China’s ICT market to hit $711.1 billion RMB in 2021

The “2021 China ICT Market Predictions” report released by global market intelligence company, International Data Corporation (IDC), highlighted the increasingly important role that 5G and the internet of things will play in Chinese society. Here are the key takeaways:

  • China is estimated to invest 800 billion RMB into 5G technology in the next 5 years
  • Expenditure on the internet of things will surpass 6 trillion RMB over next 4 years.
  • The scale of China’s information and communications technology market will hit 4,715 billion RMB ($711.1 billion) in 2021, a 9.3% year-on-year increase
  • By the end of 2022, more than 60% of China’s top 1000 companies will rely on 5G technology

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