Worldwide spending on the Internet of Things (IoT) totaled an estimated $737 billion in 2016, as organizations continue to invest in hardware, software, services and connectivity that enables IoT, according to a report by International Data Corporation (IDC).

Global IoT spending will see a compound annual growth rate (CAGR) of 16% over the 2015-2020 forecast period, reaching $1.29 trillion in 2020, the firm said.

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