The Hottest IoT Industries

According to IDC, the industries making the largest IoT investments in 2017 include the manufacturing, transportation and utilities industries. Manufacturing will see up to $183 billion in spending, while transportation will see $85 billion and the utilities industry will see $66 billion in IoT investments in 2017.

Consumer IoT purchases will be the fourth largest market segment in 2017 with $62 billion in investments, but IDC said this area will grow to become the third largest segment in 2021.

Meanwhile, IDC said the industries that will see the fastest spending growth include the insurance market, with a 20.2 percent compound annual growth rate, and the consumer market with 19.4 percent CAGR.