China's Internet of Things market to exceed 4 trillion yuan

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China's Internet of Things (IoT) market is expected to exceed 4 trillion yuan (610 billion U.S. dollars) by 2020, an IT researcher has said.

The number of IoT-enabled devices would exceed 24 billion worldwide, said He Guili, deputy head of China Academy of Information and Communication Technology, a research institute affiliated with the Ministry of Industry and Information Technology.

The IoT could bring 11.1 trillion U.S. dollars of global economic growth, accounting for 11 percent of the world's GDP, He said, quoting the results of a study at a press conference on mobile IoT development strategy held in Nanchang, capital of east China's Jiangxi Province on Friday.

With the rapid development of new information technology, such as mobile IoT, cloud computing and big data, the IoT has been upgraded to version 2.0 in China, according to He.

Smart manufacturing, smart cities, Internet of Vehicles, smart furniture and wearables would be among the hottest sectors for IoT, he said.

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