In 2021, spending on Internet of Things (IoT) technologies in Europe will reach $ 202 billion and continue to grow at a double-digit rate until 2025. This forecast is given by IDC analysts.
Experts note that despite the global consequences of the COVID-19 pandemic, the IoT technology market is showing positive dynamics, although not as pronounced as before. The upward trend is expected to continue in 2021 and beyond as business activity and projects begin to normalize and employees return to normal office hours.
In 2021, as before, most of the costs in the European IoT market will be on equipment, and the second place will be taken by services. The highest revenue growth rates are expected in the software segment, which includes IoT applications.
Among the industries, the largest IoT spending is expected to come from the consumer and industrial sectors. At the same time, the fastest-growing industry in terms of IoT costs will be healthcare, experts say.
Commenting on the forecast, IDC analyst Alexandra Rotaru noted that although the COVID-19 pandemic has changed the investment plans of many European businesses, the Internet of Things market has remained attractive for many industries, such as healthcare and retail. However, less demand is expected from other verticals, such as construction, personal and consumer services, and the growth rate of IoT spending will be lower there in the coming years.
Meanwhile, the world leader in IoT spending in the coming years should become China . According to IDC estimates, in 2024, China will account for 26.7% of the turnover in the global Internet of Things market. The United States (23.8%) and Western Europe (23.5%) will follow. It is expected that in 2024, China's spending on IoT solutions will reach about $ 300 billion, and the average annual growth rate of this market will be about 13%.
At the end of May , Google introduced an operating system for the Internet of Things.