IDC predicted IoT spending in Europe would hit $202 billion this year, up from less than $180 billion in 2020, driven by a boost in the consumer sector especially in the field of home automation offerings.
The research company forecast growth in the market would continue despite the impact of the Covid-19 (coronavirus) outbreak, albeit it at a slower rate than previous years.
Offerings allowing consumers to “enhance the living experience” by remotely monitoring and control devices and systems in their homes are expected to be the most profitable in the IoT industry.
IDC noted while manufacturing was “of the most impacted industries” in 2020, it employed IoT to remotely track, monitor and maintain industrial manufacturing devices as part of the production value chain.
The company expects the European IoT market continue registering low double-digit growth until 2025, with healthcare offerings set for the fastest adoption.
“Even with Covid-19 changing the investment plans of many European enterprises, the IoT market continues to be attractive for many industries such as healthcare and retail, where IoT can support evolving multichannel retail strategies to provide a seamless consumer experience through any shopping channel”, IDC research analyst Alexandra Rotaru said.
However, other verticals including construction and consumer services are set for slower demand in the coming years as they will focus efforts in other business priorities.Subscribe to our daily newsletter Back