2021-12-24T18:18:00+02:00 China 2023-03-15T05:16:54+02:00

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Ukrainian news

China's IoT market to top $300 bln in 2025

China's IoT market to top $300 bln in 2025

China's Internet of Things (IoT) market is expected to surpass $300 bln in 2025, according to an industry report, informed The Xinhua News Agency.

The figure will account for about 26.1%of the total global IoT market volume, said a report released by research firm International Data Corporation (IDC).

In the next five years, China's spending on software, hardware and service will maintain steady growth, with the hardware spending taking the lion's share during the period, according to the report.

Internet of vehicles, smart metering, intelligent home and wearable terminal will see a rapid increase thanks to the construction of infrastructure including 5G, said the report.

The global spending on IoT will reach $754.28 bln this year, while in 2025 it will top $1.2 trln with a compound annual growth rate of 11.4% between 2021 and 2025.