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Worldwide IoT spending forecast to reach $726 billion this year

June 17, 2019

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Worldwide spending on the Internet of Things (IoT) is forecast to pass the $1.0 trillion mark in 2022, reaching $1.1 trillion in 2023.

CAGR for IoT spending

A new update to the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide shows the compound annual growth rate (CAGR) for IoT spending over the 2019-2023 forecast period will be 12.6%.

“Spending on IoT deployments continues with good momentum and is expected to be $726 billion worldwide this year,” said Carrie MacGillivray, group vice president, Internet of Things, 5G, and Mobility at IDC.

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