Worldwide Technology Spending on the Internet of Things to Reach $1.2 Trillion in 2022
International Data Corporation (IDC) today announced publication of the latest Worldwide Semiannual Internet of Things Spending Guide (version 2H17). The Spending Guide forecasts Internet of Things (IoT) spending will experience a compound annual growth rate (CAGR) of 13.6% over the 2017-2022 forecast period and reach $1.2 trillion in 2022. The forecast is based on the latest research in the burgeoning IoT technology market, which offers business investment opportunities across a spectrum of industries and illuminated through use case implementations.
As the diverse IoT market reaches broad-based critical mass, innovative offerings in analytics software, cloud technologies, and business and IT services have expanded rapidly. “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. “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.”