Internet of Things (IoT) Budgets and Importance by Industry

An April 2015 survey of global executives across a variety of different industries conducted by Tata Consultancy Services (TCS) found that respondents in banking and financial services predicted that average IoT per-company spending for their sector would grow to $153.5 million by 2018, up nearly 31% from $117.4 million in 2015. Respondents in the insurance industry expected their average per-company budgets to rise about 32% between 2015 and 2018, from $77.7 million to $102.9 million.

An August 2015 poll of IoT decision-makers worldwide by International Data Corporation (IDC) found that just 43% of respondents in the finance industry were familiar with the IoT. This compared with 56% in the retail industry, which had the highest percentage of those in the know. Despite this relative lack of knowledge, the same study found that 58.4% of finance-industry decision-makers viewed the IoT as a “strategic” initiative, compared with 20% who believed it was “transformational.” Perhaps more significant, only 5.6% of respondents said it was unimportant.

Source: eMarketer