The Internet of Things (IoT) technology represents a paradigm where things are viewed as objects that are connected and traceable through the internet network. As loT technology is progressing nowadays, the number of connected objects to the internet is increasing. Therefore, modeling the loT system becomes complex but at the same time extremely important which needs simulation technique with a high degree of flexibility. For that reason, this paper proposes a conceptual study to investigate the applicability of Agent-Based Simulation (ABS) as a method to model and determine the usage of loT technology. The communication and interaction between customers are simulated using ABS to demonstrate the market behavioral intention toward loT in the state of Florida in the USA.