China manufacturing IoT spending to hit US$128 billion by 2020 as industry shifts from production to services, says IDC

Chinese manufacturing enterprises' spending on the Internet of Things (IoT) is expected to reach US$127.5 billion by 2020, with a compound average growth rate of 14.7% during 2016 to 2020, according to IDC. Software and services will lead the way for the fast growth of IoT spending in the manufacturing industry, with a combined market share of over 60%.

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