Tricky thing, monetizing the Internet of Things. Certainly, subscription services and usage-based rate plans are among the most discussed methods of IoT monetization, but declining consumer interest has left the market in a lull. IoT is caught between the initial hype and the projected promise of a connected world, as consumers pull back on device purchases and companies struggle to solidify a fluid ecosystem.
A report out today from cloud consulting agency THINKstrategies Inc., in partnership with IoT monetization platform goTransverse (Tranverse LLC), explores the current challenges companies face in IoT monetization. The white paper calls out the lack of value-added services and technological ease-of-use needed to regain consumer interest in IoT. Despite Gartner Inc.’s estimates of connected devices exceeding 20 billion units by 2020, and McKinsey & Company’s projected $11.1 trillion market impact of IoT by 2025, the current climate for IoT business is raising questions about those predictions.