China to become world's largest IoT market in 2024

China will surpass the United States to become the world's largest Internet of Things (IoT) market in 2024, according to an industrial report.

China's spending on IoT is expected to reach around US$300 billion by 2024, with the compound annual growth rate to stand at 13 percent in the next five years.

In 2024, the country's spending on IoT will account for 26.7 percent of global spending in the sector, followed by the United States at 23.8 percent and Western Europe at 23.4 percent.