IoT is reaching the $1-trillion grossing mark

by | Jun 20, 2019 | IoT News

The global spending on the cutting-edge Internet of Things is presently expected to cross 1.0 trillion USD by 2022. Moreover, the prediction also stated that IoT would reach $1.1. Trillion by the time the world progresses to 2023. The IDC also is known as International Data Corporation, shows the minimum compound yearly rate of growth of IoT from 2019-2023 will be around 12.6%. The new update from IDC was put into the Worldwide Semiannual IoT Spending Guide.

Carrie MacGillivray, a prominent figure in the IoT landscape, said that the total spending on the implementation of the IoT devices is growing with positive momentum. On the other hand, figures also suggest that by 2019 the spending on IoT will reach $726 billion. MacGillivray is the Group VP of 5G, IoT at IDC. Moreover, the organization has been investing in software, hardware as well as the services for support the IoT initiative.

According to MacGillivray, the potential challenge coming from IoT is at finding the solutions which are going to help the companies in processing, managing, and analyzing the data. Furthermore, this data is often generated from all of the connected devices.

By the looks of it, three of the commercial industries are going to spend most of the resources on IoT solution all through the forecast; namely. Process manufacturing, discrete manufacturing & transportation. All together these industries are going to be accountable for third of the global spending on IoT by 2023.

The transportation industry is all set to spend on freight monitoring; a couple of manufacturing industries are going to be the primary industry to spend on IoT. In the year 2019, the consumer market will become the second largest IoT spending source due to connected vehicles and smart home. IoT has become extremely popular in the few years due to the inexpensive price tag and massive output.

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Neelam Dimri

A post graduate and gold medalist in English literature with a great passion for writing. I am an avid blogger and love to write technical and nontechnical Articles, Blogs, e-books, the latest platform of global interest. I firmly believe in the healing power of writing and how it works fantastically to improve one’s creativity as well as personality. Life is too short to express yourself so, keep writing and enjoying.