Supply Chain Industry Leads IoT Investments

A study reports that IoT investments will reach $435 billion by 2023.

Io T

IoT is among many emerging technologies that are dominating the supply chain industry. However, a study from Forrester Research predicts that the technology will see a major boost in investment over the next five years. 

The report, "Internet-Of-Things Spending Forecast, 2017 to 2023 (Global)," suggests that companies will spend upward of $435 billion annually to build, design, plan and run IoT solutions within the next five years. 

The report divided those numbers into six sectors: IoT-specific security, software, platform software, service provider connectivity, application software, hardware and professional services, finding that the largest use for IoT applications will be used for inventory and supply chain management. The sector is expected to grow 20.2 percent compound annual growth rate by 2023. 

Additionally, IoT growth is expected to continue to grow across all industries, with an estimated 18 billion IoT-connected devices on the market by the end of 2018.