IoT Market in China is Witnessing Rapid Growth
The internet of things (IoT) market in China reached more than 1 trillion yuan ($146 billion) last year, and is expected to maintain rapid growth in the next few years. In China, IoT has enjoyed a compound annual growth of more than 25 percent from 2009 to 2017, and the IoT cloud platform has become the key to ignite competition in the field.
IoT basically refers to the connection of various electronic devices to the internet via technologies such as wireless sensor networks. A report known as the Annual IoT Industry Development Report of China stated that the nation's IoT market will hit 1.5 trillion yuan by the end of this year.
"Fueled by the government's supportive policies, forward-thinking domestic internet and tech titans, the country's IoT sector has actually entered a new stag...