Internet of Things Spending Forecast to Reach Nearly $1.3 Trillion in 2019 Led by Widespread Initiatives and Outlays Across Asia/Pacific
FRAMINGHAM, Mass., December 10, 2015 – According to a new International Data Corporation (IDC) Spending Guide, worldwide spending on the Internet of Things (IoT) will grow at a 17.0% compound annual growth rate (CAGR) from $698.6 billion in 2015 to nearly $1.3 trillion in 2019.
On a geographic basis, Asia/Pacific is the clear leader when it comes to IoT spending with more than 40% of the worldwide total coming from this region in 2015. North America and Western Europe are the second and third largest regions with combined spending of more than $250 billion in 2015. The regions that will experience the fastest growth in IoT spending over the five-year forecast period are Latin America (26.5% CAGR), followed by Western Europe, and Central and Eastern Europe.
"The Asia/Pacific region’s robust IoT spending outlook builds on three dynamics: developing countries’ technology investment needs are not fully met with traditional IT, which is allowing IoT investments to accelerate; government investments in infrastructure development and local business modernization, in China, India and the Philippines for example, are incorporating more and more IoT elements; and a burgeoning new consumer class is accelerating expenditures in goods and services, including those with IoT components," said Marcus Torchia, Research Manager, Internet of Things.