IDC estimates organizations worldwide will spend up to $1.4 trillion in IoT hardware, software and services by 2021. While the firm predicts substantial growth within the next four years, IDC reports nearly 17 percent of that growth will occur in 2017 alone.
IDC predicts organizations will spend the most on IoT hardware, but IoT security and services follow closely behind. Enterprises will begin replacing their technology with connected devices, and invest in security and maintenance services that come with them.
Although IoT hardware is anticipated to experience substantial growth, hardware manufacturers are not the only organizations that will increase in demand. IoT security and service providers, including Enterprise Mobility Management (EMM) providers, will also experience increased growth as organizations seek the best management for their connected devices.