Study: Annual Internet of Things spending to increase 375% by 2018

Jane McEntegart

July 16, 2014 10:10 am

A recent IDC survey commissioned by TELUS has revealed that only a small portion of Canadian businesses have an Internet of Things solutions in place. This is despite the fact that IoT spending is expected to grow by 375 percent in the next four years.

Right now, only six percent of Canadian businesses have an IoT solution in place. A further seven percent will deploy solutions this year. According to IDC, annual IoT spending in Canada sat at $5.6 million in 2013. That number will apparently jump to $21 billion in 2018.
The Internet of Things is an evolution of machine-to-machine technology and refers to a group of interconnected devices that are capable of communicating with each other. Because pretty much anything can be a part of this network, IoT has applications across pretty much every industry imaginable, from healthcare, retail, and insurance to oil, gas, and manufacturing. IDC says first gen IoT is more common in the utilities and transportation industries but with 30 percent of businesses planning IoT deployments in the next two years, we should start seeing some really exciting IoT deployments very soon.

Internet of Things was one of the more prominent trends at the Consumer Electronics Show this past January. Though the majority of the technology on show was on the consumer-side (including connected washers and fridges from Samsung and more wearable devices than you could shake a stick at), it proves that the industry is more than ready for the IoT era. Intel was also on site with Edison, a tiny SD card-sized chip specifically designed specifically for embedded applications, wearables, and the Internet of Things.

SourceIDC
  • Columbo

    Typo either in the title or the article. 5.6M to 21B is a 3750x increase, not 375%. And if you want to talk PERCENT increase, that’s a 374900% increase.

    • alphs22

      $5.6M should read $5.6B. Good catch.

    • 5Gs

      Lol authors here don’t ever proof read it before posting. Get used to it.

  • OgtheDim

    Been hearing these sort of stats for awhile now.

    Always the information comes from those who would profit from this increase.

    When it happens, let me know – I’ll be the one in the corner reading an actual book.

  • jon

    All i can say is if any car runs ios i aint buying

  • J-Ro

    The future is going to be a very funny place. Imagine being late for work and before you can start your car, it has to update. Why does everything have to be connected to the net?

    I can’t rely on the internet for accurate facts on history or news but I can rely on it for my thermostat and car?

    This would make for a great sitcom.

  • ScooterinAB

    Damnable that only 6% of businesses have an Internet of Things solution. Although I have to wonder how many businesses would fund such solutions important or necessary. I mean, does the used book stores, full of children’s books and Harlequin novels need an IoT solution? How about the consignment folk art and clothing store? Or the mom and pop (mostly pop) hardware store near where I used to live that still writes out receipts by hand? Or the museum that barely has an operating budget (ie. every museum)? Is an Internet of Things really something that every single business MUST be running? Or is it just a cool gadgetry thing that’s on the horizon?