IoT Related Services Revenue To Hit $96 billion By 2023: GlobalData

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  • Sales revenue will grow at a CAGR of 22.4 per cent between 2018 and 2023
  • If telecom companies want to remain relevant in the IoT marketplace, they have to evolve their service portfolios

Data analytics and consulting company GlobalData has forecast that the marketplace for IoT related services will go beyond $96 billion in sales by 2023 in the Asia Pacific (APAC) region at a CAGR of 22.4 per cent between 2018 and 2023. The company also said that data has revealed that while the APAC IoT market will be dominated by software and services, growth from devices and connectivity will increase with the launch of more cellular-based IoT networks supported by 5G.

Evolve portfolio to stay relevant

GlobalData also said that partnerships will be key in terms of industry moves. Malcolm Rogers, senior technology analyst at GlobalData said that if telecom companies want to remain relevant in the IoT marketplace, they have to evolve their service portfolios. He added that operators in APAC region are aware of the IoT opportunity and many are forming IoT strategies to move beyond connectivity to provide additional services around platforms, integration, security and operation management.

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