China IoT (Internet of Things) Market Earmarks Promising Growth: Projected to Grow at a CAGR of 23.1% by 2027
Published | 19 October 2021
China IoT market is growing at a high CAGR as smartphones and 5G networks are becoming more popular, along with the launch of a wide range of IoT devices across the country.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the China IoT (Internet of Things) market is estimated to grow at a CAGR of 23.1% in the forecast period. China IoT market is flourishing at a high rate due to the increasing penetration of smartphones and 5G network in the country, along with the launch of a wide range of IoT devices. In addition to better bandwidth, 5G networks offer better security to interconnected IoT devices and data transfer and storage. In addition, the increasing adoption of IoT devices in various industries, including healthcare, manufacturing, transportation, retail, etc., is also contributing to the growth of the China IoT market. However, the privacy and security concerns associated with IoT and data transfer, and traditional government structure may act as a major restraining factor for market growth.
Increasing Use of IoT Devices in Healthcare and Medical Industry is Propelling the China IoT (Internet of Things) Market Growth
IoT sensors such as heart rate sensors, pressure sensors, temperature sensors, blood glucose sensors, blood oxygen sensors, electrocardiograms (ECGs), etc., have already become a significant part of the healthcare industry, especially for home health care patients. Furthermore, the use of remote monitoring systems is also expanding at a high rate. IoT is applied in hospitals and clinics to gather vital health data from patients and remotely transfers the information to healthcare providers. As a result, the demand for IoT is flourishing, propelling its market growth.
China IoT Market - By Software
Based on software, the China IoT market is categorized into real-time streaming analytics, application, network security, data management, remote monitoring system, and network bandwidth management. It is the real-time streaming analytics segment that accounts for the largest share of the market. It allows users to access and analyze real-time data and historical data to read and track issues related to equipment to prevent future accidents. As the manufacturing industry in China grows rapidly, investing in real-time streaming analytics and IoT devices prevent obstructions to its smooth functioning.
China IoT Market - By Application
Based on applications, the China IoT market is segmented into consumer electronics, building automation, industrial, automotive & transportation, healthcare, retail, oil & gas, agriculture, and others. The consumer electronics segment dominates the China IoT market because of the availability of a wide range of smart products. Consumer IoT devices, such as smart watches, wearable cameras, smart television, activity monitors, smart glasses, etc., have high penetration in the Chinese market because of the availability of low-cost products and increasing disposable income of the population. With the use of smart security systems, smart fire alarms, etc., IoT applications for building automation are increasing at a high rate as well.
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Impact of COVID-19 on China IoT Market
After the COVID-19 pandemic broke out, the China IoT market witnessed immense growth opportunities. Among the major factors driving the growth of the China IoT market is the application of IoT technologies in healthcare. A growing number of IoT devices are being used to track and improve the treatment outcomes for COVID-19 patients. The technology proved to be very helpful as a monitoring system, ensuring all the virus-affected patients were quarantined effectively. Additionally, the network allowed high-risk patients to be tracked easily. As a result, health care facilities in China have begun investing in IoT technology, which is significantly propelling the market’s growth.
The leading players in the China IoT market are IBM Corp., Microsoft Corp., Alibaba Group Holding Ltd., Huawei Investment & Holding Co., Ltd., Xiaomi Inc., Mediatek Inc., Qualcomm Inc., China Mobile Ltd., China Telecom Corp. Ltd., Cisco Systems Inc., and other prominent players.
Several large companies dominate the China IoT market, including IBM, Microsoft, and Xiaomi. Regional players, however, also have a larger share of the market and a more thorough penetration of their products and services. These companies offer a wide range of products and services that have been tailored to meet the demands of various industries. In addition, competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., are also prevalent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China IoT market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the China IoT market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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