US Organizations to Spend More Than $232 Billion on IoT This Year, Says IDC

U.S. organizations will invest more than $232 billion in IoT software, services and connectivity this year, said an IDC report Wednesday. IoT revenue is forecast to grow at a 16 percent compound annual rate from 2015 to 2019, to more than $357 billion, IDC said. Manufacturing and transportation industries lead IoT spending for the forecast period at $35.5 billion and $24.9 billion, while cross-industry investment will approach $31 billion this year. Manufacturing, freight monitoring and smart buildings lead projected use cases, it said.