Report: IoT Market to Hit $1.29 Trillion by 2020
IDC has released its Worldwide Semiannual Internet of Things Spending Guide, which predicts that IoT spending will reach $1.29 trillion by 2020. According to the market research firm, industries like manufacturing, transportation, utilities, and consumer products will make the biggest investments in IoT, while insurance, consumer, healthcare and retail companies will experience the fastest spending growth.
“It is great to see that the Internet of Things will continue to fuel both business transformation and innovation acceleration markets such as robotics, cognitive computing, and virtual reality,” said Vernon Turner, IoT research fellow and senior vice president of enterprise systems at IDC. “The investments by China and the United States in IoT solutions is driving these two countries to account for double-digit annual growth rates and over half of the IoT spending.”