China is one of the renowned tech nations; the country can attribute most of its economic development on the technology they manufactured. China has risen strongly and surprised the whole world in the process. One of the key reasons for their quick growth is rapid implementation. The whole world knew that technology was the way forward in terms of investing, but very few acted. China was the forerunner in tech investment, and now they are Forerunners in IoT as well.
China’s Forward Thinking
China has been known for their smart business forecasting nature; they predicted the massive use of smartphones and their prediction has happened. Today China is one of the leading producers of smartphones. They created foundations for Smartphone production earlier and have been reaping the rewards quite nicely. The same can be said about IoT industries in China, the country has already begun making breakthroughs in the sector before the rest of the world even starts noticing.
For any business to thrive, the business must have investors. China as a country has one of the highest foreign investors to invest in a country. Such a fit can only be achieved through creating consistent profit gaining businesses. Companies such as Google have come into the country investing in Nest generating even more revenue for the state. The investment from such big companies has led to enough capital to invest in the IoT sector.
Due to the stable economy, local investors of the country have also gained financially. The local investors have reduced the dependence of the country on the foreign investors. The country can therefore freely invest in what they want without being obligated to ask the foreign investors for help.
The derailing factor that has slowed down IoT is lack of market. Investors would rather invest in a product that is already proven and profitable and sadly, IoT is not quite in that category yet. China, on the other hand, has already created their market; the products are sold to the country’s residents producing enough profit to render the venture profitable. When the company makes profits, it reinvests in its IoT products growing it, as a result.
China has been the termed as the country of innovation and technology. Their approach has proven effective as they are now leading in IoT as well.
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