Experts from the analytical company IDC believe that spending on the Internet of Things (IoT) in Europe in 2021 will reach $ 202 billion, and by 2025 the annual growth will be in double-digit numbers. Analysts note that even amid the COVID-19 pandemic, the Internet of Things market grew, albeit at a slower pace than in previous years. IDC expects this growth to accelerate as the performance of various sectors of the economy begins to return to normal.
In 2021, most of the spending is expected to be in the hardware category (modules and sensors), followed by the service category as an important cost item for enterprises, driven by the need to assess, design and deploy hardware and keep devices running on a daily basis. At the same time, the fastest growing category in the next few years will be the category of software, especially application software for the Internet of Things used to organize access to various structured and unstructured information.
The consumer sector will be the largest in Europe’s IoT spending in 2021. This will be facilitated by home automation solutions that optimize consumers’ day-to-day interactions with home systems, including remotely.
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