The China IoT market is expected to have a high growth potential
till 2022. The total market is expected to reach USD 121.45 Billion by 2022
from USD 11.00 Billion in 2015, at a CAGR of 41.1% between 2016 and 2022. The
major driving factors for the growth of the market are the growing demand
for smartphones and other connecting devices, increasing internet penetration,
rising trends of industrial automation, and mainstream adoption of cloud
computing.
This report covers the China IoT market on the
basis of hardware, software, platform, service, and application. The automotive
& transportation application holds the largest share of the market on
the basis of application. IoT assist states, cities, and towns across the China
to meet the increasing demand for the surface transportation system. This
application assists in enhanced speed monitoring, traffic counting, presence
detection, headway measurement, navigation, and vehicle classification.
Professional services hold the largest market size in terms of application.
The market for managed services is expected to
grow at the highest CAGR during the forecast period. These services are crucial
as they are directly related to customer experience and help the companies
sustain their positions in the market. Managed services offer technical skills
that are required to maintain and update software in the IoT ecosystem.
In the software segment, data management is
the largest for IoT in China. It plays a vital role in the overall China IoT
market as IoT devices produce enormous amounts of data that pose a challenge
for the providers to deal with efficiently. To generate insights from the huge
amount of data, organizations require data management solutions to manage
structured as well as unstructured data.
In terms of hardware, the market for memory
devices is expected to grow at the highest CAGR during the forecast period. As
the data in IoT devices need to be constantly updated, the endurance of memory
devices is an important parameter. Memory devices are increasingly being
adopted in the Chino IoT with the introduction of low-power-consuming and
high-performance chips. In the platform segment, the device management platform
is estimated to hold the largest market size and to grow at the highest CAGR
during the forecast period. The device management platform assists
organizations in managing, tracking, securing, and sustaining the abundant
devices that are used in the organizations.
The China IoT includes companies for major
hardware providers 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).
These players adopted various strategies such as new product developments,
partnerships, collaborations, and business expansions to cater to the needs of
this market.
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