The Chines government has planned total investment of CNY3,860 billion (US$603 billion) to develop the country’s Internet of Things industry until 2020, China-based 21st Century Business Herald cited China R&D Center for Internet of Things (CIT-China) as indicating.
The value of Internet of Things applications in the China market is projected to grow from CNY250 billion in 2011 to CNY500 billion in 2015, the report said. While Internet of Things technology is currently applied mainly to security, electricity distribution and transportation, there are huge potentials from the logistics, medicare and handset-based electronic payment sectors.
However, CIT-China said the main problems in developing Internet of Things in China are a lack of proprietary core technologies and industry standards, difficulty in cross-industry collaboration and the need to seek profitable operating models.
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