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IDC Forecasts Worldwide Technology Spending on the Internet of Things to Reach $1.2 Trillion in 2022

International Data Corporation (IDC)
today announced publication of the latest Worldwide
Semiannual Internet of Things Spending Guide (version 2H17). The
Spending Guide forecasts Internet of Things (IoT) spending will
experience a compound annual growth rate (CAGR) of 13.6% over the
2017-2022 forecast period and reach $1.2 trillion in 2022. The forecast
is based on the latest research in the burgeoning IoT technology market,
which offers business investment opportunities across a spectrum of
industries and illuminated through use case implementations.

As the diverse IoT market reaches broad-based critical mass, innovative
offerings in analytics software, cloud technologies, and business and IT
services have expanded rapidly. “The IoT market is at a turning point –
projects are moving from proof of concept into commercial deployments,”
said Carrie
MacGillivray, group vice president, Internet
of Things and Mobility. “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.”

The intersection of multiple technology domains is one key to
successfully understanding and developing a supply-side product and
market development strategy. The IDC IoT Spending Guide is an industry
defining market intelligence tool that details end-user adoption and
spending across multiple segmentations. “The latest IoT Spending Guide
release fully aligns to IDC’s Industry Taxonomy. We now forecast all 20
standard IDC Industries,” said Marcus
Torchia, research director, Customer
Insights & Analysis. “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.”

Forecast highlights show that the consumer sector will lead IoT spending
growth with a worldwide CAGR of 19%, followed closely by the insurance
and healthcare provider industries. From a total spending perspective,
discrete manufacturing and transportation will each exceed $150 billion
in spending in 2022, making these the two largest industries for IoT
spending. From an enterprise use case perspective, vehicle-to-vehicle
(V2V) and vehicle-to-infrastructure (V2I) solutions will experience the
fastest spending growth (29% CAGR) over the forecast period, followed by
traffic management and connected vehicle security.

The Worldwide
Semiannual Internet of Things Spending Guide forecasts IoT
spending for 14 technologies across 20 vertical industries in nine
regions and 53 countries through 100 use cases. Unlike any other
research in the industry, this comprehensive spending guide was designed
to help vendors clearly understand the industry-specific opportunity for
IoT technologies today.

About IDC Spending GuidesIDC’s Spending Guides provide a
granular view of key technology markets from a regional, industry, use
case, and technology perspective. The Spending Guides are delivered via
pivot table format or custom query tool, allowing the user to easily
extract meaningful information about each market by viewing data trends
and relationships.

For more information about IDC’s Spending Guides, please contact Monika
Kumar at mkumar@idc.com.

About IDCInternational Data Corporation (IDC) is the
premier global provider of market intelligence, advisory services, and
events for the information technology, telecommunications, and consumer
technology markets. With more than 1,100 analysts worldwide, IDC offers
global, regional, and local expertise on technology and industry
opportunities and trends in over 110 countries. IDC’s analysis and
insight helps IT professionals, business executives, and the investment
community to make fact-based technology decisions and to achieve their
key business objectives. Founded in 1964, IDC is a wholly-owned
subsidiary of IDG,
the world’s leading media, data and marketing services company that
activates and engages the most influential technology buyers. To learn
more about IDC, please visit www.idc.com.
Follow IDC on Twitter at @IDC
and LinkedIn.

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