Analyst IDC is forecasting global spending on all things IoT to almost double to $1.3 trillion over the next three years.

Regionally over 40% of the $700 billion currently spent on IoT comes from APAC, which isn’t too surprising as that’s by far the largest region by population. North America and Western Europe are the second and third largest regions, which again is as you would expect, while Latin America is forecast to experience the fastest growth in IoT spend.

“The Asia/Pacific region’s robust IoT spending outlook builds on three dynamics,” said IDC’s Marcus Torchia. “Developing countries’ technology investment needs are not fully met with traditional IT, which is allowing IoT investments to accelerate. Government investments in infrastructure development and local business modernization, in China, India and the Philippines for example, are incorporating more and more IoT elements. And a burgeoning new consumer class is accelerating expenditures in goods and services, including those with IoT components.”

In terms of industry, manufacturing is the clear leader in current IoT spend at $166 billion – nearly a quarter of the total – and transport comes next with $79 billion. Insurance, healthcare and consumer are forecast to be the fastest growing IoT industries, with consumer expected move into third place by 2019.

“Manufacturing and Transportation are both a good fit for IoT deployments,” said Vernon Turner , od IDC. “Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes.”

Here’s what IDC has to say about industries on a regional basis: