Global IoT spending to top $1.4T in 2021

Spending on the Internet of Things is expected to grow 16.7% year-over-year in 2017, inching just over $800 billion, according to figures released by analyst firm IDC.

The report said that by 2021, worldwide IoT spending would reach nearly $1.4 trillion as organisations continue to invest in the hardware, software, services, and connectivity that enable the IoT.

The biggest IoT use cases that would attract investment this year are predicted to be manufacturing operations ($105 billion), freight monitoring ($50 billion), and production asset management ($45 billion).

Smart home technologies are predicted to experience robust growth (19.8% CAGR) over the next five years. In-store contextual marketing is also expected to increase 20.2% CAGR.

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