China To surpass the US to become the world’s largest Internet of Things (IoT) market in 2024

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

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China’s disbursement on #IoT is anticipated to achieve around $300 billion by 2024, with the compound annual rate of growth at 13% within the next 5 years, data from global market research firm International Data Corporation (IDC) reported.

In 2024, the country’s disbursement on IoT can account for 26.7 % of world spending within the sector, followed by the US at 23.8 % and Western Europe at 23.4 percent, IDC information showed. Among the twenty industries lined within the IDC’s report, manufacturing, government, and consumer IoT spending can account for over half the total market spending by 2024.

Jonathan Leung, a senior market analyst with IDC China, said “As China continues along its road toward recovery, we expect the market to bounce back in the coming years as enterprises begin to grasp the vital role of IoT in epidemic prevention and control, as well as their capabilities in mitigating market disruptions”.

Impact on supply chain: The market will be more competitive and more challenging for sure. But the system of supply chain management will be able to overcome all challenges of traditional SCM and provide a secure environment of #SCM processes.

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