The Internet of Things is on the March

News and Analysis

According to a newly issued report by the International Data Corporation, overall spending on the IoT-related products is expected to nearly double by the year 2019 to comprise almost $1.3 trillion, as compared to current $700 billion.

Leading the trend is the Asia-Pacific region, which hosts more than forty percent of overall spending related to the Internet of Things. It is closely followed by the countries of Western Europe and North America.

Currently, there are 43% of people planning to purchase some kind of a smart device in the next twelve months in the U.S. alone, not to mention 51% of them who already own some kind of a smart appliance.

However, almost 88% of surveyed consumers stated they deemed smart homes to expensive, and therefore do not consider getting involved in the emerging trend.

The IoT trends are driven by the Asia-Pacific region due to its local features like emergence of a prosperous consumer class, or government involvement in hi-tech development.

The most fundamental hurdle for wider propagation of the Internet of Things, in this regard, is its expensiveness. However, according to the aforementioned assessments, the cost of smart components might eventually decrease so that more people could afford it.

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