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China to Replace US as World’s Largest Lot Market in 2024

China will surpass the United States to become the largest Internet of Things (IoT) market in the world by 2024, according to a recent estimate.

Read: Impact of Climate Change on Living Things 2023

International Data Corporation (IDC) projected that China’s expenditures on the Internet of Things (IoT) will reach over $300 billion by 2024, with the annual growth rate remaining at 13% for the subsequent five years.

IDC data indicates that by 2024, China will account for 26.7 percent of global spending on the Internet of Things, trailed by the United States at 23.8 percent and Western Europe at 23.4 percent.

By 2024, among the 20 projects included by the IDC’s analysis, manufacturers, governments, and consumers will account for most of total market spending.

Read: How to Sell Your Property Quickly in 2023

Jonathan Leung, a senior market analyst at IDC China, stated that the nation’s IoT market was disrupted by Covid-19 and that IoT expenditure across all industries would decrease by mid-2020.

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