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#News(General) [ via IoTGroup ]
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APAC IoT services revenue to exceed $96 billion by 2023: GlobalData
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NEW DELHI: GlobalData Tuesday said that the marketplace for Internet of Things ( IoT ) services in APAC (Asia Pacific region) is forecast to exceed $96.3 billion sales mark by 2023 to grow at a CAGR of 22.4% over 2018-23.According to the company’s research, APAC IoT market will be dominated by ‘software and services’ however, growth from ‘connectivity’ and ‘devices’ will accelerate with the launch of more cellular-based IoT networks supported by 5G.“In the IoT marketplace, connectivity is generally seen as the lowest spot in the value chain, followed by devices.
The highest value IoT services come from providing software platforms and applications for IoT management and operations, ” said Malcolm Rogers, Senior Technology Analyst at GlobalData.An official statement read that one of the key drivers of growth will be the continued focus on smart cities and industry 4.0 initiatives from vertical industries like manufacturing, utilities and energy and that governments along with these industries are expected to spend heavily on IoT services over the forecast period.“APAC operators should be able to grow IoT revenue as cellular technologies such as Narrowband IoT (NB-IoT) and CAT M1 mature and expand in capability.
The advent of 5G is also expected to increase revenue from IoT connectivity and devices as well as software and services, ” the statement added.The company also described partnerships ‘critical’ for the success of large-scale IoT deployment and added that telcos in APAC commonly provide simple IoT connectivity platforms by partnering with major network equipment vendors, who offer dedicated telco IoT solutions that the operators then bring to market in a partnership.“More advanced telcos in the IoT space are focusing on developing IoT ecosystems where they bring together connectivity, devices, application and integration capabilities into a single platform through partnerships and their own capabilities, ” Rogers said
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