Rapid IoT Tech Adoption Set To Make China The Biggest Market By 2022
China is one of the fastest countries in the world to adopt new technologies such as 5G networks and new energy vehicles. For this reason, the country is set to overtake other global leaders in the space, particularly with the implementation of the internet of things (IoT) technologies.
Internet of things (IoT), refers to any king of electronic device that has access to the internet.
This includes wearable devices, smart home appliances, autonomous vehicles, smartphones, and even smart industrial manufacturing machines.
According to industry experts at the China Academy of Information and Communications Technology, China definitely has a clear edge over other countries given its ability to quickly adopt new technologies.
The government research institute's president, Liu Dou, mentioned over the weekend that China's advancement in 5G wireless network also plays a vital part in its implementation of future IoT tech.
Liu stated during the recently concluded World IoT Expo 2019 in Wuxi on Sunday, that IoT will become a dominant technology globally and China will be a leader in that space. The technology has the power to greatly enhance the efficiency and output of a multitude of industries from manufacturing to telecommunications. There are even applications in other industries that have yet to be discovered.
The rapid adoption of the technology has pushed China's IoT industry to be worth an estimated $168 billion. According to the China Economic Information Service, the technology has managed to bolster industrial income by a huge percentage in the past few years. This is mainly due to the rapid adoption of IoT technologies in the manufacturing sector, which has benefitted from more efficient operations and management.
China is reportedly planning to spend up to $300 billion per year to bolster its IoT adoption. Coupled with favorable government policies and fierce competition in the space, China is expected to surpass the United States as the world's largest IoT market by 2022.
Over the past couple of years, Chinese tech firm Huawei has worked closely with the country's leading telecommunications network providers to build a nationwide 5G infrastructure. The company has also established numerous partnerships to implement IoT technologies in areas such as smart new energy vehicles and in smart cities.
China's Minister of Industry and Information Technology called on all Chinese companies during the IoT Expo to start building their own IoT platforms. The agency touted that companies should be able to drastically improve their production efficiency, which will, in turn, result in substantial savings. The call was part of the agency's guideline on driving manufacturing development.