FEATURE : IOT
We take a look at IoT spending and how the International Data
Corporation expects it to develop across Europe this year . We also explore findings from Wi-SUN Alliance , which recently reported that IoT security fears have fallen by over 30 % in the last five years .
International Data Corporation ’ s ( IDC ) Worldwide Semiannual Internet of Things Spending Guide estimates that enterprises ’ IoT spending will reach US $ 208 billion in 2022 in Europe and continue to experience double-digit growth through 2026 . Despite facing many uncertainties due to the pandemic , inflation , low demand , supply chain disruption and geopolitical conflicts , IDC expects the European IoT market to continue to develop and expand , though at a slower pace than before the Russia-Ukraine War . This growth will continue in 2022 in various sectors such as manufacturing , retail , infrastructure and healthcare , where the need to maintain operations and improve performance is imperative .
In 2022 , the largest share of spending is expected to be in the manufacturing and resources sector , driven by use cases related to predictive maintenance and production asset management solutions where IoT solutions are used to enhance manufacturing organisations ’ remote tracking , monitoring and maintenance of industrial devices in the production value chain .
The fastest adoption will be in electric vehicle charging in Europe , driven by the expansion of commercial electric vehicle charging stations across the continent , with IoT enabling real-time availability and reservation scheduling , charge notifications , automated billing and value-added services , as well as offering marketing opportunities .
Steered by European organisations ’ increased demand for video surveillance and security , IDC expects IoT solutions for video analytics , using AI and other advanced algorithms to recognise , detect and analyse live or stored video feeds in a number of uses including business analytics and security surveillance , to gain traction in the next couple of years in many industries . IDC ’ s Internet of Things Spending Guide now includes cross-vertical video analytics use case sizing as an add-on to the main forecast analysis in the spending guide .
Despite the pandemic , IoT has evolved in the past two years , especially in Central and Eastern Europe ( CEE ), where organisations needed to catch up with more advanced countries in Western Europe in terms of maturity and adoption . However , due to the Russia-Ukraine War , adoption of IoT solutions in Russia will be strongly impacted , while other countries in CEE will be affected by organisations ’ uncertainty and reshuffled priorities .
“ During the pandemic , many organisations refocused their technology investment plans , aiming for a technology stack to support innovation , efficiency and performance , even in challenging situations – such as the Russia-Ukraine War – with IoT and automation at the core ,” said Alexandra Rotaru , Research Analyst , Data and Analytics , Europe . “ With organisations seeking to improve productivity , reduce costs , better orchestrate resources and
European IoT spending continues its doubledigit growth , despite global uncertainty and slow demand
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