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IoT Spending to Hit $745 Billion in 2019, IDC Says

January 04, 2019 / Jessica Lyons Hardcastle

Worldwide IoT spending will reach $745 billion this year, a 15.4 percent increase over the $646 billion spent in 2018, and surpass the $1 trillion mark in 2022, according to IDC’s latest forecast.The firm’s Worldwide Semiannual Internet of Things Spending Guide says IoT spending will maintain a double-digit annual growth rate throughout the 2017-2022 forecast period. The insurance industry will see the fastest compound annual growth rates (CAGR) over the five-years at 17.1 percent, followed by federal/central government (16.1 percent), and healthcare (15.4 percent).In terms of technology, IoT services will be the largest category in 2019 with $258 billion going toward traditional IT and installation services as well as non-traditional device and operational services. Hardware spending will be close behind at $250 billion led by more than $200 billion in module/sensor purchases.