China will become the largest IoT market

The market for internet of things (IoT) is predicting a big future, but figures from telecom supplier Ericsson show that it is mainly a Chinese party. A new trend report shows that by 2024 two-thirds of the IoT market via telecom networks is located in Northeast Asia. Its center of gravity lies in China

The market for internet of things (IoT) is predicting a big future, but figures from telecom supplier Ericsson show that it is mainly a Chinese party.

A new trend report shows that by 2024 two-thirds of the IoT market via telecom networks is located in Northeast Asia. Its center of gravity lies in China.

At the moment 1.1 billion IoT connections are active. This can be a car with a SIM card, a seed drill, a parking meter or the control panel of an industrial device. Many of these devices do not even need broadband to be able to do their work, because often it involves the transmission of location and status information.

Ericsson predicts that the IoT market will grow to 4.5 billion long-distance connections by telecom networks by 2024. The market for short-range connections will more than double in the same time.