China expected to see rapid IoT market growth

The internet of things market in China reached more than 1 trillion yuan ($146 billion) last year, and is expected to maintain rapid growth in the next few years, a report has found.

IoT, the connection of various electronic devices to the internet via technologies such as wireless sensor networks, has enjoyed a compound annual growth of more than 25 percent from 2009 to 2017, and the IoT cloud platform has become the key to fierce competition in the field, according to a report released on Friday by the China Economic Information Service.

The report, titled the Annual IoT Industry Development Report of China, estimated that the nation's IoT market will hit 1.5 trillion yuan by the end of this year.