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Internet of Things (IoT) spending worldwide 2023

As of 2020, 749 billion U.S. dollars were expected to be spent on the Internet of Things (IoT) technology worldwide. Despite being an increase from the year before, the 2020 spending will grow less than originally forecast, due to the global coronavirus pandemic. The prognosis for worldwide spending on IoT by 2023 was 1.1 trillion U.S. dollars, as estimated in 2019. Region-wise, the Asia Pacific region held the largest share of the IoT market. North America came in second, followed by Europe, Middle East and Africa.

Why IoT

Security is increasingly becoming a major concern for businesses. In fact, when asked why they were adopting Internet of Things, the majority of European IoT adopters stated that the reason was to improve security. In fact, over 120 billion U.S. dollars were spent on IT security in 2019 worldwide. Reducing operational costs and improving efficiency were also popular motivations for adoption IoT.

Funding & spending

More and more organizations seem to be investing in IoT and their number amounted to 2,552 thousand organizations in Europe as of May 2020. The funding amounted to over five billion U.S. dollars. Additionally, technology spending into smart city initiatives reached 104 billion U.S. dollars worldwide in 2019.

Prognosis of worldwide spending on the Internet of Things (IoT) from 2018 to 2023

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Source

Release date

June 2020

Region

Worldwide

Survey time period

2018 to 2020

Supplementary notes

* Forecast.

For 2022 the source states the following "Worldwide IoT spending is forecast to pass the $1 trillion mark in 2022".

Data for 2019 was calculated by Statista based on the growth rate provided by the source.

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Statistics on "Internet of Things (IoT)"

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