The Asia Pacific IoT monetization market is expected to project a CAGR of 47.38% during the forecast period. The market is expected to have ample growth opportunities due to factors like the entry of multinational companies through partnerships, untapped opportunities, increasing number of commercial investments, etc.
The marker is assessed in accordance with China, Australia, Japan, India, South Korea, and the rest of Asia-Pacific. Australia has the benefit of a significant improvement in the productivity of its key industries. The ever-increasing presence of IoT in various sectors such as building & home automation, consumer electronics, and connected logistics is reinforcing its demand in the country. Also, the rise in cloud platform adoption, the entry of advanced data analytics, and the development of wireless technologies are other driving forces that would propel the IoT market of Australia during the forecast period. IoT has helped Australian farmers in adapting to its harsh agricultural conditions. Australia has deployed IoT sensors across remote areas which aid in tasks like herd tracking, and improvement in the quality and well-being of livestock.
The lack of generally accepted IoT standards causes hindrance to the potential of the technology. The major companies in the IoT monetization market are Tata Consultancy Services, PTC Inc., Intel Corporation, IBM Corporation, and General Electric Co., among others.