(Yicai Global) Nov. 2 -- The World Internet of Things Exposition 2016 (WIOT 2016) closed yesterday in Zhuhai in China's southeastern Guangdong province. During the meeting, leading experts and government officials reached a consensus -- the Internet of Things (IoT) industry in China will experience explosive growth soon.
In 2015, the volume of the Chinese IoT market hit CNY750 billion (USD110 billion), with an average compound annual growth rate of 25 percent in the past five years.
During the three-day-long exposition, market leaders, including Alibaba Group Holding Ltd. [NYSE:BABA], Huawei Technologies Co. [SHE:002502], ZTE Corp. [HKSE:763] and the three major Chinese telecommunication carriers (China Mobile, China Unicom and China Telecom) exhibited a diverse range of IoT products and Smart City solutions. All identified IoT as a new driver of business growth.
Mr. Wu Hequan, a member of the China Engineering Academy, said the integration of IoT technology and industries and the Mobile Internet is set to further deepen as the 5G era dawns, and this will offer a new option for traditional companies to transform and restructure their existing businesses.