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IoT spending to top $1.3 trillion by 2019, says IDC

In its latest spending guide study, IDC revealed its prediction that global IoT spending would climb more than 17 percent over the next four years.

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Global Internet of Things IoT spending is expected to reach nearly $1.3 trillion over the next four years, according to IT research firm IDC.

In its latest spending guide study, IDC revealed its prediction that global IoT spending would climb more than 17 percent by 2019.

From a vertical industry perspective, the research firm said manufacturing and transportation have garnered the most spending in 2015, with totals of $165.6 billion and $78.7 billion, respectively.

"Manufacturing and Transportation are both a good fit for IoT deployments," said IDC's IoT Research Fellow Vernon Turner, in a statement. "Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes."

But over the next five years spending will shift into more industries, including insurance, healthcare and consumer. That's good news for smart home enthusiasts and makers of consumer-facing IoT devices, as IDC expects the fast-growing consumer segment to reach the No. 3 spot among top spending categories by 2019.

In a similar forecast examining the future of connected devices, research firm Gartner predicted that by the end of 2016, some 6.4 billion 'things' will be connected to the internet with as many as 5.5 million new things entering the connected world every day.

That figure represents a 30 percent rise from 2015 -- and will grow further to reach 20.8 billion by 2020, Gartner said.