Internet of Things spending globally should reach $772.5 billion in 2018. That is lower than forecasted previously. Also for the next years, IoT spending is expected to be lower. A look at the numbers in context, some patterns, and the Internet of Things spending shifts for the next years.
Although the number of large-scale IoT projects has been growing and there are clear increases in several areas of the overall IoT stack and the IT infrastructure that needs to sustain ongoing IoT deployment and evolutions, spending on IoT hardware, software, services, and connectivity is growing slower than has been forecasted earlier.
IoT hardware will be the largest IoT technology spending category in 2018 with $239 billion going largely toward modules and sensors along with some spending on infrastructure and security (IDC)
Also in 2018 IoT spending is poised to be lower than was predicted previously. Obviously it takes forecasts from one and the same research company to be able to come to that conclusion and in this case, we look at the most recent data from IDC.
As we can see the digitalization in almost all segments and industries it will reach its limit and the demand for other technologies such as AI, AR, and ML are increasing in parallel so the IoT is not only the technology that is booming nowadays. As per the report, the IoT market is expected to grow USD 916 billion to USD 1994 billion in 2020 to 2028 period.