Karachi: China is likely to spend around $300 billion on the Internet of Things (IoT) by 2024 and surpass the United States to become the world’s largest Internet of Things (IoT) market with the compound annual growth rate to stand at 13 per cent in the next five years.
In 2024, China’s IoT spending is likely to account for 26.7 percent of global industry spending, according to an industrial report.
Data from the International Data Corporation (IDC) revealed in a study that China’s IoT spending will account for 26.7pc of global industry spending in 2024, followed by the United States at 23.8pc and Western Europe at 23.4pc.
Manufacturing, government and customer IoT spending will account for more than half of the overall retail spending by 2024, among the 20 industries covered in the IDC report.
“As China begins to recover, we expect the industry to rebound back in the coming years as companies begin to recognize the critical role of IoT in the prevention and management of epidemics, as well as their capacity to manage market disturbances,” he said.
A senior business analyst with IDC China, Jonathan Leung, Because of Covid-19, the country saw disturbances in the IoT sector and reduced IoT investment in all sectors in early 2020, he said.