China’s Internet of things to exceed $610 billion by 2020

Almaty. September 4. Silkroadnews – China’s Internet of things to exceed $610 billion by 2020, “People’s Daily” reported.
China’s Internet of Things (IoT) market is expected to exceed 4 trillion yuan (610 billion U.S. dollars) by 2020. Such a forecast was made by China Academy of Information and Communication Technology, a research institute affiliated with the Ministry of Industry and Information Technology, report said.
It is noted that by 2020 the number of IoT-enabled devices is expected to exceed 24 billion worldwide.
According to the publication, the Internet of things will bring $11.1 trillion to global economic growth, providing for 11% of the world’s GDP.
As reported, along with the rapid development of new information technologies, such as mobile Internet of things, cloud computing and big data, the Internet of things in China has been upgraded to version 2.0.
Smart manufacturing, smart cities, Internet of Vehicles, smart furniture and wearables would be among the hottest sectors for IoT, report said.