Growth of IoT means business worth billions of dollars for verticals: IDC

Here’s some more good news on the Internet of Things (IoT) front. A new report by well-known global advisory and research agency International Data Corporation (IDC) has shown that the IoT solutions will translate into billions of dollars of IT opportunity for vertical-solution focused vendors including healthcare.

Titled, ‘United States Internet of Things Spending Guide by Vertical Market’, the study shows growing IoT markets for eight vertical industries, including retail, healthcare, government, manufacturing, among others, while also talking of IT opportunity for 29 vertical-specific use cases.

The report specifically highlights US spending across IoT use cases, including personal wellness, smart buildings, remote patient monitoring, food traceability, in-store consumer digital offers, air traffic monitoring, and smart meters, among others. The comprehensive research was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today, said the IDC report.

Some of the key findings:

  • Healthcare IT markets will be greatly impacted by IoT. For example, the IoT IT market for remote health monitoring will grow from US $8.2 billion in 2014 to over $12.4 billion in 2018.
  • Retail IT spending will also see large growth associated with IoT spending. The IoT IT market associated with in-store consumer digital offers will grow from $181 million in 2014 to $223 million in 2018.

 

Image Credit: IDC

 

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