Global IoT Spending to Reach $772 Billion Next Year, $1.1 Trillion by 2021, IDC Reports

Worldwide IoT spending will reach $772.5 billion in 2018, up 14.6 percent from this year, and reaching $1.1 trillion in 2021, IDC reported Thursday. Hardware will account for most spending next year, largely for modules and sensors, with some spending on infrastructure and security, IDC said. Services will be the second largest technology category, followed by software and connectivity, led by application and analytics software, it said. Industries spending the most on IoT solutions next year will be manufacturing ($189 billion), transportation ($85 billion) and utilities ($73 billion), it said.