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Internet of Things: Adoption is Growing Quickly Across Manufacturing, Transportation and Utilities

By Dick Weisinger

The Internet of Things (IoT), a technology which embeds the ability for objects of all kinds to be able to connect to the Internet and then transmit data about their surroundings, because of it’s application in industry, logistics, utilities and consumer services, is growing at a phenomenal rate.  IDC estimates that spending on IoT will exceed $1 trillion in 2020 and rise to $1.1 trillion in 2021.  Global spending in 2018 is expected to be $772.5 billion.

Carrie MacGillivray, vice president, Internet of Things and Mobility at IDC, said that “by 2021, more than 55% of spending on IoT projects will be for software and services. Organizations indicate that software and services are the key areas of focused investment for their IoT projects. Software creates the foundation upon which IoT applications and use cases can be realized. However, it is the services that help bring all the technology elements together to create a comprehensive solution that will benefit organizations and help them achieve a quicker time to value.”

The top areas for IoT solutions include manufacturing ($189 billion), transportation ($85 billion), and utilities ($73 billion).

 

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