IDC said that represents a CAGR of 17 percent, with worldwide spending accounting for a not insignificant $698.6 billion this year.
Over 40 percent of the spend comes from Asia Pacific, followed by North America and Western Europe.
Part of the reason Asia Pacific is so buoyant is because in some countries IT infrastructure isn’t fully developed, meaning it’s easier to implement IoT technology.
Manufacturing and transportation represented the biggest spenders of IoT tech, with totals of $165.6 billion and $78.7 billion respectively.
Other sectors rapidly implementing the tech are insurance, healthcare and domestic implements, IDC said.