IoT spending to grow at 8.2% in 2020 due to covid-19: IDC

Global spending on Internet of Things (IoT) is expected to grow at a single digit figure of 8.2% y-o-y (year on year) in 2020, due to the coronavirus induced economic fall out, missing the previous growth forecast of 14.9% for the year, IDC (International Data Corporation) said in a report.

Despite the current setback, global IoT spending is expected to return to double-digit growth rates in 2021 mustering compound annual growth rate (CAGR) of 11.3% between 2020 and 2024, the report adds.

The decline in spending can be attributed to the economic setback in consumer services industry which includes hotels, theme parks, casinos, and movie theatres. Spending in discrete manufacturing (growing at 4.3%), resource industries including oil and gas (growing at 5%), and transportation (5.7%) is also expected to shrink.