwide to meet the increasing demand for surface transportation systems. The rising adoption of IoT by automotive manufacturers is driving the growth of the IoT monetization market for automotive & transportation applications.
The increasing use of consumer electronics in building smart cities, smart buildings, and smart offices is expected to boost the demand for smart consumer electronics. With the emergence of a number of smart appliances that can connect to the Internet and smartphones, the IoT monetization market for consumer electronics applications is expected to grow during the forecast period.
North America, comprising the U.S., Canada, and Mexico, held the largest share of the IoT monetization market in 2015. The U.S. is a major contributor to the growth of the IoT Monetization Market in North America. The high growth of the market inNorth America can be attributed to the fast adoption of new technology by the masses and the presence of several IoT companies in the region, especially in the U.S.; these companies offer a wide range of IoT devices for applications in the retail, industrial, consumer electronics, healthcare, automotive & transportation, and other sectors.