A new update by the International Corporation (IDC) projected that spending on IoT globally will increase 1.6% year over year to $772. billion in .

IDC’s “Worldwide Semiannual Internet of Things Spending Guide” has projected that IoT spending globally will increase at a CAGR of 14.4% through the 2017-2021, crossing the $1 trillion mark set for 2020 and touching the $1.1 trillion mark in 2021.

For 2018, IoT hardware will emerge as the biggest technology category followed by services, software and connectivity, IDC said. In the technology category, an amount of $239 billion will be dedicated largely toward modules and sensors in addition to infrastructure and security expenditure. In terms of software expenditure, application software will take the lead along with software, IoT platforms, and security software. It is projected that software will be the fastest growing technology segment with a five-year CAGR of 16.1%.

Carrie MacGillivray, vice president, Internet of Things and mobility at IDC, said: “By 2021, more than 55% of spending on IoT projects will be for software and services. This is directly in line with results from IDC’s 2017 Global IoT Decision Maker Survey where organisations indicate that software and services are the key areas of focused investment for their IoT projects.

“Software creates the foundation upon which IoT applications and use cases can be realised. However, it is the services that help bring all the technology elements together to create a comprehensive solution that will benefit organisations and help them achieve a quicker time to value,” MacGillivray added.

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