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According to the new market research report "China IoT Market by Hardware (Processor, Memory, Logic, Sensor, & Connectivity), Software (Real-Time Streaming, Network Security, Data Management, Remote Monitoring, & Bandwidth Management), Platform, Service, and Application - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to reach USD 121.45 Billion by 2022, at a CAGR of 41.1% between 2016 and 2022.
The major factors driving this market are the growing demand for smartphone and other connecting devices, the increasing internet penetration, rising trends of industrial automation, and mainstream adoption of cloud computing.
Agriculture application expected to grow at the highest CAGR during the forecast period
With the advent of IoT in agriculture, famers or growers can remotely access the field, crop, or land and apply the right amount of fertilizers or nutrients at the right place. It helps minimize the wastage of agricultural resources such as irrigation water, soil, fertilizers, and others and also helps achieve enhanced productivity and higher yield. IoT helps in maintaining safety in food production as it provides information on the ingredients of food packaging. The growing demand for enhanced agriculture production is expected to drive the China IoT market.
Device management platform to hold the largest market and witness the highest CAGR during the forecast period
The device management platform is expected to hold the largest market and to grow at the highest CAGR during the forecast period. This growth is attributed to the fact that organizations using IoT devices require applications and platforms to manage the information and applications.
Connectivity ICs to hold the largest market share by 2022 and experience rapid growth during the forecast period
The market for connectivity ICs is expected to hold the largest share of the China IoT by 2022. Connectivity IC's help connect a large number of devices with each other and the Internet. In the China IoT market, there are a growing number of companies providing low-power wireless network connectivity specially for IoT applications.