Market research analysts at Technavio have predicted that the IOT market in China will grow steadily at a CAGR of almost 19% by 2020. Recognizing the role of IOT in the modernization of the country's industries, the Chinese government has started taking measures to promote the technology for gearing up its industrial growth. The country currently stresses on points such as, fully utilizing the potential of IOT to grow the economy through high technology, instituting a world leading, reliable, and safe information system, and to develop innovative core technologies within the country rather than depending on imports. This strong government support for the adoption of IOT devices will be one of the major factors that will have a positive impact on the growth of the market in the region.
The growth of IOT in the automotive and industrial markets has increased the demand for semiconductors. China consumes a major share of the semiconductor chips manufactured across the world and is expected to continue to expand its semiconductor leadership and increase its market share during the forecast period. The demand for wearable devices will further increase the demand for semiconductors. This will result in the further expansion of the semiconductor industry, which will be one of the major trends that will gain traction in the market during the forecast period.
Segmentation by product type and analysis of the IOT market in China
During 2015, the software segment accounted for about 45% of the total market share and dominated the IOT market in China. Clients for the services segment in China includes individual customers, corporations, and also government organizations and enterprises. The increasing adoption of embedded software and big data will fuel the demand for the IOTdevices in this market segment.
Segmentation by end-user and analysis of the IOT market in China
This market study estimates that the manufacturing segment will account for about 33% of the total market share by 2020 and dominate IOT market in China throughout the forecast period. Recent regulations invite the requirement to meet new safety standards in industries, and there will be a rapid increase in adoption of IOT devices in the manufacturing sector.
Competitive landscape and key vendors
The IOT market in China is characterized by the presence of several multinational and small regional IoT companies providing various products and services, which makes this market appear highly fragmented. The market will witness the entry of many new vendors in the coming years which will further intensify the level of competition.
The leading vendors in the market are -
The other emerging vendors in the market are Broadlink, Gizwits, Ayla Network China, Lifesmart, Yeelink, Landing Technology, Orvibo, MXchip, and Phantom.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the IOT market in China?
What are the key market trends impacting the growth of the IOT market in China?
What are the challenges to market growth?
Who are the key vendors in the IOT market in China?
What are the market opportunities and threats faced by the vendors in the IOT market in China?
Trending factors influencing the market shares of China.
What are the key outcomes of the five forces analysis of the IOT market in China?
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