China will surpass the United States to become the world’s largest Internet of Things (IoT) market in 2024, according to an industrial report.
China’s spending on Internet of Things is expected to reach around $300 billion by 2024, with the compound annual growth rate to stand at 13 per cent in the next five years, data from global market research firm International Data Corporation (IDC) showed.
The revenue of China’s internet economy amounted to approximately 5.4 trillion yuan, indicating an over 21 percent year-on-year growth rate.
