Businesses to invest more on IoT in the coming years


It is expected that businesses will increase their investments in the Internet of Things (IoT) rather than in cloud or security in the next few years.

Indeed, a report by Inmarsat asserts revealed that investments in IoT will surpass spending on other major technologies, as businesses plan to spend an average of $2.8 million on IoT between now and 2024. The spending on IoT is set to increase by 10% from now on.

Moreover, it was stated that businesses will still be planning to spend a maximum of 9% on cloud, 7.5% on next-gen security, and 7.3% on big data analytics. IoT investments are rising the most as IoT projects are said to be saving the average business approximately 9% of their annual costs, with an aim of 30% by 2026.