China to become world's largest IoT market in 2024: report

Published January 20, 2021
In 2024, China's spending on IoT will account for 26.7pc of global spending in the sector. — AFP/File
In 2024, China's spending on IoT will account for 26.7pc of global spending in the sector. — AFP/File

China will surpass the United States to become the world's largest Internet of Things (IoT) market in 2024, according to an industrial report.

China's spending on IoT is expected to reach around $300 billion by 2024, with the compound annual growth rate to stand at 13 per cent in the next five years, data from global market research firm International Data Corporation (IDC) showed.

In 2024, the country's spending on IoT will account for 26.7pc of global spending in the sector, followed by the United States at 23.8pc and Western Europe at 23.4pc, IDC data showed.

Among the 20 industries covered in the IDC's report, manufacturing, government and consumer IoT spending will account for more than half of the total market spending by 2024.

Jonathan Leung, a senior market analyst with IDC China, said the country saw disruptions in the IoT market due to Covid-19 and reduced IoT spending across all industries in early 2020.

"As China continues along its road toward recovery, we expect the market to bounce back in the coming years as enterprises begin to grasp the vital role of IoT in epidemic prevention and control, as well as their capabilities in mitigating market disruptions," he said.


This article originally appeared on China Daily and has been reproduced with permission.

Opinion

Editorial

Maintaining balance
Updated 16 Feb, 2025

Maintaining balance

It must take a more proactive approach to establishing Pakistan’s bona fides.
Welcome return
16 Feb, 2025

Welcome return

IT is almost here; the moment Pakistan has long been waiting for — the first International Cricket Council...
Childhood trauma
16 Feb, 2025

Childhood trauma

BEING a child in this society should not be so hard. But recurrent reports of child abuse — from burying girl...
The Peca problem
Updated 15 Feb, 2025

The Peca problem

The fight for fundamental freedoms is not the media’s alone, but one that concerns every citizen.
Miners in danger
15 Feb, 2025

Miners in danger

YESTERDAY’S devastating terrorist attack in Harnai, which killed at least 11 coal miners and injured seven others,...
Solar panels scam
15 Feb, 2025

Solar panels scam

THE scam involving over-invoicing to the tune of more than Rs69bn in the import of solar panels raises many ...