A new survey from Bain & Company is predicting that the amount of money to be spent on IoT products, solutions and services in 2020 could eclipse the half billion dollar mark. This year’s estimate, which includes purchases of devices, software, and related services, is up from a projected $450 billion for 2020 made by Bain in its previous survey about the topic in 2016. The higher forecast shows that businesses are building more IoT initiatives into their workflow than previously reported, while consumer demand for connected devices and end points is also increasing proportionally. ¬†

Big companies plan to double their annual spending on smart, Internet-connected devices like video surveillance gear and factory sensors over the next four years to an annual total of $520 billion, according to consulting firm Bain & Co.

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