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 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 scope of this report covers the IoT monetization market on the basis of application and geography. Automotive & transportation applications are expected to hold the largest share of the overall market during the forecast period. The rising adoption of IoT by automotive manufacturers is driving the growth of the market for automotive & transportation applications.
The market for consumer electronics applications is expected to grow at a high rate between 2016 and 2022. 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.