New Report: IoT Spending to Reach $1.3 Trillion
In a new report announced by market intelligence firm International Data Corporation (IDC), worldwide spending on the Internet of Things (IoT) will grow at a 17.0% compound annual growth rate (CAGR) from $698.6 billion in 2015 to nearly $1.3 trillion in 2019. The new report, called the IDC Spending Guide, points out that the Asia/Pacific region leads the way with over 40% of the total coming from this geographical area in 2015.
In the company’s announcement, Marcus Torchia, Research Manager for the Internet of Things at IDC, said: “The Asia/Pacific region’s robust IoT spending outlook builds on three dynamics: developing countries’ technology investment needs are not fully met with traditional IT, which is allowing IoT investments to accelerate; government investments in infrastructure development and local business modernization, in China, India and the Philippines for example, are incorporating more and more IoT elements; and a burgeoning new consumer class is accelerating expenditures in goods and services, including those with IoT components.”
IDC’s IoT Spending Guide also notes that retail and connected vehicles are the fastest-growing use cases for IoT in North America.
Manufacturing and transportation are leaders from a vertical industry perspective, thanks to a big head start in critical data collection areas like supply chain analysis and management, product development, and customer engagement.
You can read more about IDC’s Worldwide Semiannual Internet of Things Spending Guide in the company’s announcement on BusinessWire.