China’s Internet of Things (IoT) connections are projected to surge past 3 billion this year, solidifying its position as a global leader in the digital economy. This ambitious growth was revealed in a recent white paper presented at the 2024 World Internet of Things Convention (WIOTC) held in Beijing.
China Leads IoT Infrastructure Development
According to He Xuming, chairman of the WIOTC Executive Committee, China is spearheading global IoT infrastructure development and digital economic innovation. “China is on track to build over 4.3 million 5G base stations to support IoT this year and surpass 3 billion IoT connections,” Xuming stated.
This remarkable achievement positions China as the first major economy worldwide to surpass its mobile users with mobile IoT connections. The nation boasts the most comprehensive and advanced network infrastructure globally, fueling a thriving digital economy.
By 2024, China’s digital economy is projected to surpass 70 trillion yuan ($9.84 trillion) in annual output, growing at an impressive rate exceeding 20 percent. Nearly one million enterprises are now equipped to thrive in this advanced digital landscape.
He Xuming, chairman of the WIOTC Executive Committee, speaks at the WIOTC 2024, Beijing, China./ CMG
He Xuming, chairman of the WIOTC Executive Committee, speaks at the WIOTC 2024, Beijing, China./ CMG
Standardization: Key to Future Growth
China recognizes the critical role standardization plays in driving IoT innovation. According to a newly released “Guidelines for the Construction of the Internet of Things Standard System (2024 Edition),” China aims to establish over 30 new national and industry IoT standards by 2025, further solidifying its commitment to global leadership.
Wen Ku, chairman of the Board of China Communications Standards Association, emphasizes the importance of international collaboration: “China must enhance IoT standardization to develop replicable and scalable practices. To refine IoT standards, China should actively engage in international standardization organizations and promote the global adoption of its IoT standards.”
Global IoT Momentum Builds
China’s advancements are mirrored by a global surge in IoT adoption. According to the WIOTC 2024 white paper, the number of global IoT connections is projected to exceed 25 billion this year.
Nearly 100 countries and regions have established over 400,000 organizations, research institutes, and social organizations dedicated to the IoT digital economy. Additionally, over 1 million industrial application platforms and public service systems are fueling the growth of this rapidly expanding sector.
Global investment in IoT infrastructure accounts for over 60 percent of total global investment. The global output value of advanced digital economies with full connectivity is projected to surpass $50 trillion by 2030.
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