World forecast to spend trillions on the Internet of Things

The numbers being forecast for the Internet of Things (IoT) are truly mind-boggling.

BI Intelligence finds that the number of everyday and enterprise devices that will soon be connected to the Internet — from parking meters to home thermostats will be huge. In a recent report, “Gartner forecasted that 4.9 billioninternet of things connected things will be in use in 2015, up 30 percent from 2014, and will reach 25 billion by 2020″.

With regards to this, The International Data Corporation expects worldwide Internet of Things spend to reach US$1.29 trillion in 2020report IT Web Africa. Worldwide spending on the Internet of things is forecast to reach US$1.29 trillion in 2020, according to forecasts by the International Data Corporation.

According to the IDC’s worldwide semi-annual guide, global IoT spending will experience a compound annual growth rate of 15.6% over the 2015 to 2020 period.

The IDC guide highlights that industries such as manufacturing, transportation and utilities will continue to make the largest IoT investments.

“It is great to see that the Internet of things will continue to fuel both business transformation and innovation acceleration markets such as robotics, cognitive computing and virtual reality,” states IoT research fellow and senior VP, Vernon Turner.

“The investments by China and the United States in IoT solutions are driving these two countries to account for double-digit annual growth rates and over half of the IoT spending.”

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