Hear that? A big boom from the Internet of Things

Expect spending on the “Internet of Things” to soar over the next three years, with the majority of that spending to occur in Asia and the Pacific.

That is the forecast from market researcher International Data Corp., which has announced the findings of its most recent Internet of Things Spending Guide. By 2019, IDC says, IoT outlay will approach $1.3 trillion, up about 17 percent from $699 billion in 2015.

Asia/Pacific will grab the largest volume of that growth because of the region’s need to keep pace with IT development in North America and Europe, IDC says. For the same reason, Latin America and Eastern Europe are also likely to make large leaps forward – larger than even the United States.

At present, manufacturing and transportation are where IoT has made its primary industry gains, such as with connected vehicles – a broad category that includes emergency, security, and vehicle-to-vehicle and vehicle-to-infrastructure applications. But IDC’s forecast predicts a major shift toward consumer services, particularly in areas related to insurance, healthcare, and “smart” buildings that measure and monitor usage patterns.

The Internet of Things refers to the network of physical objects with embedded electronics, software, sensors, and network connectivity so that the objects can collect and exchange data. IDC’s semiannual guide examines how IoT spending occurs across more than 40 use cases including automated public transit, remote health monitoring, digital signage, connected vehicles, smart appliances, and air traffic monitoring, among others.