China’s growth and innovations are known all over the world. Experts within the industries expect China to surpass the US by 2024 to become the biggest Internet of Things (IoT) market in the world. One of the major factors triggering this growth is the country’s massive spending rates and hence China’s investment in IoT is expected to reach approximately $300 billion by 2024, to be precise.
At this rate, in 2024, China’s spending on IoT will account for 26.7% of all the global spending, followed by the United States at 28.3% and Western Europe at 23.4%, according to the International Data Corporation.
IoT In Chinese Daily Life
In China, IoT helms almost every business industry and public system. Not just the manufacturing and industrial sectors, but its presence is felt in transportation, city services, healthcare, retail, agriculture, and even pollution-reduction which is a major issue in China.
Bikesharing services in China like Ofo and Mobike, which allow renting bikes through a mobile application have boomed; These colorful, IoT powered bikes are now a common sight in China and is set to flourish.
The Chinese government will be backing the development of IoT as a national power due to its immense capabilities and possibilities. IoT manufacturers get tax breaks and to lead this autonomous transportation, China is recruiting experts in the knowledge of artificial intelligence, data science, etc. to strengthen this field. It is not just the government; in today’s scenario, Chinese entrepreneurs are taking more risks by propagating IoT startup hubs. China’s mobile operators also play a big 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 thereby breaking all stereotypes globally to grow exponentially. Backed up by the government, China is all set to become the world’s leader in this industry. However, several challenges need to be worked out. The National Computer Network Emergency Response Technical Team/ Coordination Centre of China has been stressing the necessity of a proper security framework aligned with ethical standards for data.
The recent deployments of advanced supply infrastructure in China that consist of device equipment manufacturers, software and cloud company systems, etc. System integrators imply that IoT can be employed safely and securely in various business and consumer sectors to advance technologically to a whole new level of growth and to reach the pinnacle of all leading countries. The rapid growth of 5G telecom technology and data analytics is indicating China’s growing dominance in the global IoT market.