Information and Communication Technology China IoT Market is projected to grow up to 43.3% CAGR during the forecasting period 2021-...

China IoT Market is projected to grow up to 43.3% CAGR during the forecasting period 2021-2027.

The Internet of Things (IoT) is a technology that connects the physical world of items with the virtual world of computation and analytics. It presents enormous potential for productivity increases, innovation, and the creation of new markets. In China, as in other parts of the world, industry is working hard to grab the potential that this new digital age has to offer, not just through the Internet of Things, but also through the Industrial Internet of Things (IIoT). The Chinese government will undoubtedly support the development of the Internet of Things as a national power. IoT firms are eligible for tax advantages, and China is actively recruiting professionals in artificial intelligence, data science, and other forthcoming technological trends to help the country lead the way in autonomous vehicles. Not only the government, but also Chinese entrepreneurs are taking greater risks in order to promote IoT startup hubs in the modern era. China's mobile providers have also played a significant role in these changes by providing secure, dependable, and intelligent connection available to businesses and enterprises throughout the country. The report's main goal is to provide a comprehensive study of the market based on many criteria such as hardware, software, platform, service, and application. The main companies in the China IoT market, as well as their market shares, have been taken into account in order to estimate the market size.

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Key Driving Factors: Agricultural application is predicted to expand at the fastest rate during the forecast period 

With the introduction of the Internet of Things (IoT) in agriculture, farmers and growers may remotely examine a field, crop, or piece of land and administer the appropriate amount of fertiliser or nutrients at the appropriate location. It contributes to the reduction of agricultural resource waste, such as irrigation water, soil, fertilisers, and other inputs, as well as the achievement of increased productivity and higher output in the field. Because it gives information on the components of food packaging, the Internet of Things contributes to the preservation of food safety in the food manufacturing industry. The growing desire for improved agricultural productivity is likely to fuel the growth of the China IoT market in the coming years.

Opportunities: On the basis of application, the automotive & transportation sector owns the greatest share of the market. The Internet of Things (IoT) assists states, cities, and towns throughout China in meeting the growing demand for the country's surface transportation infrastructure. It assists with enhanced speed monitoring, traffic counting, presence identification, headway measuring, navigation, and vehicle classification among other things. In terms of market size, professional services account for the majority of total market revenue. During the projected period, the managed services market is expected to develop at the fastest compound annual growth rate (CAGR). These services are essential since they are directly tied to the client experience and assist the companies in maintaining their positions in the marketplace. Managed services provide the technical expertise required to manage and upgrade software in the Internet of Things (IoT) ecosystem.

This report offers the major market player’s profiles, such as Xiaomi Inc. (China), Qualcomm Incorporated (U.S.), MediaTek Inc. (Taiwan), and Huawei Investment & Holding Co., Ltd. (China), network providers such as China Mobile Limited (Hong Kong), China Unicom (Hong Kong) Ltd. (Hong Kong), and China Telecom Corporation Limited (Beijing); and software providers such as International Business Machines (IBM) Corporation (U.S.), Microsoft Corporation (U.S.), and Alibaba Group Holding Ltd. (China).

Based on Vertical:  Based on the vertical, the market is segmented into healthcare, energy, public & services, transportation, retail, individuals, and others (manufacturing). Healthcare segment includes health, pharmaceuticals segment, and biotechnology. Public & Services includes government, BFSI, others (hospitality and entertainment).transportation segment include aerospace, automotive, rails and systems, and marine.

The China IoT Market report has been categorized as below

By Hardware

  • Processors

  • Memory Devices

  • Logic Devices

  • Sensors

  • Connectivity ICs

By Software

  • Real-Time Streaming Analytics

  • Application and Network Security

  • Data Management 

  • Remote Monitoring System

  • Network Bandwidth Management

By Platform

  • Device Management

  • Application Management

  • Network Managemen

By Service

  • Professional Services

  • Managed Services

By Application

  • Consumer Electronics

  • Building Automation

  • Industrial

  • Automotive & Transportation

  • Healthcare

  • Retail

  • Oil & Gas

  • Agriculture

  • Others

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Published Date : July-2021