China’s IoT spending is expected to reach US $300 billion in 2024, making it the world’s largest IoT market

China’s IoT market spending is expected to reach about $300 billion by 2024, with a compound growth rate of 13.0% over the next five years, according to a statement released on IDC’s website. In 2024, China accounted for 26.7 percent of global IoT spending, overtaking the United States to become the world’s largest IoT market.