• by Chuck Martin , Staff Writer, June 13, 2019

Money related to the Internet of Things continues to flow.

Worldwide IoT spending is now forecast to pass the $1 trillion mark in 2022, reaching $1.1 trillion in 2023, for an annual growth rate of 13%.

Led by smart homes and connected vehicles, the consumer market is estimated to be the second-largest source of IoT spending in 2019, according to the forecast by the International Data Corporation (IDC).

The consumer market is estimated to have the fastest five-year growth rate across all industries, growing 17% a year. The consumer market is projected to overtake discrete manufacturing to become the largest source of IoT spending by 2023.

The U.S. and China will account for about half of all IoT spending, followed by Western Europe and Asia-Pacific, excluding Japan and China, according to IDC.

Spending on Internet of Things deployments is expected to reach $726 billion worldwide this year.

While the consumer market is on a tear, the three commercial industries that will spend the most on IoT solutions over the next four years are discrete manufacturing, process manufacturing and transportation.

No matter how you slice it, the Internet of Things involves significant sums of money.