TECH SUPPLIER Jun 2020 - Market Forecast - Doc # US45860220

Worldwide IoT Platform and Analytics Forecast, 2020–2024

By: Stacy CrookResearch Director, Internet of Things, Dan VessetGroup Vice President, Analytics and Information Management

Abstract

This IDC study presents a five-year forecast for the worldwide IoT platform and analytics market as of June 2020.

"The IoT platform and analytics market has been negatively impacted by COVID-19 in the near term," says Stacy Crook, research director, IoT. "However, this situation has also shone a light on how 3rd Platform technology initiatives such as IoT and cloud can enable resilience in times of crisis. Therefore, the long-term prospects for this market remain encouraging."

  • Sensitivity to current market dynamics: Since early April, IDC has been running surveys to assess the impact of COVID-19 on IT spending. When asked "compared with your organization's originally budgeted IT spending plans, in 2020 overall, how do you think your organization's actual spending on the following IT products and services will be affected due to COVID-19?" on average, 44% of respondents plan to decrease their spending on IoT projects, 25% expect no change, and 29% plan to increase their spending. As the weeks have gone by, however, the percentage of respondents that planned to decrease spending has gone down and the amount that plan to increase spending has gone up. Our perspective is that this crisis has shone a light on IoT benefits such as the ability to remotely access data about — and remotely control — IoT things.

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