03 Aug 2018
IoT Spending in Central and Eastern Europe to Grow by 15%
FOR IMMEDIATE RELEASE, Prague — Spending on the Internet of Things (IoT) in Central and Eastern Europe (CEE) is forecast to grow by nearly 15% year on year to reach $11.3 billion in 2018, according to International Data Corporation (IDC).
The latest update to IDC's Worldwide Semiannual Internet of Things Spending Guide projects that IoT spending in CEE will record a five-year compound annual growth rate (CAGR) of 18.1% during 2017–2022, with expenditures surpassing $22 billion in 2022.
The forecast is based on IDC's research into the expanding IoT technology market, which offers business investment opportunities and use case implementations across a spectrum of industries.
Russia will account for $4 billion of IoT spending, or 36% of the CEE total, in 2018. IoT spending in Russia is projected to have a CAGR of 19.2% during 2017–2022. Poland is expected to spend $2.2 billion, and the Czech Republic $0.9 billion, this year.
"We are well beyond the point where CEE organizations consider IoT to be just another hype," said Milan Kalal, program manager of IoT research for IDC Central and Eastern Europe, the Middle East, and Africa. "Today, the strong impact IoT has on business is broadly acknowledged by decision makers. Our latest survey revealed that IoT is spreading rapidly across CEE, with a growing number of companies either testing projects or fully deploying implementations."
The consumer, transportation, utilities, process manufacturing, and discrete manufacturing sectors will together account for 62% of IoT spending in CEE in 2018. The sectors that are most rapidly increasing IoT spending include education, insurance, personal and consumer services, consumer, and wholesale. IoT software and services will account for 59% of total spending in 2018, and connectivity for 7%.
Freight monitoring is the largest IoT use case in CEE, with a 9.1% share of spending in 2018, followed by manufacturing operations (7.8%) and production asset management (7.6%). The 2017–2022 forecast predicts that investments in smart building technologies will record an exceptional five-year CAGR of 31.3%.
Harnessing the potential of multiple technology domains can be key to developing a supply-side product and marketing strategy. IDC's Worldwide Semiannual Internet of Things Spending Guide is an industry-defining market intelligence tool that details end-user adoption and spending across multiple segments. IDC proactively maps IoT use cases that have segments in shared domains (e.g., Smart Cities and digital transformation).
The Worldwide Semiannual Internet of Things Spending Guide forecasts IoT spending for 14 technologies and 100 use cases across 20 vertical industries in nine regions and 53 countries. Unlike other research, this comprehensive guide was designed to help vendors understand industry-specific opportunities for IoT technologies.
For additional information about the IoT Spending Guide, please contact Milan Kalal email@example.com. For media inquiries, contact Ewa Lis-Jezak firstname.lastname@example.org. To learn more about IDC’s Customer Insights & Analysis Group, visit www.idc.com/promo/customerinsights
About IDC Spending Guides
IDC's Spending Guides provide a granular view of key technology markets from a regional, industry, use case, and technology perspective. The Spending Guides are delivered via pivot table format or custom query tool, allowing the user to easily extract meaningful information about each market by viewing data trends and relationships.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of IDG, the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn.
For more information, please contact:
Program Manager, Internet of Things
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