International Data Corporation (IDC) Asia/Pacific has projected spending on the Internet of Things (IoT) in the region to reach US$291.7 billion in 2018, up by 12.1 per cent over last year’s $260.1 billion.
The projection is in its latest “Worldwide Semi-annual Internet of Things Spending Guide Asia/Pacific (excluding Japan)”, which was released on Tuesday.
IDV is a global provider of market intelligence, advisory services and events for the information technology, telecommunications and consumer technology markets.
China will account for 64.2 per cent of the overall spending ($187.3 billion) in Asia-Pacific excluding Japan in 2018 and likely maintain its dominance with a five-year compound annual growth rate of 12.8 per cent during the forecast period, 2017-22.
Adoption of IoT technology in other countries in the region is also steadily gaining ground, with South Korea and India accounting for 9.8 per cent and 8.8 per cent respectively of overall technology spending in 2018.