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.

IDC conducts a comprehensive analysis of the global Internet of Things market in the next few years from the perspectives of technology, industry and application scenarios.

On the technical level, hardware continues to account for the largest proportion of spending in China’s Internet of Things market, maintaining a market share of more than 40%. Non-IT operations and system implementation account for a large proportion of spending in China’s Internet of Things service.

At the industry level, manufacturing, government and consumer industries are still the main drivers of spending on the Internet of Things.

In terms of application scenarios, the Internet of Vehicles (IoV) is the fastest growing mainstream application scenario, with an annual compound growth rate of 35.9%. The application of 5G and the accelerated construction of IoV demonstration zones across the country will further accelerate the functional upgrading and application popularization of IoV services.

Cui Can, IDC China Internet of Things Research Manager, believes that the promotion of the new national infrastructure policy will promote the continuous growth of the Internet of Things industry application market, such as industrial Internet, Internet of Vehicles, and smart city. Internet giants’ full participation in the local Internet of Things will accelerate the development of the consumer Internet of Things market. The integration of 5G, artificial intelligence and the Internet of Things is accelerating, pushing edge intelligence to further unleash new market space in industries such as industry, public utilities and retail.