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The phrase "allow it to monopolize" is correct and usable in written English.
You can use it when discussing a situation where something is permitted to dominate or control a particular area or resource.
Example: "If we don't set limits, we might allow it to monopolize the market, leaving no room for competition."
Alternatives: "permit it to dominate" or "let it control".
Exact(1)
In his investigation into America Online, Mr. Monti's staff originally raised concerns that the merger with Time Warner might allow it to monopolize broadband networks in Europe.
Similar(59)
The app's wild popularity and convenience has allowed it to monopolize the market, and made it a necessary part of people's lives.
allow it to agitate.
Allow it to dry.
Allow it to flower.
Allow it to stand.
Allow it to steep.
Allow it to cool.
Allow it to cook.
Allow it to boil.
Allow it to harden.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com