The IoT monetization market was valued at USD 23.09 Billion in 2015 and is expected to reach USD 443.27 Billion by 2022, at a CAGR of 52.98% during the forecast period. 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. The use and penetration of the Internet or broadband facilities has increased over the last decade, the rate of which is high in the developed countries such as the U.S., Japan, and Germany. This factor is expected to propel the growth of the IoT monetization market during the forecast period.
The rising demand for IoT and the high adoption of IoT in the emerging markets have encouraged the companies to adopt the strategy of new product launches. The market players are also focusing on partnerships and collaborations to enter into new markets by launching technologically advanced and innovative IoT monetization platforms and solutions in both the existing and emerging markets.
PTC, Inc. (U.S.) and International Business Machines (IBM) Corp. (U.S.) are the two major players in the IoT monetization market. PTC has made significant investments in acquiring ThingWorx and Axeda. In 2013, the company acquired ThingWorx, an application platform provider for IoT, to establish itself in the IoT market and to develop IoT-based products. In 2014, it acquired Axeda, an innovator in the IoT technology, which develops solutions that securely connect machines to sensors and cloud. PTC focuses on developing new products to cater to the needs of the IoT market. In December 2015, PTC acquired Kepware Technologies (U.S.), a software development company that provides communication connectivity to industrial automation environments.. The company also acquired the Vuforia business from Qualcomm Connected Experiences, Inc. (U.S.), a subsidiary of Qualcomm Inc. (U.S.), for USD 65 million, in October 2015. This acquisition has helped PTC in becoming a leading provider of technologies and solutions that blend the digital and physical world with the expected use of AR in IoT.
On the other hand, the biggest strength of IBM is its capability to address big data needs and cloud computing solutions. An investment of about USD 3 billion to setup an IoT unit would help the company lead in the IoT monetization market. IBM has been focusing on the development of various applications for IoT. The company offers Watson IoT, which brings the power of cognitive to the challenge of extracting and analyzing data embedded in intelligent devices in real time.
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
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