A new report from research firm IDC suggests that worldwide spending on the Internet of Things (IoT) will grow at a 17 percent compound annual growth rate (CAGR) from $698.6 billion in 2015 to almost $1.3 trillion in 2019.
Breaking down the analysis on a regional basis, it is Asia-Pacific that is set to lead the growth in IoT spending, with more than 40 percent of the worldwide total (i.e. over $280 billion) coming from this region in 2015. North America and Western Europe are the second and third largest regions respectively with combined spending of more than $250 billion in 2015.
However, while Asia-Pacific will account for the largest share of spending, it will be Latin America that will record the largest percentage increases in IoT spending over the five-year period at 26.5 per cent CAGR, followed by Western Europe, and Central and Eastern Europe.
Read more at Telecom TV.