{"id":7040,"date":"2017-02-14T07:00:31","date_gmt":"2017-02-14T15:00:31","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=7040"},"modified":"2017-01-08T17:13:08","modified_gmt":"2017-01-09T01:13:08","slug":"internet-of-things-annual-global-spending-on-iot-edging-quickly-towards-1-trillion","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/internet-of-things-annual-global-spending-on-iot-edging-quickly-towards-1-trillion\/","title":{"rendered":"Internet of Things: Annual Global Spending on IoT Edging Quickly Towards $1 Trillion"},"content":{"rendered":"<p>The Internet of Things (IoT) is spreading fast. \u00a0<a href=\"http:\/\/www.businesswire.com\/news\/home\/20170104005270\/en\/Internet-Spending-Forecast-Grow-17.9-2016-Led\">A recent IDC report<\/a>\u00a0predicts that by 2020 that the Internet of Things (IoT) annual global sales will exceed $1.29 trillion. \u00a0In 2016, global IoT spending was $737 billion, which includes investments in hardware, software, services and connectivity.<\/p>\n<p>Why is the IoT market growing so rapidly?\u00a0<a href=\"https:\/\/451research.com\/analyst-team\/analyst\/Laura+DiDio\">Laura DiDio<\/a>, Research Director at 451 Research, <a href=\"http:\/\/www.iotjournal.com\/articles\/view?15438\">said that<\/a> &#8220;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.&#8221;<\/p>\n<p>The <a href=\"http:\/\/www.businesswire.com\/news\/home\/20170104005270\/en\/Internet-Spending-Forecast-Grow-17.9-2016-Led\">three main industries<\/a> that invested in IoT in 2016 were:<\/p>\n<ul>\n<li><strong>Manufacturing<\/strong> ($178 billion)<\/li>\n<li><strong>Transportation<\/strong> ($78 billion)<\/li>\n<li><strong>Utilities<\/strong> ($69 billion)<\/li>\n<\/ul>\n<p>Industries where IoT is expected to grow rapidly in the coming five years include Insurance, Consumer, Healthcare and Retail.<\/p>\n<p><a href=\"http:\/\/www.cio100.com\/speakers\/vernon-turner\/\">Vernon Turner<\/a>, IoT research fellow at IDC, <a href=\"http:\/\/www.businesswire.com\/news\/home\/20170104005270\/en\/Internet-Spending-Forecast-Grow-17.9-2016-Led\">said that <\/a>&#8220;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. 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