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.
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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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