Global IoT spending to break $1 trillion by 2023 – fuelled by solid consumer and commercial adoption

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IDC’s latest Worldwide Semiannual Internet of Things (IoT) Spending Guide predicts the global spending on the IoT will surpass the $1 trillion (£790bn) mark in 2022 and will reach $1.1 trillion (£869b) in 2023, at a CAGR of 12.6% on a year-over-year basis.

Carrie MacGillivray, group VP of IoT, 5G, and mobility at IDC, said: “Spending on IoT deployments continues with good momentum and is expected to be $726b (£573b) worldwide this year. While organisations are investing in hardware, software, and services to support their IoT initiatives, their next challenge is finding solutions that help them to manage, process,

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