Global spending on Internet of Things (IoT) solutions is expected to reach a new high of $745 billion (£584 billion) this year, before continuing to grow and surpass the $1 trillion by the end of 2022.
This is according to new forecasts from International Data Corporation (IDC), which found that the discrete manufacturing sector will be the biggest contributing industry to this, spending a total of $119 billion this year.
Process manufacturing took second place, with investment of $78 billion, while transportation ($71 billion), and utilities ($61 billion) firms will also embrace the technology.
However, IoT is not just for use in the enterprise, as consumers will also spend $108 billion in 2019 on such solutions. Leading consumer use cases will be related to the smart home, personal wellness, and connected vehicle infotainment, the research forecast.
Carrie MacGillivray, vice-president of IoT and mobility at IDC, commented: "We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions.
"For consumers, access to data is changing how they are informed about the status of households, vehicles, and family members as well as their own health and fitness."
IDC's research also highlighted some of the widespread use cases for IoT technology, with many industries having very different applications for such solutions.
Manufacturers, for instance, will be focusing their attention on tools that can support manufacturing operations and production asset management, whereas more than half of spending in the transportation sector will go towards freight tracking, with fleet management the next-biggest priority.
In the utilities sector, the rollout of smart grids for electricity, gas and water will make up the lion's share of spending.
Meanwhile, IDC named the fastest-growing sectors for IoT over the coming years as insurance, which will see a compound annual growth rate of 17.1 per cent, central government (16.1 per cent), and healthcare (15.4 per cent).