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Internet of Things to target Chinese factories through joint venture
Internet of Things Inc (CVE:ITT) planned joint venture partnership with New Hope Data will target Chinese factories with its industrial IoT applcaitions.
Using IOT’s data analytics platform, the venture will bridge the communication interfaces between the machines, operators and managers.
According to GSMA, China leads the world in the adoption of Machine-to-Machine (M2M) services, with 74 =mln connections at the end of 2014, a number that is expected to reach 336 mln connections by 2020.
In numbers, the Industrial IoT market in China alone is predicted to grow from US$215.5Bn in 2016 to US$361.0Bn by 2020.
M2M connections involve connecting multiple machines, devices and appliances to the internet by multiple networks, are a key part of the Internet of Things.
According to New Hope: “There are thousands of Chinese factories just in the chemical industry sector alone that still rely on paper-based reporting systems. “
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175697/internet-of-things-to-target-chinese-factories-through-joint-venture-175697.html
