Supply Chain Management Fuels IoT Investment | PYMNTS.com
The report divided those numbers into six sectors — including IoT-specific security software, platform software, service provider connectivity, application software, hardware, and professional services — and discovered that the largest use for IoT applications will be in inventory and supply chain management. The sector is expected to grow at 20.2 percent compound annual growth rate (CAGR), hitting $113.5 billion by 2023 — making up more than a quarter of the total investment for that year.
Other sectors for major IoT growth are expected to include smart products, which are set to reach $50.3 billion by 2023; smart buildings, predicted to reach $49.6 billion by 2023; and fleet management, which should hit $10.4 billion by 2023.