ABI Research estimates service revenues will grow to more than $41 billion by 2020 – and China is the fastest growing of any country.
Dan Shey, VP at ABI, said that the smart metre segment is the major factor in the growth of China’s IoT numbers.
He said: “It leads all other segments in both connections and revenues. In fact, by 2020, smart metre connections will exceed the next highest market segments in total connections by nearly 10 to one.”
Shey said other major segments in the Chinese market include home security, automation, telematics, video surveillance, home appliances, aftermarket telematics and home monitoring.
The last will be important for China because there will be close to 340 million people aged 55 and older by 2020.
Data analytics will underline the most IoT revenues in the country because of the volume of smart metre connections, Shey said.