FRAMINGHAM, Mass.--(BUSINESS WIRE)--A new International Data Corporation (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 report, United States Internet of Things Spending Guide by Vertical Market, illustrates growing IoT markets for eight vertical industries, including retail, healthcare, government, manufacturing, and other industries, while also sizing IT opportunity for 29 vertical-specific use cases.
Unlike any other research in the industry, the new study specifically highlights 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. The comprehensive research was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today.
- ClicktoTweet: @IDC Presents U.S. #InternetofThings Spending Guide for Eight Vertical Markets - arm vendors w insight on immediate opportunities for #IoT
Key findings from the report include the following:
- 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%)
- 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%)
According to Scott Tiazkun, Senior Research Analyst with IDC's Global Technology and Industry Research Organization, "A bottom up research approach is crucial to understand the specific applications of IoT for each vertical market, and educate vendors on the overall IT opportunity available to them today. The use cases validate where the rubber meets the road when it comes to IoT and this report will serve as a useful tool in evaluating this burgeoning market."
A second spending guide is planned for September, 2014 and will evaluate further vertical specific use cases.
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community make fact-based decisions on technology purchases and business strategy. More than 1,100 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For more than 50 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. For more information, please visit www.idc.com, email firstname.lastname@example.org, or call 508-872-8200. Visit the IDC Community at https://idc-community.com.