In its first internet-of-things (IoT) spending forecast, Forrester has focused on forecasting the direct company spend on IoT-specific products and services, without including the value of additional general-purpose technologies, such as new storage, that may also be required. Forrester forecasts that companies will spend $434.9 billion to design, plan, build, and run IoT solutions by 2023, up from $186.1 billion in 2017, at a 15.2% compound annual growth rate.

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