Spending on the Internet of Things (IoT) will be growing at 8.2 percent to $742 billion in 2020.
IDC expects global IoT spending will return to double-digit growth rates in 2021 and achieve a compound annual growth rate (CAGR) of 11.3 percent over the 2020-2024 forecast period,
Andrea Siviero, associate research director with IDC’s Customer Insights & Analysis group.
Personal and consumer services, which include hotels, theme parks, casinos, and movie theaters, will be lowering IoT spending this year, down 0.1 percent from last year.
The three industries with the slowest growth in 2020 are discrete manufacturing (4.3 percent growth), resource industries including oil and gas (5 percent growth), and transportation (5.7 percent growth).
Healthcare (14.5 percent), insurance (12.3 percent), and education (11.9 percent) will deliver the strongest industry gains in IoT spending. IDC said consumer spending on IoT solutions will grow 13.9 percent year over year in 2020.
Air traffic monitoring and connected oil field exploration will experience a decline in IoT spending this year.
IoT spending at manufacturing operations (5.6 percent), production automation (5.2 percent), and freight monitoring (4.7 percent) will be lower.
Use case such as electric vehicle charging, bedside telemetry, and remote health monitoring will achieve better IoT spending growth.
Smart home spending, consumer driven and the second largest use case in terms of overall spend, will grow 14.4 percent year over year in 2020.