Successful monetization of the Internet of Things will bring a $1.3 trillion reward
The growth of the Internet of Things is the defining technology trend of the next ten years, with billions of connected devices generating trillions of dollars of revenue. IoT covers a diverse range of enterprise and consumer use cases, each with their own characteristics and requirements. Each will also have its own requirements for monetization. Some will be simple, based on the transmission of data, but over time we expect the business models associated with IoT devices to be increasingly complex, encompassing the likes of multi-sided business models, data analytics, servitisation, and data exchange.
These changing business models bring with them more complex monetization requirements. Machina Research has looked at its global IoT forecasts through the prism of monetization and identified that a large, and growing proportion of the revenue associated with IoT is related to more sophisticated monetization opportunities. Specifically, between 2014 and 2024, there is a total of US$1.3 trillion in IoT revenue that is available to companies that have sophisticated monetization capabilities.
Specifically, Machina Research identifies seven key capabilities required by a monetization platform for the IoT: it must be scalable, open, real-time, flexible, transparent and secure, agile, and built with the diverse requirements of the IoT in mind.
Redknee has a strong heritage supporting the emerging IoT demands of vertical sectors such as automotive and utilities. Its Unified Connected Suite is a modular solution that provides all the tools necessary to support the monetization of the IoT opportunity. Redknee provides the ability to rate, charge and bill for these digital services across today’s connected world, helping businesses to monetize the IoT revolution. Redknee proposes its Connected Suite as the monetization platform for the Internet of Things.
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