A new report from MarketsandMarkets predicts that the IoT market in China will be worth $121.45 billion USD by the year 2022. Major factors driving growth in this area include increasing internet penetration, rising demand for smartphones and connected devices, and widespread adoption of cloud computing.
Major players in the rapidly expanding IoT space include Xiaomi, Huawei, IBM, Microsoft, and Alibaba. Agriculture is the industry expected to lead adoption in the forecast period, due to the numerous evident advantages of IoT solutions, from resource management and waste reduction to improvements in productivity and yield.
The report comes hot on the heels of news that Chinese giant Foxconn is partnered with French start-up Actility to launch ThingPark China. The new business will focus on developing a range of low-power, long-range sensors, which will empower smart cities by making it more cost-effective to produce and maintain connected devices at scale across vast metropolitan areas.
Foxconn is currently the largest global contract technology manufacturer, having brought a number of Apple, Amazon and Sony products to the marketplace.
“We are delighted to be collaborating with Actility on this exciting initiative, which is another step in our ongoing effots to create an IoT ecosystem that supports our strategic focus on providing innovative products and solutions to realise smarter lives,” says Foxconn EVP Fang-Ming-Lu. “IoT has the potential to transform cities, industry and transport, and also the way we live and work.”
“China is an opportunity like no other IoT market,” says Actility CEO Mike Mulica. “It’s growing 30% a year, and a third of the world’s 15 billion connected things in 2020 will be in China.”
The environmental benefits of connected living and smart city initiatives are especially pertinent in China, where the pollution caused by a swelling population has contributed to longstanding issues in air quality.