Consumer Market to ‘Overtake’ Manufacturing in IoT Spending by 2023, Says IDC 

Worldwide IoT spending is expected to reach $1.1 trillion in 2023, based on a 12.6 percent compound annual growth rate the next five years, said IDC Thursday. “Spending on IoT deployments continues with good momentum and is expected to be $726 billion worldwide this year." The consumer market will be the second largest source of IoT spending in 2019 behind manufacturing, with smart home and connected vehicle “use cases” the biggest growth drivers in the consumer sector, said IDC. It forecasts the consumer market to “overtake” manufacturing to become the largest source of IoT spending by 2023.