The global IoT monetization market revenue was around US$ 601.4 billion in 2023 and is estimated to reach US$ 25.1 trillion by 2032, growing at a compound annual growth rate (CAGR) of 51.7% during the forecast period from 2024 to 2032.
Making money from products and services that are enabled by the Internet of Things is known as the Internet of Things (IoT) monetization. Companies now charge customers for certain additional features or the full product as a service due to users' increasing reliance on IoT-based goods and services. With the advent of the Internet and continued technological development, nearly all devices are now connected. Also, a lot of homes and offices have become smart and run on these networked devices as a result of the Internet of Things.
Factors Influencing Market Growth
- Financial service companies are adopting IoT monetization to analyze thousands of trades to be able to capture profit from minor market inefficiencies. This is increasing the demand for IoT monetization in the finance service industries, thus expanding the market.
- By integrating IoT devices into cars' systems, individuals can cool down or heat cars before going for a drive. This is increasing the growth of the IoT monetization market for smart cars, thus propelling market growth.
- By integrating the Internet of Things (IoT) with home devices, one can control various devices and appliances in their home from remote locations. This is propelling manufacturers to plan to connect a maximum number of home devices to the IOT in the upcoming years, thus expanding the IOT monetization market.
- Security and privacy concerns, a lack of standards, and the need for significant investments may hamper market growth.
Impact of COVID-19
COVID-19 impacted the market both positively and negatively. While some sectors saw opportunities for innovation and growth, others also faced difficulties. The growing need for remote monitoring and automation solutions was one of COVID-19's beneficial effects on the market. Industries, including healthcare, manufacturing, and logistics, looked to IoT technologies to enable remote monitoring of assets, processes, and equipment because of physical access constraints and the requirement for social distancing. There were also industry-wide digital transformation initiatives, which in turn increased the uptake of IoT solutions.
There were many difficulties due to COVID-19 in the market. Disruptions in supply chains and manufacturing processes had an impact on the production and deployment of IoT devices and solutions. Budgetary restrictions and uncertain economic conditions led to a delay in investment decisions and a decrease in spending on IoT projects. Lockdowns and a decline in customer demand caused serious problems for some highly dependent IoT sectors, like retail and hospitality. This caused a brief halt in those industries' IoT monetization.
Regional Insights
North America dominated the market in 2023. This is because of the increasing investments in advanced technologies such as cloud-based services, machine learning (ML), artificial intelligence (AI), business analytics solutions, and IoT to improve businesses and customer experiences. Also, the region has the presence of several IoT companies, especially in the U.S. These companies offer a wide range of IoT devices for applications in retail, industrial, consumer electronics, healthcare, automotive and transportation, and other sectors.
Leading Competitors
- Oracle Corporation
- Cisco Systems, Inc.
- SAP SE
- Intel Corporation
- Thales Group
- Amdocs, Inc.
- IBM Corporation
- Telefonaktiebolaget LM Ericsson
- General Electric Co.
- Microsoft Corporation
- Other Prominent Players
Segmentation Analysis
The global IoT monetization market segmentation focuses on industry vertical, component, business function, organization size, and region.
Segmentation based on Industry Vertical
- Retail
- IT and Telecom
- Manufacturing
- Transportation and Logistics
- Healthcare
- BFSI
- Energy and Utilities
- Others

Segmentation based on Component
- Solution
- Service

Segmentation based on Business Function
- Marketing and Sales
- IT
- Finance
- Supply Chain
- Operations

Segmentation based on Organization Size
- Large Enterprises
- Small and Medium sized Enterprises

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa