Global spending on the Internet of Things (IoT) is set to hit $1.2 trillion by 2022, according to the latest report from IDC.
The findings, which appear in the analyst firm’s latest Worldwide Semiannual Internet of Things Spending Guide, argues the IoT technology market offers business investment opportunities across a variety of industries and illuminated through implementations of use case.
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 intersection of multiple technology domains is a key to successfully understand and develop a supply-side product and market development strategy, IDC added.
Other highlights from the forecast 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 the perspective of an enterprise use case, vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) solutions will experience the fastest spending growth (29% CAGR) during the forecast period, followed by traffic management and connected vehicle security.
Earlier this month, ABI Research argued that LPWA network connections will grow globally at a CAGR of 53% until 2023. This growth will be driven by growth in smart meters and asset trackers, with the battle for dominance continuing between the primary standards, NB-IoT, CAT-M, Sigfox and LoRa, also fuelling the rise. The smart meters being used by energy and water utilities will be the second largest vertical Internet of Things (IoT) application in 2023, which will contribute over one-third of the global LPWA device connections.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.