To help personalise content, tailor your experience and help us improve our services, uses cookies.
By navigating our site, you agree to allow us to use cookies, in accordance with our Privacy Policy.

IoT Spending to be Worth $745 Billion in 2019, Reveals IDC

The worldwide IoT spending will reach $745 billion in 2019, a 15.4 percent increase over the $646 billion spent in 2018, and surpass the $1 trillion mark in 2022, according to IDC’s latest forecast.

IDC’s report titled, “Worldwide Semiannual Internet of Things Spending Guide” further reveals that the IoT spending will maintain a double-digit annual growth rate throughout the 2017-2022 forecast period. The insurance industry will see the fastest compound annual growth rates (CAGR) over the five-years at 17.1 percent, followed by federal/central government (16.1 percent), and healthcare (15.4 percent).

In terms of technology, IoT services will be the largest category in 2019 with $258 billion going toward traditional IT and installation services as well as non-traditional device and operational services. Hardware spending will be close behind at $250 billion led by more than $200 billion in module/sensor purchases.

Meanwhile, IoT software spending will total $154 billion in 2019 and see the fastest growth over the five-year period with a CAGR of 16.6 percent. Services spending will also grow faster than overall IoT spending with a CAGR of 14.2 percent. IoT connectivity spending will total $83 billion in 2019.

The report also looks at IoT use cases and says the ones that will see the most investment in 2019 are driven by the industry spending leaders: manufacturing operations, production asset management, smart home, and freight monitoring.

The IoT use cases that are expected to deliver the fastest spending growth also provide a picture of where other industries are making their IoT investments. These include airport facility automation (transportation), electric vehicle charging (utilities), agriculture field monitoring (resource), bedside telemetry (healthcare), and in-store contextualized marketing (retail).

Show More

Jyoti Gazmer

A Mass Comm. graduate believes strongly in the power of words. A book lover who dreams to own a library some day. An introvert but will become your closest friend if you share mutual feelings about COFFEE. I prefer having more puppies over humans.

Related Articles