Study: IoT spending led by manufacturing, transportation, utilities investments
The industries forecast to make the largest IoT investments in 2016 are manufacturing ($178 billion), transportation ($78 billion) and utilities ($69 billion).
Worldwide spending on the Internet of Things (IoT) is forecast to reach $737 billion in 2016, as organizations invest in the hardware, software, services and connectivity that enable the IoT, according to a new survey produced by the International Data Corp. (IDC), Framingham, Mass.
The study, “Worldwide Semiannual Internet of Things Spending Guide,” reveals that global IoT spending will experience a compound annual growth rate (CAGR) of 15.6% over the 2015-2020 forecast period, reaching $1.29 trillion in 2020.