Worldwide spending on the internet of things (IoT) will reach $1.29tn by 2020, a year-on-year growth rate of 15.6% over the 2015-2020 forecast period, according to a forecast from IoT. The market research company predicts that although spending on hardware, will approach $400bn by 2020, more innovation is expected in the development of software and services. Although the fastest growth in spending will come from the insurance, consumer, healthcare and retail industries, the manufacturing industry is expected to invest the largest amount in the IoT.
Worldwide spending on the internet of things (IoT) will reach $1.29tn by 2020, a year-on-year growth rate of 15.6% over the 2015-2020 forecast period, according to a forecast from IDC. The market research company predicts that although spending on hardware, will approach $400bn by 2020, more innovation is expected in the development of software and services. Although the fastest growth in spending will come from the insurance, consumer, healthcare and retail industries, the manufacturing industry is expected to invest the largest amount in the IoT.