Story image

IDC says global IoT spending to hit $1.2 trillion in 2022

19 Jun 18

Global Internet of Things (IoT) spending is set to grow at a compound annual growth rate (CAGR) of 13.6% over the 2017-2022 forecast period and reach (USD) $1.2 trillion in 2022, according to IDC.
 
The findings come from the analysts worldwide semiannual Internet of Things spending guide, which forecasts IoT spending for 14 technologies across 20 vertical industries in nine regions and 53 countries through 100 use cases.
 
According to IDC, as the ‘diverse’ IoT market reaches a broad-based critical mass, innovative offerings in analytics software, cloud technologies, and business and IT services have expanded rapidly. 
 
IDC group vice president for Internet of Things and Mobility Carrie MacGillivray says, “The IoT market is at a turning point – projects are moving from proof of concept into commercial deployments.
 
"Organisations 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."
 
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. 
 
Looking at enterprise use cases, 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.
 
IDC says the intersection of multiple technology domains is one key to successfully understanding and developing a supply-side product and market development strategy for IoT.
 
IDC says its spending guide is designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today, and is now perfectly aligned with the Analyst’s taxonomy as it forecast all 20 standard IDC Industries.

Is self-service BI living up to the hype?
the explosion of data available to a business and self-service BI tools is transforming how everyone works - but is self-service living up to expectations?
What the people say - Gartner’s November Customers’ Choices
A roundup of the latest Gartner Peer Insight Customers’ Choices from Backup and Recovery to Business Intelligence and Analytics, and more.
BlackBerry buys out cybersecurity AI firm Cylance
“We are eager to leverage BlackBerry’s mobility and security strengths to adapt our advanced AI technology to deliver a single platform.”
Five secrets – Workday’s 2019 winning formulas
We thoroughly investigate why business software vendor Workday believes 2019 will be their best year yet.
Exclusive: Strengths and limitations of the AWS/Cisco partnership
Iguazio CEO Yaron Haviv discusses whether the partnership really is a 'match made in heaven' and what it means for the industry.
Google Cloud CEO stepping down to welcome ex-Oracle exec
Google Cloud has grown significantly under Greene's tenure, but has involved tens of billions of dollars and little gains on AWS and Azure.
Talend and Databricks partner for scalable data solution
The strategic partnership combines unified analytics and data management in the cloud.
Video conferencing in dire need of simplification, study shows
A Forrester study shows that 84% of companies are using two or more cloud-based video conferencing apps.