South Korea, the world’s most digitally connected country, is expected to become one of the top five spenders on the Internet of Things (IoT) technologies this year, with the global spending on the industry is forecast to reach $745 billion.
According to global market research firm International Data Corporation (IDC) that released Worldwide IoT Spending Guide last week, global spending on IoT solutions is predicted to increase 15 percent this year from last year to stand at $745 billion.
Countries that are expected to spend the most on the IoT industry is the U.S. with $194 billion, followed by China with $182 billion, Japan $65.4 billion and Germany $35.5 billion. South Korea ranked fifth at $25.7 billion, beating France with $25.6 billion and the U.K. $25.5 billion.
"Adoption of IoT is happening across industries, in governments, and in consumers` daily lives,” said Carrie MacGillivray, vice president at the department of Internet of Things and Mobility at IDC. “The next chapter of IoT is just beginning as we see a shift from digitally enabling the physical to automating and augmenting the human experience with a connected world.”
The report also expected the worldwide IoT spending would surpass the $1 trillion mark in 2022.
Consumer IoT spending is expected to grow at the fastest growth pace with a five-year compound annual growth rate (CAGR) of 17.8 percent due to the development of smart home, smart appliances and connected vehicle infotainment, the report also found. The industry is forecast to spend $108 billion in 2019.
By Won Ho-sup and Choi Mira
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