Global spending on the Internet of Things (IoT) will rise 17 per cent in the next four years, a new prediction by market analyst team IDC says.
That means the spending is expected to hit a mind-bending $1.3 trillion (£860bn).
So far, it was manufacturing and transportation which led the rise in spending, but the firm is confident new industries are about to join in on the party.
“Manufacturing and Transportation are both a good fit for IoT deployments,” said IDC’s IoT Research Fellow Vernon Turner, in a statement. “Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes.”
In the near future we can expect insurance, healthcare and consumer products to have a larger presence.
IDC also says that the IoT spending will vary from region to region, as each part of the world has different needs in different points in time. With that in mind, it believes Central and Eastern Europe together with Middle East and Africa will focus on smart buildings, while in Latin America the fastest growing IoT category is maintenance & field service.
In Asia/Pacific, insurance telematics is being used to monitor driver behaviour through a vehicle-mounted device, and in North America, in-store contextual marketing is growing rapidly as retailers seek to capture continuous, real-time streams of data from mobile devices.
In addition to the IoT use cases identified above, connected vehicles – a broad category that includes emergency, infotainment, security, vehicle-to-vehicle (V2V), and vehicle-to-infrastructure V2I) applications – was among the fastest growing use cases across five of the six geographic regions.