IoT will become a business of $1.1 trillion by 2021: IDC

-Advertising-

 

The Internet of Things (IoT) is expected to grow to a value of $1.1 trillion in 2021 based on consumer spending worldwide, according to the International Data Corporation (IDC).

In its recent report, it has also forecast hardware to account for the biggest technology segment of IoT next year with a value of US $239 billion. This will be followed by services, software and connectivity.

IDC has projected that the majority of spending will be on sensors, modules, security and infrastructure, with the manufacturing industry being projected to make the largest investment of US $189 billion on IoT products and services in 2018 alone to support operations and asset management efforts. According to IDC’s forecast, overall spending on IoT is likely to hit US $772.5 billion next year from the projected spending of US $674 billion in 2017.

The report further added that the transportation and utilities industries will make huge investments in IoT solutions over the coming years, with freight monitoring and fleet management set to dominate IoT spending in transportation and smart grids in utilities. Connected vehicles and smart buildings are also likely to contribute significantly to IoT spending, with an estimated investment from those industries of about $92 billion expected next year.

Overall, the biggest spending on IoT globally may occur in China with US $209 billion in 2018 alone, according to IDC.

Leave a Reply

Click here to opt out of Google Analytics