Global spending on the Internet of Things will exceed $1 trillion in 2022, reaching $1.1 trillion in 2023, according to International Data Corporation.
"Spending on IoT deployments continues with good momentum and is expected to be $726 billion worldwide this year," said Carrie MacGillivray, group vice president, Internet of Things, 5G, and Mobility at IDC.
The three commercial industries that will spend the most on IoT solutions throughout the forecast are discrete manufacturing, process manufacturing, and transportation. Together, these three industries will account for nearly a third of worldwide spend total in 2023, according to IDC.
The primary IoT use case for the two manufacturing industries will be manufacturing operations while transportation industry spending will largely go toward freight monitoring, IDC predicts.
The consumer market will be the second largest source of IoT spending in 2019, led by smart home and connected vehicle use cases.
With the fastest five-year growth rate across all industries (16.8 percent compound annual growth rate, the consumer market is forecast to overtake discrete manufacturing to become the largest source of IoT spending by 2023.
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