IDC predicts that by 2024, China’s Internet of Things (IoT) market spending is expected to reach approximately US$300 billion, with an annual compound growth rate of 13.0% in the next five years.
In 2024, China will account for 26.7% of global IoT spending, surpassing the United States to become the world's largest IoT market.
Different from the global trend, hardware continues to account for the largest proportion of China's Internet of Things market expenditure. The hardware market will continue to grow steadily in the next five years, maintaining a market share of more than 40%.
At the same time, due to the strong demand for more personalized applications in the Internet of Things industry, the proportion of service and software expenditures will slowly increase.
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