China Will Exceed US In Internet of Things Market By 2024

Perhaps what Donald Trump feared the most of China will soon be realised, technological advantage was what US had over the rest of the world and its was this super power the Americans wielded as their status in the top hierarchy. But the slow and unrelenting rise of China and its technology prowess, is on a pursuit of usurping the dominant force of the west and shifting the balance to Asia. This was what gave the sitting President sleepless nights and will challenge the incoming Joe Biden on his foreign policies, especially on China.

Regardless the actions, the Middle Kingdom is unperturbed like an highly advanced operating software, China is finding has found ways to be less reliant on US for hardware or any patented software and is currently building its own independent end to end supply chain for its technological needs. A painful lesson it learnt from Trump and his trade blocks. This only angered the community and made the country even more relentless in their vision. Today, China has set its radar for the future, and will become the world’s largest Internet of Things (IoT) market in 2024 overtaking US.

According to a recent IDC report, its stated that China’s spending on IoT is expected to reach around US$300 billion by 3 years time with the compound annual growth rate to stand at 13 percent in the next five years.

In 2024, the country’s spending on IoT will account for 26.7 percent of global spending in the sector, followed by the United States at 23.8 percent and Western Europe at 23.4 percent, IDC data showed.

While US has multiple domestic issues to overcome, China will have the privilege time and focus in executing its macro plans, the nation is already ahead in terms on implementing artificial intelligence among its industries, while the rest of the world is still pondering on IR4.0, we see finished goods coming out from fully automated production lines using machine learning applications.

IDC reports that manufacturing, government and consumer IoT spending will account for more than half of the total market spending, with a slight disruption due to Covid-19, the road to recovery is bright and many enterprises are looking at IoT as vital in epidemic prevention and control.

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