Security News > 2020 > June > Global IoT spending dropping significantly in 2020, but expected to rebound in 2021

Worldwide IoT spending has been significantly impacted by the economic effects of the pandemic in 2020, although a back to double-digit growth rebound is expected both in the mid and long-term, according to IDC. IoT spending is growing 8.2% year over year to $742 billion in 2020 down from 14.9% growth forecast in the November 2019.

Global IoT spending is expected to return to double-digit growth rates in 2021 and achieve a compound annual growth rate of 11.3% over the 2020-2024 forecast period.

The use cases that will see the fastest spending growth in 2020 are in industries where overall IoT spending is on the rise.

Although the three regions will have similar spending totals initially, China's spending will grow at a faster rate than the other two regions - 13.4% CAGR compared to 9.0% and 11.4% - enabling it to become the dominant region for IoT spending.

"COVID-19 has caused a significant disruption in China's IoT market - especially in the areas of supply chain, production, and delivery and deployment, resulting in delays that have significantly reduced IoT spending across all industries and use cases in early 2020.".

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