European IoT forecast spend to hit $227 billion in 2023

European businesses will spend US$227 billion on IoT this year alone, as cost-cutting initiatives spur spending on technology and services.
That figure comes from IDC, which also predicts that IoT-related spending will continue to increase at a five-year compound annual growth rate (CAGR) of 11%, to reach almost $345 billion by 2027.
These big sums of money have to be good news for the myriad players in the Internet of Things value chain, including telecoms operators and equipment makers. And it