The recently published IDC Worldwide Semiannual Internet of Things Spending Guide has predicted that the Asia Pacific region, excluding Japan (APEJ), will spend around 36.9% of the worldwide spend, making it the global leader for IoT spending in 2019. Following APEJ will be the US and Western Europe with 26.1% of the WW IoT spend in 2019, respectively.
In 2018, China spent £123.57bn, making it the top spender in the region. Following China were South Korea and India that spent £17.55bn and £15.22bn, respectively. The year saw IoT services as the largest technology category with £64.85bn spent on traditional IT and installation services, along with non-traditional device and operational services.
Ashutosh Bisht, senior research manager at IDC, said: “The per capita IoT spending among the APEJ countries is quite varied, it is primarily related to the demographics, broadband penetration, coverage and capacity of the nation’s infrastructure, including telecommunications, modernity of commercial buildings, firm demographics, highways, and electricity/gas/water distribution.
“South Korea is the top APEJ country in terms of per capita IoT spending followed by Australia and New Zealand. The key drivers of IoT penetration will include proliferation of cloud-based back-end services for data acquisition and analytics, and 5G fixed wireless deployments that are expected in Australia, New Zealand, and Philippines before 2020.”
Global IoT spending is likely to hit almost £582.5bn in 2019. IDC’s previous analysis stated £0.93tn by 2022, suggesting a big push in 2019 before slowing down and consolidation in the years to come. According to IDC, manufacturing is said to be the biggest spender contributing £92.42bn with process manufacturing at £60.58. Moreover, consumer IoT spending is predicted to reach £83.88bn in 2019.
In another report, titled “Internet of Things (IoT) Security: North American Markets to 2023”, by BCC Research, the North American IoT security market is estimated to grow at an annual rate of over 25%. The market, which was valued at £1.32bn in 2018, is likely to reach £4.04bn by 2023 at a CAGR of 25.1%.
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