Rapid growth ex­pected for IoT mar­ket

China Daily (Hong Kong) - - FRONT PAGE - By OUYANG SHIJIA in Wuxi, Jiangsu ouyang­shi­jia@chi­nadaily.com.cn

The in­ter­net of things 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, a re­port has found.

IoT, the con­nec­tion of var­i­ous elec­tronic de­vices to the in­ter­net via tech­nolo­gies such as wire­less sen­sor net­works, 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 fierce com­pe­ti­tion in the field, ac­cord­ing to a re­port re­leased on Fri­day by the China Eco­nomic In­for­ma­tion Ser­vice.

The re­port, ti­tled the An­nual IoT In­dus­try De­vel­op­ment Re­port of China, es­ti­mated 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 stage of rapid de­vel­op­ment over the past year,” Cao Wen­zhong, vice-pres­i­dent of the China Eco­nomic In­for­ma­tion Ser­vice, told a news con­fer­ence in Wuxi, Jiangsu prov­ince.

The study noted that the na­tion has seen boom­ing in­dus­trial ap­pli­ca­tion of IoT. Large-scale IoT test­ing has been grad­u­ally con­ducted in fields such as trans­porta­tion, lo­gis­tics, en­vi­ron­men­tal pro­tec­tion, health­care, se­cu­rity and elec­tric­ity. Smart cities, the in­dus­trial IoT, in­ter­net of ve­hi­cles and the smart home have emerged as the ma­jor four mar­ket seg­ments.

With the evolv­ing smart recognition, sen­sors, blockchain and other new IoT-re­lated tech­nolo­gies, IoT prod­ucts are de­vel­op­ing to­ward the smart, con­ve­nient and low-power con­sump­tion di­rec­tion, the re­port said.

“There are still chal­lenges ahead,” Cao added. “More ef­forts should be made to in­crease in­vest­ment in IoT re­search and de­vel­op­ment, give im­pe­tus to the trans­for­ma­tion and up­grad­ing of com­pa­nies, ac­tively par­tic­i­pate in the in­ter­na­tional stan­dard-mak­ing process and fo­cus on se­cu­rity as well.”

Lead­ing con­sul­tancy firm Gart­ner Inc es­ti­mated that 8.4 bil­lion con­nected de­vices were in use glob­ally in 2017, with a 31 per­cent in­crease year-on-year. And the num­ber will surge to 20.4 bil­lion by 2020. And China, the world’s largest man­u­fac­tur­ing pow­er­house of elec­tron­ics, has be­come a key player to drive the use of con­nected things.

Last year, the Min­istry of In­dus­try and In­for­ma­tion Tech­nol­ogy un­veiled a plan to boost the de­vel­op­ment of IoT. The min­istry set the goal of en­abling more than 1.7 bil­lion pub­lic ma­chineto-ma­chine con­nec­tions by 2020, with an IoT mar­ket size of more than 1.5 tril­lion yuan.

... the coun­try’s IoT sec­tor has ac­tu­ally en­tered a new stage of rapid de­vel­op­ment over the past year.” Cao Wen­zhong, vice-pres­i­dent of the China Eco­nomic In­for­ma­tion Ser­vice

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