Market research firm IDC is predicting that Internet of Things (IoT) spending will increase 17 percent per year over the next four years to hit $1.3 trillion in 2019. That’s roughly double the $689.6 billion spent in 2015.
According to the firm, the transportation and manufacturing industries are currently spending the most on IoT, but spending in the insurance industry is growing the fastest. The Asia/Pacific region is the geographic area with the highest IoT spending, followed by North America and Western Europe. Spending is growing most quickly in Latin America.