The rapid growth of 5G telecom technology and data analytics is marking China’s dominance in the global IoT market. Industry experts are citing that in 2024, China will surpass the US and become the biggest Internet of Things (IoT) market in the world. One of the factors triggering this growth is the country’s massive spending. China’s investment in IoT is expected to reach approximately $300 billion by 2024. Data from International Data Corporation (IDC) showed China’s compound annual growth rate to be 13% in the five years.
At this rate, in 2024, China’s spending on IoT will account for 26.7% of all the global spendings, followed by the United States at 28.3% and Western Europe at 23.4%, says the International Data Corporation.
Xinhua news agency reported that out of the 20 countries mentioned in the IDC’s report, spending on manufacturing, government, and consumer IoT will account for more than half of the market’s total spending by 2024.
+INFO: Analytics Insight