02 August 2023
The IDC has forecast spending and investment in the IoT sector to achieve double-digit growth this year, driven by increasing demand for remote operations, supply chain efficiency and a widening digital footprint.
The organisation expects spending on IoT to grow 11% to $277.5 billion along with predicting investments to grow a compound annual growth rate (CAGR) of 11.7% between 2023-2027 to $435 billion.
Areas with the fastest IoT spending in 2023 are China, Singapore, and Hong Kong.
Bill Rojas, adjunct research director for IDC Asia Pacific, said that power-saving IoT devices built with 5G enhanced machine-type communications technologies will start to be introduced into the market to gradually replace LTE Cat 3/4 devices. He believes this will result in more video-enabled end points and advanced analytics.’
“Organisations are more focused on data-driven operations to address specific business goals and customer challenges, and investing in the IoT ecosystem is crucial,” said market analyst Sharad Kotagi.
