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APEJ region to lead in terms of IoT spending in 2019, IDC says

February 14, 2019 / IoT.Business.News

Spending on the internet of things in the Asia/Pacific region excluding Japan (APEJ) is forecasted to reach $381.8 billion by 2022, according to a new study by IDC. IDC said that the APEJ region is expected to be the leader in terms of IoT spending in 2019, accounting for around 36.9% of global spend. Within the APEJ region, China is the top spender in the region with $159.1 billion spent in 2018, followed by South Korea and India with a spending of $22.6 billion and $19.6 billion in 2018, respectively, according to IDC. IoT services were the category with the highest spend in 2018, at $83.5 billion. Hardware spending was close behind at $78.4 billion and was led by more than $65.7 billion in module/sensor purchases, the analyst firm said. Meanwhile, IoT software spending amounted to $43.3 billion last year — but it is anticipated to see the fastest growth through 2022, with a compound annual growth rate of 15.8%. Services spending will also grow faster than overall IoT spending,...