New Era For IoT

Since the Internet of Things (IoT) was proposed in 1999, scientists worldwide have been working to connect electronic devices to the internet to improve efficiency and management in an increasingly complicated world. In China, the IoT was elevated to a “key emerging industry with national strategic importance” in 2012. China’s IoT industry was valued at 1.2 trillion yuan (US$168b) in 2018, an increase of 72.9 percent year-on-year, according to the China Economic Information Service. Market intelligence firm IDC predicted that China would surpass the US as the world’s largest IoT market by 2022 even though the widespread commercial use of IoT is yet to come. China’s leading internet companies such as Tencent and Alibaba have made increased investments in IoT in recent years. Industry insiders argue that enterprises have to adjust their strategies for coming changes in the sector thanks to 5G, and they say largest IoT players will emerge from internet companies, hardware manufacturers or IT solution providers.