China’s Internet of Things Market Expected to Reach USD$300 Billion by 2024, Account for 27% Global Share


A new report forecasts rapid growth in China’s Internet of Things (IoT) market over the next several years.

The report from market research firm IDC predicts that China’s IoT market spending will reach around USD$300 billion yuan by 2024, becoming the largest market in the world account for 26.7% of the global total, exceeding the US market in size.

IDC also expects IoT market spending to post compound annual growth of 13.0% over the next five years.