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Nov 27, 2017,  by Allianz Partners Business Insights

China calls for global standard for the Internet of Things

At a time when the market of the Internet of Things is growing significantly throughout the world, China is calling for the creation of an international IoT standard.


The Internet of Things, often referred to as IoT, is the materialisation of the Internet in the real world. It can potentially relate to any and every object, including cars, buildings and other elements linked to the web by an electronic chip, sensor or connectivity network making them capable of communicating among themselves, and collecting and exchanging data.

The IoT – which helps to optimise production and obtain crucial information for both companies and individuals – has been growing rapidly throughout the world ever since it first appeared. China recently set out its arguments in favour of the creation of an international standard for IoT at its World Internet of Things Convention (WIOTC).


Chinese Internet of Things market growing fast


According to forecasts in the China Annual IoT Development Report for 2016-2017, the market sat at 900 million yen in 2016, and should break through the 1.5 billion yen barrier (231.4 million US dollars) by 2020.

"At a time when the Internet of Things is developing at an unprecedented speed, not only in China but throughout the entire world, a series of problems has come to light, including the lack of a unique standard, as well as issues with network security and the integration of systems," explained He Xuming, Executive Chairman of the WIOTC.


WIOTC – the Chinese convention with an international outlook


This convention has been created by the World Chinese Business Alliance in partnership with other international organisations to bring together IoT experts to promote the creation of a global system.

The convention will be held every year in a different location around the world, and bring together participants from some 20 countries including China, France, Singapore, Russia and Germany.

"To promote the sustainable development of IoT, the companies and research and development institutions involved should work together to establish universal standards," said He, adding that the global IoT market should reach over 30 billion dollars by 2025.


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