IDC: Europe will spend more than $200 billion on the Internet of Things this year

Image source: rusnanonet.ru

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.

The rights to this material belong to
The material is placed by the copyright holder in the public domain
  • The news mentions
Do you want to leave a comment? Register and/or Log in
Ежедневная рассылка новостей ВПК на электронный почтовый ящик
  • Discussion
  • 10.08 10:34
  • 2
Британская разведка назвала фактор, мешающий быстрому продвижению союзных войск на Донбассе
  • 10.08 09:57
  • 30107
США отреагировали на начало российских военных маневров у границ Украины
  • 10.08 09:27
  • 12
Remnants of the American AGM-88 HARM anti-radar missile have been found in Donbas
  • 10.08 09:18
  • 1
The United States has transferred HARM anti-radar missiles to Ukraine
  • 10.08 09:17
  • 1
Deputy Head of the Pentagon Kahl reported on the supply of anti-radar missiles to the Armed Forces of Ukraine
  • 09.08 20:38
  • 1
Российские военные применили САУ «Нона-СВК» в ходе СВО на Украине
  • 09.08 20:33
  • 10
100% domestic Ansat helicopter will return to the market in 2024
  • 09.08 19:01
  • 3
Ростех представит на "Армии-2022" более 1000 образцов оружия и военной техники
  • 09.08 18:37
  • 94
Эксперт: в России могут создать специализированный ЗРК для борьбы с HIMARS
  • 09.08 17:13
  • 81
Secret reserve for the Russian military-industrial complex
  • 09.08 12:31
  • 4
Six main myths invented by bloggers about their
  • 09.08 12:31
  • 3
Российские производители представят новейшие модели парашютов на выставке в Алжире в рамках АрМИ-2022
  • 09.08 12:30
  • 2
Полигон в Узбекистане начал принимать участников двух конкурсов АрМИ-2022
  • 09.08 11:17
  • 2
The United States has two years left to defeat Russia. Europe has already lost
  • 09.08 11:06
  • 42
Продолжается разработка перспективного тяжёлого транспортного самолёта "Слон"