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Although South Korea spent a huge ** billion U.S dollars on the Internet of things (IoT) in 2019, China led the Asia Pacific region in terms of IoT expenditure. The East Asian country spent over *** billion U.S. dollars on IoT, firmly making China the biggest IoT spender. 

What is IoT?

The Internet of things refers to computing devices, which enable data transferal without person-to-person contact. These devices can then be implanted into everyday objects, most commonly used in a ‘smart home’. In a smart home, items such as a thermostat, lighting, home security systems, and appliances can be controlled through a smartphone. This in theory, enables consumers to save energy and money, as lighting and appliances are able to be controlled remotely and thus, turned on and off.

Evolution of IoT

The first internet-connected device was a Coco-Cola vending machine, established in 1982. From that point on the idea of connecting appliances to the internet was forged. However, it is only throughout the past decade in which the industry has made significant progress, with the industry setting to amass a revenue of *** billion dollars worldwide by 2021. By 2023, the Asia Pacific region is expected to generate the most revenue from IoT. The progression of IoT in the Asia Pacific region can clearly be seen in China, in which the number of IoT connections has consistently increased from 2017 onwards.