According to an industrial survey, China will overtake the United States to become the largest Internet of Things (IoT) market in the world in 2024.
China’s IoT investment is anticipated to reach about $300 billion by 2024, with data from the multinational market research company International Data Corporation (IDC) showing that the compound annual growth rate will stand at 13 percent in the next five years.
Manufacturing, government and consumer IoT spending will account for more than half of the total market spending by 2024, among the 20 industries covered in the IDC report.
The country’s IoT investment will account for 26.7pc of worldwide spending in the sector in 2024, followed by the US at 23.8pc and Western Europe at 23.4pc, IDC data showed.
Jonathan Leung, a high-ranking market analyst with IDC China, stated that the country saw IoT market disruptions due to Covid-19 and decreased IoT spending in early 2020 across all industries.
