The Recycler
  • Ninestar Masthead August 2022
  • Biuromax Web banner June 2022
  • https://www.ecs-uk-ltd.co.uk/partner-us?utm_source=tr-636x124-8&utm_medium=didiad
  • Katun March Web Advert 2021
  • Static Control June 2022 Masthead Ad

European IoT Spending to exceed $200 billion

European IoT Spending to exceed $200 billion

June 10, 2021

International Data Corporation’s (IDC) Worldwide Semiannual Internet of Things Spending Guide estimates that spending on the Internet of Things (IoT) will reach $202 billion (€166 billion) in 2021 in Europe and will continue to experience double-digit growth through 2025.

Despite the global impact of the COVID-19 pandemic, the IoT market still experienced growth, though at a slower rate than in previous years. IDC expects this growth to continue in 2021 in various sectors as operations, projects, and employees start to return to normal.

In 2021, the largest portion of spending is expected to remain within the hardware (modules and sensors) category, followed by the services category, as an important area of spending for enterprises, driven by the need to evaluate, design, and deploy the physical devices and to support ongoing operation of the devices (the “things”). The software category, especially application software for IoT used to organise and access a range of structured and unstructured information, will be the fastest-growing technology in the next few years.

COVID-19 and the uncertainty that has come with it will continue to have an effect over the next few years in some industries, creating a mixed industry performance tied to the role of IoT use cases in the transition to the next normal.

The consumer sector will be the largest industry for European IoT spending in 2021. This will be driven by home automation solutions that enhance the living experience and streamline everyday interactions to create a connected home environment in which consumers can remotely monitor and control, through apps or websites, their home systems and home preferences/consumption. The second largest industry, manufacturing, was one of the most impacted industries in 2020 but it has leveraged IoT solutions to remotely track, monitor, and maintain industrial manufacturing devices that are part of the production value chain by assessing equipment conditions and remotely diagnosing equipment failures before they happen by analysing the live stream of data produced by the machine.

With social distancing and remote working, remote health monitoring solutions that use IoT technology to improve the quality of life and care through accurate and focused medical home monitoring will make healthcare the fastest-growing industry in the next couple of years.

“Even with COVID-19 changing the investment plans of many European enterprises, the IoT market continues to be attractive for many industries such as healthcare and retail, where IoT can support evolving multichannel retail strategies to provide a seamless consumer experience through any shopping channel,” said Alexandra Rotaru, Research Analyst at IDC Customer Insights & Analysis. “However, other verticals such as construction and personal and consumer services will see less demand and will develop more slowly in the coming years, focusing on supporting other business priorities in the post-crisis recovery process.”

Categories : Around the Industry

Tags : IDC IoT Market Research Report Software

  • Static Control June 2022 Big & Bold Ad
  • Ink Tank web banner new
  • GM Technology August 2022 Web Ad
  • GPI Web advert August 2022
  • IR Italiana Web ad January 2021
  • Mito July 2022 Web banner
  • Apex UStation web banner
  • Aster July 2022 Web banner
  • CTS New Ad March 2022
  • Zhono August 2022 Web ad
  • HYB Web banner
  • CET June 2022 Web ad
  • ITP Web ad January 2021
  • PCL Web ad January 2021
  • PCL Web ad January 2021
  • HYB Web banner
  • ITP Web ad January 2021
  • CET June 2022 Web ad
  • CTS New Ad March 2022
  • Zhono August 2022 Web ad
  • CET June 2022 Web ad
  • PCL Web ad January 2021
  • ITP Web ad January 2021
  • Zhono August 2022 Web ad
  • HYB Web banner
  • CTS New Ad March 2022

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2021 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark