Ready or Not, the Internet of Things Is Taking Over

The IOT market will grow at an annual compound growth rate of 17 percent between now and 2019, while spending will jump from $698.6 billion in 2015 to $1.3 trillion in 2019.

Interestingly, the Asia-Pacific region is the "clear leader" in IOT spending, accounting for 40 percent of the worldwide total in 2015, followed by North America and Western Europe. But Latin America, Western Europe, and Central and Eastern Europe have the biggest potential for growth over the next five years, IDC says.

The Internet of Things is a term used to define formerly "dumb" devices that are connected to the Internet and made "smart." Companies like Intel, Qualcomm, and Apple are investing heavily in the market, and it's expected that the vast majority of "dumb" devices will go smart in the coming years, from refrigerators to washing machines to jewelry.

For its part, IDC says the IOT will see its strongest growth in the manufacturing and transportation industries, as well as insurance, healthcare, and the consumer markets.