IoT in Asia: how partners can profit through services

The channel is well-placed to capitalise on an expanding Internet of Things (IoT) market in Asia Pacific with customer demand for services expected to heighten. According to GlobalData findings, the marketplace for IoT-related services - including connectivity, devices and software - is forecast to surpass US$96.3 billion in sales by 2023, at a compound annual growth rate (CAGR) of 22.4 per cent. While software and services are projected to dominate spending, growth from connectivity and devices is also expected in response to 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,” said Malcolm Rogers, senior technology analyst, GlobalData. “The highest value IoT services come from providing software platforms and applications for IoT management and operations.