Worldwide spending on the Internet of Things (IoT) has been significantly impacted by the economic effects of the COVID-19 pandemic in 2020, although a back to double-digit growth rebound is expected both in the mid and long-term. A new update to the International Data Corporation (IDC) Worldwide Internet of Things Spending Guide shows IoT spending growing 8.2% year over year to $742 billion in 2020 down from 14.9% growth forecast in the November 2019 release. Nevertheless, IDC expects global IoT spending will return to double-digit growth rates in 2021 and achieve a compound annual growth rate (CAGR) of 11.3% over the 2020-2024 forecast period.

For more information visit  https://www.eletimes.com/worldwide-spending-on-the-iot-will-slow-in-2020