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Internet of Things: Annual Global Spending on IoT Edging Quickly Towards $1 Trillion
The Internet of Things (IoT) is spreading fast. A recent IDC report predicts that by 2020 that the Internet of Things (IoT) annual global sales will exceed $1.29 trillion. In 2016, global IoT spending was $737 billion, which includes investments in hardware, software, services and connectivity.
Why is the IoT market growing so rapidly? Laura DiDio, Research Director at 451 Research, said that “enterprises currently use IoT for practical technology purposes that have an immediate and tangible impact on daily operational business efficiencies, economies of scale and increasing the revenue stream.”
The three main industries that invested in IoT in 2016 were:
- Manufacturing ($178 billion)
- Transportation ($78 billion)
- Utilities ($69 billion)
Industries where IoT is expected to grow rapidly in the coming five years include Insurance, Consumer, Healthcare and Retail.
Vernon Turner, IoT research fellow at IDC, said that “it is great to see that the Internet of Things will continue to fuel both business transformation and innovation acceleration markets such as robotics, cognitive computing, and virtual reality. The investments by China and the United States in IoT solutions is driving these two countries to account for double-digit annual growth rates and over half of the IoT spending.”
