Internet of Things, or as it is commonly called - IoT, is one of the most burgeoning technology market worldwide, offering business investment opportunities across a spectrum of industries. IDC, one of the world’s leading Market Research & Advisory companies, conducted a survey on the spending of companies on IoT. As per the survey, IoT spending will reach $1.2 billion mark in 2022, growing at a CAGR of 13.6 percent from 2017 to 2022.

“The IoT market is at a turning point - projects are moving from proof of concept into commercial deployments,” says Carrie MacGillivray, Group Vice President - IoT & Mobility, IDC, commenting on the occasion. “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,” he adds.

Named ‘The IDC IoT Spending Guide’, this study shows that the consumer segment will top IoT spending growth with a global CAGR of 19 percent, trailing closely by the insurance & healthcare industries. From a total spending point-of-view, discrete manufacturing & transportation will each cross $150 billion mark in expenses in 2022, making them the two largest industries for IoT spending. From an enterprise use case perspective, vehicle-to-vehicle(V2V)and vehicle-to-infrastructure(V2I) solutions will witness the fastest spending growth (29 percent CAGR) over the forecast period, followed by traffic management and connected vehicle security.

“The latest IoT Spending Guide release fully aligns to IDC's Industry Taxonomy. We now forecast all 20 standard IDC Industries. 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,” says Marcus Torchia, Research Director - Customer Insights & Analysis, IDC.

Headquartered in Massachusetts, International Data Corporation(IDC) helps IT professionals, business executives, and the investors to make fact based decisions on technology purchases and business strategy by offering market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.