IoT related Services Revenue in APAC to Hit $96bn by 2023

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IoT related Services Revenue in APAC to Hit $96bn by 2023

GlobalData, a market research company based out of London, has forecast that the marketplace for IoT related services will go beyond $96 billion (£74.2bn) in sales by 2023 in the Asia Pacific (APAC) region, growing at a CAGR of 22.4% between 2018 and 2023.

The data also revealed that while the APAC IoT market will be dominated by software and services, growth from devices and connectivity will boost with the launch of more cellular-based IoT networks supported by 5G.

Malcolm Rogers, senior technology analyst at GlobalData said: “5G will enable the deployment of millions of devices and sensors, which in some industries can be used to deliver real time insights into operations, reduce safety hazards and offer services like predictive maintenance.”

In terms of industry moves, GlobalData cited partnerships as being key – and argued where telcos should fit into the ecosystem.

If telcos want to remain relevant in the IoT marketplace, they need to evolve their service portfolios,

added Rogers.

Operators in APAC are keenly aware of the IoT opportunity and many, particularly in more advanced mobile markets, are forming IoT strategies to move beyond connectivity to provide additional services around platforms, integration, security, and in some cases applications and operation management.

Author: Tim Cole
Image Credit: GlobalData

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