“We are mapping IoT use cases that have segmentations in shared domains, such as in Smart Cities and Digital Transformation investment areas,” Marcus Torchia, research director, Customer Insights & Analysis, IDC.
The consumer sector will lead IoT spending growth with a CAGR of 19 percent, followed by the insurance and healthcare provider industries.
Discrete manufacturing and transportation will each exceed $150 billion in IoT spending in 2022, making these the two largest industries for IoT spending.
Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) solutions will experience the fastest spending growth (29 percent CAGR) over the forecast period, followed by traffic management and connected vehicle security.