(MENAFN)According to an industrial statement, China will exceed the United States to become the world's main Internet of Things (IoT) market in 2024.
China's expenditure on IoT is anticipated to hit around USD300 billion by 2024, with the compound yearly expansion rate to stand at 13 percent in the next five years, statistics from global market research company International Data Corporation (IDC) revealed.
In 2024, the country's expenditure on IoT will account for 26.7 percent of international expenditure in the sector, followed by the United States at 23.8 percent and Western Europe at 23.4 percent, IDC statistics revealed.
Along with the 20 industries covered in the IDC's statement, manufacturing, government and consumer IoT expenditure will account for more than half of the total market expenditure by 2024.
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