Executive Briefings

China to Lead Way in Making Industrial Internet of Things Reality

As the world's biggest manufacturing power, China is well placed to lead the Internet of Things transition. Which is why this week GE, the world's biggest industrial company, opened what it calls a "digital foundry" in Shanghai. The centre will help Chinese companies develop and commercialise products for the industrial internet of things, which involves factory machines and industrial goods communicating with each other and their surroundings.

China to Lead Way in Making Industrial Internet of Things Reality

It will probably be a much bigger market than the one for consumers. China has millions of factories with billions of machines and it also makes most of the world’s electronics, including many of the sensors and other electronic devices that would form the backbone of such a network. Moreover, the government is keen to upgrade the country’s manufacturing base.

There are already more things connected to each other in China than in any country, with the numbers set to skyrocket further. IDC, a research firm, forecasts that the overall market for IoT kit of various forms in China will rise from $193bn last year to $361bn in 2020. Accenture, a consultancy, reckons embracing IoT in manufacturing could add up to $736bn to China’s GDP by 2030.

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It will probably be a much bigger market than the one for consumers. China has millions of factories with billions of machines and it also makes most of the world’s electronics, including many of the sensors and other electronic devices that would form the backbone of such a network. Moreover, the government is keen to upgrade the country’s manufacturing base.

There are already more things connected to each other in China than in any country, with the numbers set to skyrocket further. IDC, a research firm, forecasts that the overall market for IoT kit of various forms in China will rise from $193bn last year to $361bn in 2020. Accenture, a consultancy, reckons embracing IoT in manufacturing could add up to $736bn to China’s GDP by 2030.

Read Full Article

China to Lead Way in Making Industrial Internet of Things Reality