Worldwide technology spending on IoT to reach $1.2 trillion in 2022: IDC

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Internet of Things (IoT) spending will experience a compound annual growth rate (CAGR) of 13.6% over 2017-2022 and reach $1.2 trillion in 2022, according to a forecast by IDC.

“The IoT market is at a turning point – projects are moving from proof of concept into commercial deployments,” said Carrie MacGillivray, group vice president, Internet of Things and Mobility, IDC. “Organizations are looking to extend their investment as they scale their projects, driving spending for the hardware, software, services, and connectivity required to enable IoT solutions.”

The intersection of multiple technology domains is one key to successfully understanding and developing a supply-side product and market development strategy, says IDC. Forecast highlights show that the consumer sector will lead IoT spending growth with a worldwide CAGR of 19%, followed closely by the insurance and healthcare provider industries.

From a total spending perspective, discrete manufacturing and transportation will each exceed $150 billion in spending in 2022, making these the two largest industries for IoT spending. From an enterprise use case perspective, vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) solutions will experience the fastest spending growth (29% CAGR) over the forecast period, followed by traffic management and connected vehicle security.

[Image courtesy: Dell]