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China’s manufacturing IoT spending to hit $128 billion

Staff Writer | September 1, 2016
Chinese manufacturing enterprises’ spending on the Internet of Things (IoT) is expected to reach $127.5 billion (approximately RMB848.3 billion) by 2020.
Internet of Things
Technology   According IDC China:
This is a compound average growth rate of 14.7% during 2016 to 2020, according to the China Manufacturing IoT Market Forecast, 2016-2020, released by IDC China recently.

In the process, software and services will lead the way for the fast growth of IoT spending in the manufacturing industry, with a combined market share of over 60%, the report predicted.

IoT, which has been enshrined in China’s 13th Five-Year Development Plan, has become a strategic emerging industry in the country.

Made in China 2025 is the first 10-year action plan for the Chinese government to implement its strategy of building China into a manufacturing powerhouse.

With the policy and financial support of the Chinese government, pushing forward the development of smart manufacturing, raising the level of networked, collaborative manufacturing and speeding up the manufacturing industry’s transformation into services have become the main development direction for the manufacturing industry.

It will drive the continuous fast growth of IoT spending in the manufacturing industry in the next three to five years.