According to International Data Corporation, the world’s leading provider of market intelligence, spending on Internet of Things (known as IoT) will reach 745 billion dollars this year. Which sectors will spend on IoT? According to the data, the leading sectors will be manufacturing, consumption, transport and public services.
The estimated expenditure represents more than 15% growth compared to what was spent on IoT worldwide last year. In fact, the growth in IoT spending is expected to be maintained by 2022, the year in which this figure is expected to reach or even exceed one trillion dollars.
Regarding the type of investment, it is estimated that 154,000 million dollars will be invested in software for IoT, with an annual growth of 16.6%. Countries such as, the United States and China will spend the most in IoT in 2019 with 194,000 and 182,000 million respectively.
What does data say?
All these astronomical figures show how companies are increasingly betting on connected devices for all kinds of objects; whether they are vehicles, appliances or infrastructure in the cities. The internet of things still has a long way to go, but we can already guess the great potential of this technology in terms of efficiency in business and the possibility of making decisions in real time.
According to the same study, the transport sector is one of the most committed to IoT technology with an estimated global expenditure of 71,000 million dollars in 2019. Which means that the transport sector will invest billions in connecting more and more vehicles to Internet. This means that more safety, security and the efficiency in the transports, between other advantages are priorities and things that companies are willing to spend more in.
Within these $71 billion, IDC estimates that more than 50% of this amount will be allocated to cargo monitoring and fleet management with connected car technology, such as that offered by Location World with its CarSync Fleet service.
CarSync and its connected car technology
The transport sector is experiencing a golden age thanks to new technology. Nowadays, thanks to the GPS and Internet connection we can be more efficient, effective and safe than ever.
And this does not only apply to large companies with vehicle fleets, in which fleet management technology allows them to take much closer control of the fleet thus saving huge amounts of time and costs. But also applies to small and medium-sized companies that can access advanced technologies to make their businesses more lucrative and competitive and to make profitable each kilometer traveled thanks to CarSync Business.
As for the “civilian”, vehicle geolocation technology always allows any person to know where their vehicle is located and helps protect themselves from possible theft or incidents. We make this possible from Location World with our CarSync Drive product, which offers the driver a multitude of advantages and features such as real-time location, travel history, maintenance alerts, improved driving habits and much more.
There is no doubt that the IoT will revolutionize the transport sector, and from Location World we want to bring this technology to your company, business, and to your family vehicle so that you can enjoy today the technology that will mark the future of the sector.
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