In the next five years, China’s spending on software, hardware and service will maintain steady growth, with hardware spending taking the lion’s share during the period, reports Xinhua news agency.
The figure will account for about 26.1 per cent of the total global IoT market volume, said a report released by research firm International Data Corporation (IDC).
Internet of vehicles, smart metering, intelligent home and wearable terminals 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 billion this year, while in 2025 it will top $1.2 trillion with a compound annual growth rate of 11.4 per cent between 2021 and 2025.
There will be more growth in IoT because the hardware vendors work R&D for expanding and developing it. Not only are the hardware vendors working for IoT growth, but there are network vendors who are investing more in the new network terminologies.
It is expected that IoT will grow more on an industry level. The manufacturing, logistics and transportation, automotive, and utilities will drive IoT and take it to the height of success.