This paper introduces an Agent-Based Model (ABM) for investigating the dynamics of the Internet of Things (IoT) ecosystem, specifically focusing on dynamic coalition formation among IoT Service Providers (SPs). Extending our prior work in 5G network modeling, the ABM captures intricate interactions among device, network operator, SP, and customer agents, offering a versatile framework for studying IoT ecosystem dynamics. The simulation portrays the adaptive nature of collaborations, providing insights into the role of dynamic coalition formation in shaping the collaborative landscape of IoT.