IDC pointed out that in 2018, the global Internet of Things will grow 14.5% to 727 billion US dollars, and 2020 Internet of Things spending will reach 1 trillion US dollars. Software will grow faster than hardware, with an estimated growth rate of 16.1%.
With the increasing use of IoT applications, the market agency IDC predicts that global Internet of Things spending will hit a one-million dollar mark in 2020.
IDC expects total expenditure on IoT in 2017 to be US$674 billion, and will grow 14.5% to US$727 billion in 2018. By 2020, it will maintain a growth rate of 14% per year.
IDC pointed out that most of the Internet of Things expenditures this year are for hardware, followed by services, and then software. However, looking forward to the next four years, the software growth rate will surpass hardware, and the estimated growth rate is 16.1%. In 2021, the software and hardware expenditures of the Internet of Things will be evenly divided.
From the above, software development will become the focus of IoT spending in the future. According to IDC, software and services will account for 55% of IoT spending in 2021.
From an industrial perspective, the manufacturing industry will be the industry with the most expenditures on the Internet of Things next year, estimated at US$ 179 billion, followed by transportation with US$ 73 billion and utilities with US$ 92 billion. Cross-industry networking such as car networking and The total number of smart buildings and so on is also $92 billion.
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