According to the study, IoT will create a $31.7 billion market for communication services providers in the region by 2025.
Nishchal Khorana, Director, ICT Practice at Frost & Sullivan, said: “Smart city programmes are expected to drive most of the IoT spending in the region, with the transport and logistics as well as the manufacturing segments generating strong demand.
“Most of the spending in the IoT market will be driven by the Chinese market.
“Focus on developing industry-specific solutions, along with cross-domain partnerships to build an ecosystem of value, will be critical success factors. Market participants will also have to earn consumer trust in IoT systems, from privacy to cybersecurity and ethics, in order to reduce political and regulatory risks.”