China's ICT Market Forecast 2014-2019
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In 2014, China's consumer IT market reached a size of US$110.7 billion, accounting for 55.3% of the country's overall IT market. The consumer IT market will likely maintain a rather slow growth rate in the next few years, with its CAGR down to 2.4% from 2014 to 2019. The size of the business IT market stood at US$89.3 billion in 2014; however, it will maintain a steady growth in the next few years, with a CAGR of 7.2% from 2014 to 2019.
"In 2014, China's ICT market attained a size of US$404.5 billion, up 11.3% over the previous year. This market was expected to grow 6.8% in 2015, with a size of US$431.9 billion. In the next few years, the transformation of traditional industries through Internet technology and China enterprises' participation in 'Belt and Road' initiatives to enter foreign markets will become the main driving forces for the development of the ICT market. The transformation of traditional industries through ICT technology will push forward the application and development of mobile Internet, cloud computing, Big Data, Internet of Things (IoT), and other emerging technologies as well as the fast development of intelligent terminals and communication services. The 'Belt and Road' policy will drive forward infrastructure construction in central and western China, thus boosting the growth of the ICT market," says Leon Xiao, senior research associate for Industry Research and Consulting at IDC China.