According to recent research conducted by IoT Analytics (a leading provider of market insights and competitive intelligence for the Internet of Things (IoT) and Industry 4.0), global IoT spending is set to increase by 24% during 2021, driven by the current market interest in both IoT software and IoT security.
Latest data reveals the overall IoT market and enterprise spending on IoT solutions already made an increase of 12.1% in 2020, reaching a market value of $128.9 billion.
In spite of the adverse consequence of the pandemic on IoT financial plans, IoT Analytics expects 2021 IoT spending to increase 24.0%, with the general market value coming to $159.8 billion, prior to the finish of 2021.
The post-COVID-19 digitization push that many anticipated is already starting to materialise, and it is thought the expanding utilization of computerized advances will prompt a compound yearly development rate (CAGR) for IoT spending of 26.7% somewhere between 2022 and 2025.
Whilst IoT spending in certain sectors hit a hard decline, like the oil and gas industry, IoT spending in areas like warehousing companies rose by 22.3%, due to increased activity in eCommerce and online shopping. The 2021 IoT outlook demonstrates that pharmaceuticals, metals, and energy segments are among the fastest growing.
Organizations expanded spending on IoT security in 2020 by 40.3%. The flood in high-profile security assaults drove organizations to build spending in the space of digital and IoT security. Different regions that saw critical expansions in spending incorporate cloud foundation for IoT organizations and IoT programming applications.
One region to watch in 2021 is spending on IoT chipsets (part of IoT equipment). IoT Analytics is determining a solid development in 2021; notwithstanding, continuous stock issues may imply that the interest may not be met.