IoT market spending forecast to grow 15.4% to $745 bn: IDC

Internet of Things (IoT) market spending is forecast to grow 15.4 percent to $745 billion in 2019 from $646 billion in 2018, according to IDC.
IOT in healthcareIoT spending will maintain a double-digit annual growth rate throughout the 2017-2022 forecast period and surpass the $1 trillion mark in 2022.

IoT services in 2019

$258 billion in traditional IT and installation services
$250 billion in hardware
$200 billion in module/sensor purchases
$154 billion in IoT software
IoT connectivity $83 billion

IoT markets in 2019

United States $194 billion
China $182 billion
Japan $65.4 billion
Germany $35.5 billion
Korea $25.7 billion
France $25.6 billion
United Kingdom $25.5 billion

“The next chapter of IoT is just beginning as we see a shift from digitally enabling the physical to automating and augmenting the human experience with a connected world,” Carrie MacGillivray, vice president, Internet of Things and Mobility at IDC, said.

Discrete manufacturing will be spending $119 billion on IoT solutions in 2019, followed by process manufacturing $78 billion, transportation $71 billion, and utilities will be spending $61 billion on IoT.

Consumer IoT spending will reach $108 billion in 2019 – driven by smart home, personal wellness, and connected vehicle infotainment.

Manufacturing operations with $100 billion, production asset management with $44.2 billion, smart home with $44.1 billion, and freight monitoring with $41.7 billion are top IoT use cases.