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Worldwide Technology Spending on the Internet of Things to Reach $1.2 Trillion in 2022
June 19, 2018 | IDCEstimated reading time: 2 minutes
International Data Corporation (IDC) today announced publication of the latest Worldwide Semiannual Internet of Things Spending Guide (version 2H17). The Spending Guide forecasts Internet of Things (IoT) spending will experience a compound annual growth rate (CAGR) of 13.6% over the 2017-2022 forecast period and reach $1.2 trillion in 2022. The forecast is based on the latest research in the burgeoning IoT technology market, which offers business investment opportunities across a spectrum of industries and illuminated through use case implementations.
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 IoT market is at a turning point – projects are moving from proof of concept into commercial deployments," said Carrie MacGillivray, group vice president, Internet of Things and Mobility. "Organizations 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."
The intersection of multiple technology domains is one key to successfully understanding and developing a supply-side product and market development strategy. The IDC IoT Spending Guide is an industry defining market intelligence tool that details end-user adoption and spending across multiple segmentations. "The latest IoT Spending Guide release fully aligns to IDC's Industry Taxonomy. We now forecast all 20 standard IDC Industries," said Marcus Torchia, research director, Customer Insights & Analysis. "As a result, we are proactively mapping IoT use cases that have segmentations in shared domains, such as in Smart Cities and Digital Transformation investment areas. As a part of these improvements, IoT supports spending forecasts for 100 use cases."
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. From an enterprise use case perspective, 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.
The Worldwide Semiannual Internet of Things Spending Guide forecasts IoT spending for 14 technologies across 20 vertical industries in nine regions and 53 countries through 100 use cases. Unlike any other research in the industry, this comprehensive spending guide was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today.
About IDC Spending Guides
IDC's Spending Guides provide a granular view of key technology markets from a regional, industry, use case, and technology perspective. The Spending Guides are delivered via pivot table format or custom query tool, allowing the user to easily extract meaningful information about each market by viewing data trends and relationships.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of IDG, the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please click here.
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