IoT spending to reach US$1.2 by 2022

The Spending Guide forecasts Internet of Things (IoT) spending will experience a compound annual growth rate (CAGR) of 13.6 percent over the 2017-2022 forecast period and reach US$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. 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." Forecast highlights show that the consumer sector will lead IoT spending growth with a worldwide CAGR of 19 percent, followed closely by the insurance and healthcare provider industries. From a total spending perspective, discrete manufacturing and transportation will each exceed US$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 percent CAGR) over the forecast period, followed by traffic management and connected vehicle security. The Worldwide Semiannual Internet of Things Spending Guide forecasts IoT spending for 14 technologies across 20 vertical industries in nine regions and 53 countries through 100 use cases. This comprehensive spending guide was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today. <link http: www.idc.com>www.idc.com