As the Internet of Things (IoT) becomes the key building block of global digitization and digital transformation, worldwide spending on IoT is projected to reach $805.7 billion in 2023, growing by 10.6% from 2022, according to the International Data Corporation (IDC).

By 2026, investments in the IoT ecosystem are expected to surpass $1 trillion with a CAGR of 10.4% over the 2023-2027 forecast period, the report finds.

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