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Worldwide IoT Spending Forecast to Reach $726 Billion This Year

Worldwide spending on the Internet of Things (IoT) is forecast to pass the $1.0 trillion mark in 2022, reaching $1.1 trillion in 2023.

A new update to the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide shows the compound annual growth rate (CAGR) for IoT spending over the 2019-2023 forecast period will be 12.6%.

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.

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