CHART: Asia/Pacific's IoT spending set to reach $435 billion by 2027
The Internet of Things (IoT) landscape in the Asia/Pacific region (excluding Japan) is poised for significant growth, with spending forecasted to surge to $277.5 billion in 2023 and reach $435 billion in 2027, an impressive 11.7% increase, according to IDC.
The report highlighted the escalating demand for remote operations, streamlined supply chains, the deployment of commercial 5G networks, and a surging digital presence as the factors propelling the rapid adoption of IoT technologies across the Asia/Pacific region. Additionally, IoT connectivity technology such as the 5G technology continues to improve and play an increasingly important role in IoT adoption.
Per industrial use cases, the manufacturing sector – spanning both discrete and process manufacturing – is expected to spearhead IoT investments in 2023 and beyond, as the Techloy chart below shows. This trend is anticipated to persist throughout the forecast period till 2027, constituting over a third of total IoT spending.
