Enterprise IoT spending growth slows: to grow 12% to $301 billion this year, study says

　　Recently research firm IoT Analytics predicted that enterprise IoT sales growth will slow in 2024, continuing a downward trend from 2023 as economic uncertainty causes companies to scale back spending.

　　IoT Analytics said that enterprise IoT spending grew 15 percent year-over-year to $269 billion in 2023, but noted that this was lower than the 18 percent increase in 2022.

　　It forecasts a 12 percent increase this year to $301 billion, noting that there are signs of an upward trend in sales starting in 2025, with a projected compound annual growth rate of 15 percent from then through 2030.

　　IoT Analytics said that related services and hardware are "currently being hit the hardest" by a general slowdown in enterprise spending.

　　However, it predicted that spending will grow by 17% in China this year, with increases of 14% in India and 13% in the US. It predicts that over the next three to five years, these countries will remain at the forefront of the world.

　　The research firm predicts that spending by automakers will grow by 14 percent this year this year and 18 percent by 2025, due to "significant changes" in the automotive industry as electric vehicles become more prominent, as well as the need for "significant investments" in connectivity, real-time data processing and advanced driver-assistance system applications. "significant investment".

　　IoT Analytics explains that as automakers move from internal combustion engines to electricity, they "will have to re-engineer their entire factories."

　　Process manufacturing is also cited as a growth vertical, with spending expected to grow 13 percent in 2024 and continue to outpace the annual market average by up to 2 percentage points through 2030.

　　IoT Analytics lists operational efficiencies, safety improvements, and communication improvements as factors driving IoT spending among process manufacturers.