China's IoT market to reach 294 bln USD in 2026

Photo taken on Nov. 20, 2021 shows the venue of China 5G+ Industrial Internet Conference in Wuhan, central China's Hubei Province. (Photo by Wu Zhizun/Xinhua)

China's Internet of Things (IoT) market is expected to reach 294 billion U.S. dollars in 2026, according to an industry report.

The figure will account for about 25.7 percent of the total global IoT market volume, said a report released by research firm International Data Corporation (IDC).

According to the report, China will maintain its position as the largest IoT market in the world in 2026.

The global spending on IoT will amount to 1.1 trillion U.S. dollars in 2026 with a compound annual growth rate of 10.7 percent between 2022 and 2026.