Spending on IoT is expected to reach $745 billion in 2019, with an increase of 15.4% over the $646 billion spent in 2018.
IoT spending will maintain a double-digit annual growth rate throughout the 2017-2022 forecast period and surpass the $1 trillion mark in 2022.
According to a new update to the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide, the top industries which will drive this growth are manufacturing, transportation and utilities. More specifically, discrete manufacturing spending will reach
$119 billion, followed by process manufacturing ($78 billion), transportation ($71 billion), and utilities ($61 billion).
The United States and China will be the global leaders for IoT spending in 2019 at $194 billion and $182 billion respectively. They will be followed by Japan ($65.4 billion), Germany ($35.5 billion), Korea ($25.7 billion), France ($25.6 billion), and the United Kingdom ($25.5 billion).