A new IDC report shows that the rise of Internet of Things (IoT) solutions will translate into billions of dollars of IT opportunity for vertical-solution focused vendors.
The first ever “United States Internet of Things Spending Guide by Vertical Market” illustrates growing IoT markets for 8 vertical industries – retail, healthcare, government, manufacturing, etc.
Specifically, IDC is highlighting U.S. spending across IoT use cases including personal wellness, smart buildings, remote patient monitoring, food traceability, in store consumer digital offers, air traffic monitoring and smart meters, among others.
Key Findings of the report indicate that healthcare IT markets will be greatly impacted by IoT. For example, the IoT IT market for remote health monitoring will grow from $8.2 billion in 2014 to over $12.4 billion in 2018. (This represents a 5-year CAGR of 10.4%).
Additionally, retail IT spending will also see large growth associated with IoT spending. The IoT IT market associated with in-store consumer digital offers will grow from $181 million in 2014 to $223 million in 2018. (This represents a 5-year CAGR of 7.4%)
IDC says a second spending guide is planned for September, 2014 and will evaluate further vertical specific use cases.