Enterprises’ IoT spending in Europe will reach $208 billion in 2022 and experience double-digit growth through 2026 despite facing uncertainties due to the pandemic, inflation, low demand, supply chain disruption, and geopolitical conflicts.
This growth will continue in 2022 in various sectors such as manufacturing, retail, infrastructure, and healthcare, IDC report said.
The largest share of IoT spending is expected to be in the manufacturing and resources sector, driven by use cases related to predictive maintenance and production asset management solutions where IoT solutions are used to enhance manufacturing organizations’ remote tracking, monitoring, and maintenance of industrial devices in the production value chain.
The fastest adoption of IoT will be in electric vehicle charging in Europe, driven by the expansion of commercial electric vehicle charging stations across the continent, with IoT enabling real-time availability and reservation scheduling, charge notifications, automated billing, and value-added services, as well as offering marketing opportunities.
IDC expects IoT solutions for video analytics, using AI and other advanced algorithms to recognize, detect, and analyze live or stored video feeds in a number of uses including business analytics and security surveillance, to gain traction in the next couple of years in many industries.
“During the pandemic, many organizations refocused their technology investment plans, aiming for a technology stack to support innovation, efficiency, and performance, even in challenging situations — such as the Russia-Ukraine War — with IoT and automation at the core,” said Alexandra Rotaru, research analyst, Data and Analytics, Europe.