The all-new IDC report claims that investing in the Internet of Things in the countries of Asia-Pacific will bloom in 2021 to meet the $288.6 billion with an 11.7 percent Compound Annual Growth Rate (CAGR). Inspecting from a geographical point of view, followed by Indonesia and Australia; Korea, China, and India will account for three-quarters of the entire IoT investment in 2021. Countries like Hong Kong, Malaysia, and China will be the eye witness to the fastest IoT investment.
The investment of Asia-Pacific in IoT was immensely impacted last year as the COVID-19 pandemic striking vast economies in the region. During the lockdown, the investment growth decreasing to 7.1 percent from the 12.5 percent that remained before the pandemic scenario.
Numerous industries have highly affected by this COVID-19 lockdown (customer & personal services, transportation & communication, and separate production resources) abided reduced IoT spendings in line with their decrement in all-around IT investment.
Driven by the COVID-19 lockdown in 2020, focuses on the health sector, safety, work from home culture, and required for better connectivity affected in the double-digit improvement of telecommunications, consumer, healthcare, and retail industry.
With a restart of financial activities in different sectors for having healthy control over the pandemic, these industries’ investments are promising to bounce back in 2021. Not only that, regarding the opinion of IDC’s Worldwide Semiannual IoT investment guide, it is expecting that double-digit growth will be seen in the upcoming period to 2024