China to become world’s largest IoT market in 2024, says report

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Beijing, China will surpass the US to become the world’s largest Internet of Things (IoT) market in 2024.

China’s spending on IoT is expected to reach around $300 billion by 2024, with the compound annual growth rate to stand at 13% in the next five years, data from global market research firm International Data Corporation (IDC) showed.

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

+INFO: BusinessInsider

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