5G Internet of Things Market to Grow with a CAGR of 51.1% Globally through to 2028
Global 5G Internet of Things (IoT) Market is rising
due to the increasing demand for high-speed, low-latency connectivity to
support a wide range of IoT applications and devices in the forecast period
2024-2028.
According to TechSci Research report, “Global 5G
Internet of Things Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, The Global 5G Internet of Things (IoT)
market has witnessed remarkable growth and transformation in recent years,
poised to become a cornerstone of the digital landscape. With the deployment of
5G networks, the IoT ecosystem has gained unprecedented momentum, fostering a
multitude of opportunities across various industries. This burgeoning market is
characterized by the seamless connectivity and ultra-low latency capabilities
offered by 5G technology, which enables a vast array of IoT devices to communicate
and operate efficiently.
Industries such as healthcare, manufacturing,
agriculture, and smart cities have been at the forefront of embracing 5G IoT
solutions. Healthcare providers are leveraging remote monitoring and
telemedicine to improve patient care, while manufacturers are optimizing
operations through predictive maintenance and automation. Additionally,
agriculture is benefiting from precision farming techniques, and smart cities
are enhancing public services and infrastructure. The Global 5G IoT market is
set to continue its upward trajectory as more industries recognize the
potential for innovation, efficiency, and cost savings offered by this
transformative technology. As 5G infrastructure expands and IoT adoption
accelerates, businesses worldwide are poised to capitalize on the vast
opportunities presented by the convergence of these two technological trends.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global 5G
Internet of Things Market”.
The Global 5G Internet of Things (IoT) market is
experiencing significant growth and is poised to revolutionize various
industries. The convergence of 5G technology and IoT has opened up new
possibilities for businesses, enabling them to connect and control a vast array
of devices and systems in real-time. This market overview aims to provide a
snapshot of the current landscape and future prospects. The 5G IoT market is
being driven by several factors. Firstly, the exponential growth of connected
devices, ranging from smartphones and wearables to industrial sensors and
autonomous vehicles, is creating a massive demand for high-speed, low-latency
connectivity. Traditional networks struggle to handle the sheer volume of data
generated by these devices, leading to congestion and latency issues. 5G
networks offer unparalleled speed and capacity, enabling seamless communication
between devices and facilitating the transfer of large volumes of data. Secondly,
industries such as manufacturing, healthcare, transportation, and agriculture
are increasingly adopting IoT solutions to enhance operational efficiency,
improve safety, and enable predictive maintenance. The deployment of 5G
networks will further accelerate the adoption of IoT, as it provides the
necessary infrastructure to support the massive scale and complexity of
connected devices. For example, in manufacturing, 5G IoT enables real-time
monitoring of production lines, predictive maintenance, and remote control of
equipment, leading to increased productivity and reduced downtime. Moreover,
the emergence of edge computing, which enables data processing and analysis at
the network edge, is a key enabler for 5G IoT applications. By reducing latency
and minimizing data transfer to the cloud, edge computing enhances real-time
decision-making and enables faster response times. This is particularly crucial
for time-sensitive applications such as autonomous vehicles and industrial
automation.
However, the 5G IoT market also faces challenges.
These include concerns over data security and privacy, as the increased
connectivity and data exchange expose vulnerabilities that can be exploited by
malicious actors. Additionally, the high cost of deploying 5G infrastructure
and the need for regulatory frameworks to govern the use of IoT devices pose
hurdles to widespread adoption. Addressing these challenges requires
collaboration between industry stakeholders, policymakers, and technology
providers to develop robust security measures, drive cost efficiencies, and
establish regulatory frameworks that balance innovation and protection. Looking
ahead, the future of the 5G IoT market is promising. The ongoing rollout of 5G
networks across the globe will unlock new opportunities for businesses to
leverage the power of IoT and drive digital transformation. The integration of
5G with emerging technologies such as artificial intelligence (AI), machine
learning (ML), and augmented reality (AR) will further enhance the capabilities
of IoT applications. For instance, AI-powered analytics can extract valuable
insights from the vast amounts of data generated by IoT devices, enabling
organizations to make data-driven decisions and optimize their operations.
In conclusion, the Global 5G IoT market is poised for
significant growth, driven by the increasing demand for high-speed
connectivity, the adoption of IoT solutions across industries, and the
emergence of edge computing. While challenges exist, the potential benefits of
5G IoT are immense, ranging from improved operational efficiency to enhanced
safety and innovation. As businesses and industries continue to embrace the
transformative power of 5G IoT, it is crucial for stakeholders to address
security concerns, drive cost efficiencies, and establish regulatory frameworks
that foster innovation and protect user privacy. By doing so, the Global 5G IoT
market will continue to thrive and reshape the way we live and work.
The Global 5G Internet of Things Market is segmented
into Component, IoT Connectivity, Network Architecture, Vertical, regional
distribution, and company.
Based on Component, the hardware segment dominated the
market in 2022 and accounted for more than 45.0% share of the global revenue.
The segment growth can be attributed to significant innovation and investment
in the coming years as companies seek to capitalize on the potential of this
new technology. As 5G networks become more widely available, the cost of 5G IoT
hardware will likely fall. This would make it cheaper for manufacturers to
incorporate 5G IoT hardware into their business processes and utilize smart
cities, industrial automation, and autonomous cars, among others. The
combination of 5G technology with IoT has the potential to alter businesses and
generate demand for 5G IoT hardware over the forecast period.
The services segment is projected to
witness remarkable growth over the forecast period. The segment is expected to
grow over the forecast period in line with the continued adoption of IoT
devices in manufacturing, transportation, and automotive, among other
industries and industry verticals. The support & maintenance segment is
anticipated to witness the fastest growth over the forecast period. Businesses
are increasingly depending on 5G IoT services to suit their demands as the
number of IoT devices linked to the internet rises and the demand for a
high-speed connection and real-time data processing rises.
Based on region, Asia Pacific region dominated the
market in 2022 and accounted for more than 38.0% share of the global revenue.
The growth can be attributed to the increasing 5G IoT initiatives, such as
smart cities, in nations like China and India. At the same time, favorable
government measures for automation and technologically advanced start-ups in
the country are propelling the regional market's growth.
Additionally, APAC is characterized by
countries with large populations, emerging economies, and evolving businesses
and startups, which offers a significant growth opportunity for 5G IoT network
providers owing to the presence of a sizeable untapped consumer base in the
region. North America is expected to witness significant growth over the
forecast period. Increasing 5G infrastructure investments are a key component
fueling the region's expansion. Significant investments are made in 5G
infrastructure, including the installation of fiber-optic cables, and other
network elements. Moreover, the regional governments are encouraging the use of
5G technology through various programs and laws designed to enhance the network
infrastructure. These elements are encouraging for the region's progress
throughout the study period.
Major companies operating in Global 5G Internet
of Things Market are:
- Nokia Corporation
- TELEFONAKTIEBOLAGET LM ERICSSON
- ZTE Corporation
- AT&T INC.
- Huawei Technologies Co., Ltd.
- Verizon Communications Inc.
- Thales Group
- Vodafone Group Plc.
- China Mobile Limited
- Microsoft Corporation
Download
Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global 5G Internet of Things (IoT) market is
experiencing significant growth, driven by the increasing demand for high-speed
connectivity and the adoption of IoT solutions across industries. The
convergence of 5G technology and IoT has opened up new possibilities for
businesses, enabling them to connect and control a vast array of devices and
systems in real-time. This transformative combination offers unparalleled
speed, capacity, and low-latency connectivity, facilitating seamless
communication and the transfer of large volumes of data. Industries such as
manufacturing, healthcare, transportation, and agriculture are increasingly
leveraging 5G IoT to enhance operational efficiency, improve safety, and enable
predictive maintenance. The emergence of edge computing further enhances
real-time decision-making and faster response times. However, challenges
related to data security, privacy, high deployment costs, and regulatory
frameworks need to be addressed. The ongoing rollout of 5G networks, integration
with emerging technologies like AI and AR, and collaboration among stakeholders
will shape the future of the 5G IoT market, unlocking immense benefits in terms
of operational efficiency, safety, and innovation,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“5G Internet of Things (IoT) Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Component (Hardware, Software, Services), By IoT
Connectivity (Sub-Massive IoT, Broadband IoT, Critical IoT, Industrial
Automation IoT), By Network Architecture (5G Non-Standalone, 5G Standalone), By
Vertical (Manufacturing, Smart Cities, Energy &
Utilities, Transportation & Logistics, Enterprises/Corporates, Healthcare, Oil
& Gas, Others),
By Region, By Competition”, has evaluated
the future growth potential of Global 5G Internet of Things Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global 5G Internet of Things Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com