Global spending on the Internet of Things (IoT) will reach US$1.3 trillion in 2019, predicted IDC this week, up from $698.6 billion in 2015.
According to the research firm, on a geographic basis, Asia-Pacific currently spends the most on IoT, accounting for 40% of the worldwide total. North America and Western Europe come in second and third respectively, with combined spending of more than $250 billion.
In terms of vertical industries, IDC said manufacturing and transportation currently lead the way, with IoT spending coming in at $165.6 billion and $78.7 billion respectively in 2015.
"Manufacturing and transportation are both a good fit for IoT deployments," said Vernon Turner, senior vice president and IoT research fellow at IDC, in a statement on Thursday.
"Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes," he said.
However, the diversity of the IoT is such that different sectors will experience different growth rates in different regions.
According to IDC, in Central and Eastern Europe (CEE), and the Middle East and Africa (MEA), the fastest-growing IoT sector will be smart buildings, where IoT is used to optimise building operations through automation, as well as remote monitoring and control.
In Latin America, IDC predicts the fastest-growing IoT sector will be maintenance and field service, where sensor data is gathered and sent from the field to technicians.
In Asia-Pacific, insurance companies will increasingly come to rely on remote telematics to monitor driver behaviour for the purposes of calculating premiums, IDC predicts.
Meanwhile, in North America, IoT technology will rapidly be put to use for the purposes of contextual marketing to gain insight into consumer behaviour, IDC said.
