[https://wap.business-standard.com/article-amp/international/china-to-surpass-us-to-become-world-s-largest-iot-market-in-2024-report-121011700382_1.html](https://wap.business-standard.com/article-amp/international/china-to-surpass-us-to-become-world-s-largest-iot-market-in-2024-report-121011700382_1.html) china will surpass the US to become the world's largest Internet of Things (IoT) market in 2024. China's spending on IoT is expected to reach around $300 billion by 2024, with the compound annual growth rate to stand at 13 per cent in the next five years, data from global market research firm International Data Corporation (IDC) showed. In 2024, the country's spending on IoT will account for 26.7 per cent of global spending in the sector, followed by the United States at 23.8 per cent and western Europe at 23.4 per cent, IDC data showed.