According to IDC, global spending on the Internet of Things (IoT) is to reach $745 billion in 2019-- a 15.4% increase over the $646bn of 2018, with the manufacturing, consumer, transportation and utilities sectors as main drivers.
"Adoption of IoT is happening across industries, in governments, and in consumers' daily lives. We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions. For consumers, access to data is changing how they are informed about the status of households, vehicles, and family members as well as their own health and fitness," the analyst says. "The next chapter of IoT is just beginning as we see a shift from digitally enabling the physical to automating and augmenting the human experience with a connected world."
Discrete manufacturing is the industry forecast to spend most on IoT solutions in 2019, with spending reaching $119bn. Following are process manufacturing ($78bn), transportation ($71bn), and utilities ($61bn). Manufacturers tend to buy solutions supporting manufacturing operations and production asset management. In transportation, over 50% of spending goes towards freight monitoring, followed by fleet management.
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