IDG Contributor Network: New IDC report forecasts huge growth for IoT
In case you’re still not sure about the viability of the Internet of Things (IoT) as a business concept, some new findings from research firm International Data Corp. (IDC)—predicting significant growth for the market in the coming years—should be convincing.
In addition to a rise in investments in IoT products and services, the IDC research describes how software and services will play a major role in the success of IoT project.
According to the IDC study, worldwide spending on the IoT is forecast to reach $772.5 billion in 2018. That represents an increase of 15% over the $674 billion that will be spent on IoT in 2017. The new update to the firm’s Worldwide Semiannual Internet of Things Spending Guide forecasts worldwide IoT spending to sustain a compound annual growth rate (CAGR) of 14% through the 2017-2021 forecast period, surpassing the $1 trillion mark in 2020 and reaching $1.1 trillion in 2021.