Connected car services are driving recurring revenue growth and transforming the automobile industry. Revenues from connected car services are expected to top US$42 billion by 2022.
For communications service providers (CSPs) reeling from losses in their traditional lines of business, the Internet of Things (IoT) provides tantalising opportunities to reverse their fortunes. At first glance, you’d think monetising IoT would be a slam-dunk for the communications industry.
In the Internet of Things (IoT) there is a single critical point: To make money, don’t look to the margin earned from selling your device. Turn instead to the potential for paid and perpetual recurring services that are “unlocked” by your device as the surer bet for long-term monetisation success. In other words, succeeding in IoT takes more than a good “Thing”.
Key to this is the ability to quickly and easily create monetisation, pricing, and mediation schemes, enabling monetisation business strategies that didn’t exist yesterday. It doesn’t matter what one is trying to monetise: API calls, MRI machines, car services, security, voice services, storage, or access.
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