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Global spending on the Internet of Things (IoT) is forecast to reach $772.5 billion in 2018, an increase of 14.6% from the previous year, according to a new report by IDC.
IDC’s Worldwide Semiannual Internet of Things Spending Guide forecasts worldwide IoT spending will sustain a compound annual growth rate (CAGR) of 14.4% through 2017-2021, surpassing the $1 trillion mark in 2020 and reaching $1.1 trillion in 2021.
IoT hardware will be the largest technology category in 2018, with $239 billion going largely toward modules and sensors along with some spending on infrastructure and security.
Services will be the second largest technology category, followed by...