IoT is no longer hype. It’s big-spending reality.

How popular is the Internet of Things becoming? A new report says IoT spending will surge nearly 17 percent this year to more than $800 billion. Overall, IoT spending will reach almost $1.4 trillion by 2021.

Spending will be spread across hardware, software, services and connectivity, says research firm IDC.

“The discussion about IoT has shifted away from the number of devices connected,” said Carrie MacGillivray, vice president, Internet of Things and Mobility at IDC. “The true value of IoT is being realized when the software and services come together to enable the capture, interpretation, and action on data produced by IoT endpoints. With our Worldwide IoT Spending Guide, IDC provides insight into key use cases where investment is being made to achieve the business value and transformation promised by the Internet of Things.”

Spending leaders include:

  • Manufacturing operations ($105 billion)
  • Smart grid ($56 billion)
  • Smart building ($40 building)
  • Freight monitoring ($50 billion)
  • Product asset management ($45 billion)

IDC also forecasts major spending increases for:

  • Smart homes
  • Airport facilities automation
  • Electric vehicle charging
  • In-store contextual marketing

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