Published By : 09 Nov 2015 | Published By : QYRESEARCH
According to market analysts IoT (Internet of Things) has the potential to boost the yearly output of China by almost US$1.8 trillion by 2020. As a crucial part of the “Made in China 2025” campaign, China is heavily investing on the IoT technology to sustain competitiveness. Whilst investments on IoT seem very promising, there still exists several limitations such as lack of business confidence and integration issues are limiting the full realization of the benefits. This scenario is much opposed to other countries where resource and manufacturing sectors benefit from the latest IoT technologies.
As a part of China’s action plan called High-Tech Strategy 2020 and its future development plans of industrial processes, Germany has already started implementing the “Industrial 4.0” transformation. The technology includes the widespread deployment of industrial internet, which subsequently entails digitizing and automation of industrial processes. The availability of relevant and real-time information by connecting the different of value chain forms the basis of this revolution. The program is an integral part of Germany’s goal to sustain competitiveness in the sophisticated base of manufacturing.
However, Germany should not be mistaken to be the only country focusing to improve its competitiveness in the global manufacturing market by the use of IoT, according to the latest reports, China is also keeping no stones unturned to implement IoT programs that may accelerate the GDP of the country.
While at present industries in China are facing declining competitiveness, the recent plans undertaken by the policymakers to capitalize on IoT for more intelligent and higher quality manufacturing is likely to give the Chinese economy the much needed boost. The latest reports, therefore, suggest that the IoT initiative in China, therefore, exhibits the potential to deliver over US$1.8 trillion to the country’s cumulative GDP by the end of 2030.