In 2021, the global Internet of Things (enterprise-level) expenditure reached $690.26 billion and is expected to reach $1.1 trillion in 2026, with a five-year (2022-2026) compound growth rate (CAGR) of 10.7%, according to data from IDC.
Among them, China’s enterprise market will reach US$294 billion in 2026, with a compound growth rate (CAGR) of 13.2%. The global share is about 25.7%, remaining to be the world’s largest IoT market. In 2026, the IoT hardware market will account for 42.8%.
By 2026, the manufacturing industry represented by smart factories, the government segment represented by smart cities, the retail industry represented by online and offline omnichannel operations, and the public utility industry represented by smart power grids will account for more than 60% of China’s enterprise-level IoT market expenditure.
The number of Internet of Things connected devices in China reached 7.4 billion units in 2020 and is expected to exceed 15 billion by 2025, according to…
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