According to data from ITC Technology Consulting, investment in the Internet of Things (IoT) will reach 805,700 million dollars (about 737,000 million euros) worldwide in 2023, representing an increase of 10.6% over the previous year.
Investment in this type of technology will exceed one trillion dollars by 2026, thanks to the fact that it will experience a compound annual growth of 10.4% between 2023 and 2027.
In fact, the consulting firm pointed out that investing in this technology has become a “key” element for companies aiming to find solutions in areas such as cost savings or efficiency in the supply chain.
Companies will invest particularly in use cases related to manufacturing operations ($73 billion) and manufacturing asset management ($68.2 billion) by 2023.
Following these events, they will also spend on inventory management ($37.6 billion), IoT application to power grid ($36.9 billion) and supply chain strengthening ($31.6 billion).
By 2023, the sectors investing the most in IoT will be discrete and process manufacturing, accounting for more than a third of all technology spending globally; followed by professional services, general services and retail trade (approximately 25%).
However, between 2023 and 2027, public administrations and telecommunications will position themselves as the areas that will increase their spending on IoT the fastest, with an average annual growth of 12% and 11.7%, respectively.
By geography, both China and Western Europe will exceed the US IoT spending level by 2027, with compound annual growth rates of 13.2% and 11%, respectively, with these three regions accounting for more than half of total spending during the studied period.
