The global market for Internet of Things technology is about to pass $1 trillion
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Global spending on Internet of Things technology is growing annually at a rate of 13.6 per cent — and will reach $US1.2 trillion within five years.
That’s the view of top IT industry reseacher IDC which this week updated its global spending outlook for the technology.
The Internet of Things (or IoT) refers to technology that allows devices such as cars, light switches or heart monitors to swap information over the Internet.
>> Scroll down for a list of ASX stocks with exposure to Internet of Things technology
“The IoT market is at a turning point – projects are moving from proof of concept into commercial deployments,” said Carrie MacGillivray, IDC’s group vice president for Internet of Things and Mobility.
“Organisations are looking to extend their investment as they scale their projects, driving spending for the hardware, software, services and connectivity required to enable IoT solutions.”
That’s good news for ASX-listed stocks offering exposure to IoT (see below).
The rapidly maturing technology is reaching “broad-based critical mass” led by the consumer sector, followed closely by insurance and healthcare provider industries.
Manufacturing and transportation are the two biggest-spending industries when it comes to IoT — both are due to exceed $US150 billion by 2022.
The fastest growing sectors in the business world are “vehicle-to-vehicle” and “vehicle-to-infrastructure” followed by traffic management and connected vehicle security.
Here’s a selection of ASX stocks that offer exposure to Internet of Things technology: