By Rhea Kelly, Campus Technology
A new forecast from International Data Corp. estimates that the total worldwide spending on the Internet of Things (IoT) will reach $1.29 trillion by 2020. According to the market research firm’s Worldwide Semiannual Internet of Things Spending Guide, that represents a compound annual growth rate of 15.6 percent over the 2015-2020 forecast period. Much of that spend will go toward hardware — the largest spending category throughout the forecast, followed by services, software and connectivity, according to IDC. The company predicts that hardware spending will approach $400 billion by 2020; modules and sensors that connect endpoints to networks will represent the bulk of hardware purchases. On the other hand, IDC said, hardware will be the slowest growing IoT technology category, beaten out by software and services.
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