Spending on the Internet of Things ultimately will have a ceiling, but it’s a bit tough to see where that might be at the moment.
Overall IoT tech spending is now at $140 billion, according to a new tally.
That spending will grow 18% a year to $322 billion within five years, according to the study by Zinnov Consulting.
A good chunk ($78 billion) of spending this year will be on IoT technology services alone, projected to reach $190 billion within five years.
North America leads IoT spending, accounting for 40% of worldwide spending.
The study also noted some key trends, including:
Despite challenges, most notably around security and privacy, activity on the Internet of Things is not slowing. More significantly, plenty of money is heading its way.