China will surpass US to become the world’s largest IoT market in 2024 as it is expected to reach around $300 bn, with the CAGR to stand at 13% in the next five years, data from IDC said. China’s IoT spending will account for 26.7% of the global market, followed by the USA (23.8 %) and western Europe (23.4%). Among the 20 industries covered in the report, manufacturing, govt and consumer IoT spending will account for 50% of the market spending.

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