China Might Become The World’s IoT Industry Leader in 2024

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.

A senior market analyst at IDC China, Jonathan Leung said, "As China continues along its road towards recovery, we expect the market to bounce back in the coming years as enterprises begin to grasp the vital role of IoT in the epidemic prevention and control, as well as their capabilities in mitigating market disruptions."

IoT Paved A Way Into Chinese Daily Life

In China, IoT has entered almost every business industry and public system. Not just the manufacturing and industrial sectors, but its presence is being seen in transportation, city services, healthcare, retail, agriculture, and even pollution-reduction which is a gripping issue in China.

Bikesharing services in China like Ofo and Mobike, which allow renting bikes through a mobile application have boomed. These colourful, IoT enabled bikes are now a common sight in China.

The Chinese government will obviously be backing the development of IoT as a national power. IoT manufacturers get tax breaks and to lead this autonomous transportation, China is recruiting experts in the knowledge of artificial intelligence, data science, and other upcoming tech trends. Not just the government, in today's day, Chinese entrepreneurs are taking more risks propagating IoT startup hubs. China's mobile operators also have a huge role in these developments by making secure, reliable, and intelligent connectivity accessible to businesses and enterprises in China.

China is betting big on the Internet of Things to increase productivity and efficiently streamline and automate manufacturing processes with the help of internet connectivity. Backed up by the government, China is set to become the world's leader in this industry. Though there are challenges that need to be worked out. The National Computer Network Emergency Response Technical Team/ Coordination Centre of China has been stressing on the importance of having a proper security framework aligned with ethical standards for data. The recent deployments of advanced supply infrastructure in China that consists of device equipment manufacturers, software and cloud company systems, telecom providers, and system integrators implies that IoT can be employed safely and securely in various business and consumer sectors.