(Yicai Global) Nov. 8 --Announced on October 10, 2018, a joint effort between Huawei and Bosch has experts expecting that China's market for IoT platforms will grow by close to 70% over the coming years. The partnership is fueled by innovations and technologies that promote cloud-based IoT services providing various functions needed to connect devices, users, and businesses. Leading the way for other similar partnerships, this is a large step towards full connectivity all throughout the country.
China's Past Involvement in IoT
Bosch Software Innovations has been active since 2012, and in the past five years or so, investors and innovators all over the world have taken note of the rapid advancements in Chinese technologies and adoption of IoT systems for various uses. One major IoT investor who has immersed himself in the Asian market had positive things to say about the region and its investment in innovative technologies, specifically in Hong Kong. "You've got an ecosystem that's thriving, and everybody—government, universities, investors, entrepreneurs, and so on—is giving 110 percent. They are contributing, reinvesting, learning, trying to create new opportunities, or doing anything to make the region successful."
Forging the Way for New Services
These advancements show as new partnerships emerge that forge pathways for Chinese businesses and individuals to incorporate IoT into their everyday lives. Bosch and Huawei, for example, have struck a partnership to accelerate the development of the Internet of Things in China, marking the first step towards connectivity as well as the first time that Bosch's IoT Suite software services will be available in China on Huawei Cloud. Spokespeople from each company have released information detailing that the first product to be released will be the Bosch IoT Remote Manager that will allow people to manage and control various aspects of their devices such as gateways, sensors and devices. While they noted that other services from the Bosch IoT Suite will become available in 2019, smart homes are one area that is already beginning to gain momentum and popularity in the market.
China's Smart Home Market
The Chinese smart home market is likely to show double-digit growth rate during the period 2018-2024. With innovations allowing homeowners all around the country to remotely control different devices in their homes such as lighting, heating, security, and entertainment, this is a big shift for the Chinese housing and IoT market that will not only improve efficiency within the home but will have larger, wide-reaching impacts on sustainability all across the country. The ability to control various aspects of a home via the internet, while a fairly new phenomenon in China, has yielded positive outcomes in other areas of the world where smart homes have reduced energy consumption and increased overall sustainability.
The Future of IoT in China
The communion of Bosch and Huawei is only the beginning of rapid changes that are projected to occur in the Chinese IoT market over the next few years. As many analysts predict, the popularity of IoT will continue to grow as major businesses in the country spearhead initiatives that make the technology relevant to everyday life while also playing on the emergence of consumer enterprise and online-to-offline retail that is taking the whole of Asia by storm.
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