APAC IoT services revenue to exceed $96 billion by 2023: GlobalData

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.