Global IoT spending to hit $772 billion in 2018, says IDC

A new update released by the International Data Corporation (IDC) projected that spending on IoT globally will increase 14.6% year over year to $772.5 billion in 2018. IDC’s “Worldwide Semiannual Internet of Things Spending Guide” has projected that IoT spending globally will increase at a CAGR of 14.4% through the 2017-2021, crossing the $1 trillion-mark set for 2020 and touching the $1.1 trillion mark in 2021. For 2018, IoT hardware will emerge as the biggest technology category followed by services, software, and connectivity, IDC said. In the technology category, an amount of $239 billion will be dedicated largely to modules and sensors in addition to infrastructure and security expenditure.