Not long ago, Machina Research published a whitepaper focusing on growing revenue opportunities in IoT field. It revealed that most of the revenue options in IoT field’re closely associated with how perfectly companies explore monetization opportunities.
According to this paper, a total of $1.3 trillion IoT revenue is likely to be available between 2014 and 2024 for those companies that monetize IoT field effectively.
The report analyzes the monetization requirements essential to the growth of Internet of Things, which is expected to rule the technology world at least for the next 10-15 years. A wide number of consumer use cases have been considered in this paper. Different IoT -based business models will get complicated with time, thereby bring along complex monetization requirements.
The report also talks about seven key capabilities that are required by any monetization platform. These key capabilities are – Scalable, Real-time, Open, Flexible, Agile, Transparent and Secure, Built with the diverse requirements of the IoT in mind.
The report concludes the argument saying that the future will witness billions of devices, hundreds of billions of simultaneous events, real-time analytics, data brokering, feedback loops from customers, new business models, and many other things that haven’t been thought of yet. At that time, the capabilities mentioned above will play a key role in relation to monetizing IoT platform.