IDC Forecasts Consumer IoT Spending Reaching $108 Billion This Year

Global IoT spending is expected to rise 15.4 percent this year to $745 billion, reported IDC Thursday. IDC forecasts that worldwide IoT spending will surpass the $1 trillion mark in 2022. “Adoption of IoT is happening across industries, in governments, and in consumers' daily lives,” it said. “We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions. For consumers, access to data is changing how they are informed about the status of households, vehicles, and family members as well as their own health and fitness." Consumer IoT spending is expected to reach $108 billion in 2019, making it the second largest IoT industry segment behind manufacturing, said IDC: “The leading consumer use cases will be related to the smart home, personal wellness, and connected vehicle infotainment."