IoT spending hit estimated $737 billion in 2016

San Francisco—Global spending on the Internet of Things (IoT) hit an estimated $737 billion in 2016, as organizations ramped up spending on IoT infrastructure and deployment on a trajectory that will bring such investment to nearly $1.3 trillion by 2020, according to market research firm International Data Corp. (IDC).

IDC (Framingham, Mass.) said organizations worldwide in 2016 ratcheted up spending on the hardware, software, services and connectivity that enable IoT. The firm is forecasting that IoT spending will grow at a compound annual growth rate (CAGR) of 16 percent between 2015 and 2020, reaching $1.29 trillion in 2020.

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