According to IDC estimates, the size of China's commercial Internet of Things (IoT) market will grow from US$215.5 billion in 2016 to US$361 billion in 2020, and the compound annual growth rate (CAGR) for the next five years will be 13.3%. . IDC pointed out that the main driving force driving the rapid growth of the local commercial IoT market comes from software rather than hardware. In addition, China's Internet of Things industry will undergo major changes in the next five years. At present, China's commercial Internet of Things industry is still quite fragmented. It is composed of many vertical industries, but there will be horizontal platforms across multiple vertical industries in the next five years.
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