Abstract:

The concept that describes how internet is being used to link physical assets, enterprise or consumer devices to create and receive data stream is referred to as Internet of things (IoT). The term “IoT” is used to denote advanced connectivity of devices, system and services that goes beyond machine to machine communications and covers a variety of protocols, domains and application. According to research, more than 30 billion devices will be connected to the internet of things by 2020. The projected market value for connected smart appliances to internet shall be $5.4 billion by 2015, connected smart lighting shall be $6.7 billion by 2018, home automation shall be $35.6 billion by 2016 and the projected value of the connected car market would be $54 billion. This projection is based on the growing interest of companies in IoT. The problem that needs to be determined is that of trying to quantify in financial terms the values of the connected devices to internet. To monetize the things connected to internet, value has to be analyzed and measured in parts by considering the perceived worth of these various activities to customers in terms of improved service or product quality. The value added to the product or service provider  in term of better tracking of existing products and services to ensure optimal availability and performance, collection of data to improve quality of service and utilization of additional insights gained from data to identify new business opportunities will also be monetized. These IoT monetization procedures will not only measure the activity associated with the connected things being monitored but also collect valuable information that can aid a business owner make informed decisions as to where the true value lies within the IoT network. This paper explored the current consumer usage and potential savings obtainable and outlines what the product manufacturers can do so that developing economies can take advantage of the changing market. The engine underlying the monetization process that will leapfrog rapid development in developing economies as a result of IoT deployments were also considered.