The growth potential of China’s big data industry is enormous. Its scale exceeded 800 billion yuan ($113 billion) in 2019 and is expected to beat one trillion yuan by the end of 2020, according to the 2019 Report on China’s Big Data Industry.
According to the report, Chinese government has approved 283 colleges and universities to teach majors in data and big data technology. The number of big data researchers reached 80,000 in 2019, and R&D investment exceeded 55 billion yuan.
So far 17 Chinese provinces and cities have established big data administrative bureaus to take charge of the construction, management and efficient utilization of big data.
Internet of Things: IoT, or the Internet of Things, the concept of connecting electronic devices such as speakers and refrigerators to the internet, is a crucial support for digital economic growth.
Cloud computing: The size of China’s cloud computing industry is expected to exceed 300 billion yuan ($42 billion) in 2023, according to a white paper released by the Institute of International Technology and Economy.
Artificial intelligence: Artificial intelligence is developing vigorously in China with tech companies across the country teaming up to marry the technology with a variety of industries.