Global Spending on the Internet of Things May Reach $1.29 Trillion by 2020

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Today, there are more digitally connected devices than there are people on the planet. These immense networks are capable of supporting an array of applications - from the mundane to the sophisticated - and can help propel economic opportunities. This vast interconnected system of devices, vehicles, and even buildings are all part of the Internet of Things (IoT) - and more and more businesses are investing in it.

According to the International Data Corporation (IDC), worldwide spending on the IoT will experience a growth rate of nearly 16 percent, reaching $1.29 trillion by 2020.

According to the Worldwide Semiannual Internet of Things Spending Guide, spending is expected to be highest in the following three industries:

  1. ‍Manufacturing ($178 billion)
  2. Transportation ($78 billion)
  3. Utilities ($69 billion)
Each new connected device is a new point of access for criminals

The IDC reports that hardware, services, and software will make up the majority of the investments. In general, modules, and sensors that connect endpoints to networks will represent the bulk of hardware purchases. Things like telematics, health monitoring, smart home investments, and smart grids for oil and gas utilities are also major spending drivers.

While the IoT continues to change the way companies do business, each new device connected represents another potential point of access for criminals. In addition to the sheer number of connections available for hackers, the interconnectedness of IoT devices poses a new kind of threat. Accessing a single device could, in theory, give a criminal access to a person's home, car, phone, work, and many other smart systems.

The first line of defence against cyber threats is a well-trained workforce. Use an employee cyber training manual to educate your employees about common threats and the best practices to defend against them. This document focuses on a general overview and best practices. To receive your FREE Cyber Training: Overview & Best Practices document, email nlast@scrivens.ca.

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