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Internet of Things: Spending on IoT Expected to Bounce Back
Spending on IoT declined in the first half of 2020 due to COVID-19, according to IDC, but it is expected to pick up and return to double-digit growth in 2021. The rate of growth in IoT spending will be greatest in the Middle East and Africa followed by Central and Eastern Europe.
But despite being slowed, $742 billion will be spent on IoT in 2020, up 8.2 percent. Spending is expected to exceed 11 percent in 2021.
The IoT segments that are growing the fastest are electric vehicle charging, bedside telemetry and remote health monitoring.
Andrea Siviero, associate research director with IDC, said that “although the current pandemic forced many organizations to pause some innovative IoT deployments, IoT will be a key ‘return to growth’ accelerator with selected use cases being safe bets for end users to focus on in order to reach a new level of automation, remote everywhere experience, and hyper-connectivity.”
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