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.