IDC predicts that by 2025, China’s Internet of Things (IoT) market spending is expected to reach approximately US$300 billion, with an annual compound growth rate of 13.0% in the next five years.
In 2021, the global IoT expenditure will reach US $754.28 billion, and is expected to reach US $1.2 trillion in 2025, with a five-year (2021-2025) compound growth rate (CAGR) of 11.4%. China will account for 26.1% of global IoT spending, surpassing the United States to become the world's largest IoT market.
Global IoT Forecast 2025
Different from the global trend, hardware continues to account for the largest proportion of China's Internet of Things market expenditure. The hardware market will continue to grow steadily in the next five years, maintaining a market share of more than 40%.
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