By Chuck Martin
The amount of money associated with the Internet of Things gets more staggering by the day.
Business spending on related technologies is now projected to hit $4.6 trillion by 2022, growing 4% annually until then.
Of that amount, consumers will account for 37% of it, according to the forecast of spending on hardware, software, services and communications by the International Data Corporation (IDC).
Customers can expect to see more IoT technologies in their daily lives.
“Consumer-driven industries such as retail and hospitality are benefitting from higher wages and disposable incomes,” stated Jessica Goepfert, vice president in IDC’s Customer Insights and Analysis group. “Firms in this space are working to develop and deliver unforgettable customer interactions. This takes shape as customizable experiences and infusing technology into their operations. For instance, hotels are implementing technology in guest rooms that can be controlled by mobile apps.”
The current tech transformation is global, with digital transformation across businesses being fueled by artificial intelligence, robotics and masses of new customer data to analyze.
Many consumers may not even be aware of their financial contribution to the total tally of IoT revenue being projected over time.
However, IoT technology is finding its way into devices of all shapes and sizes, whether wearable bands or home appliances. Things around the world are getting connected and along with those connections comes new and substantial revenue streams.
