5G internet of things facilitates massive device connectivity, addressing the escalating demands of the Internet of Things. With its advanced network architecture, 5G can efficiently support a vast number of interconnected devices simultaneously. This is crucial for the seamless communication and coordination required among the increasing IoT ecosystem. Whether it is smart homes, industrial sensors, or autonomous vehicles, 5G ensures that diverse IoT devices can connect to the network concurrently, enabling faster and more reliable data exchange.
According to Data Bridge Market Research analyses the Global 5G Internet of Things (IoT) Market was valued at USD 56.06 billion in 2022 and is expected to reach USD 136.23 billion by 2030, registering a CAGR of 26.2% during the forecast period of 2023-2030.
"Rise in technological advancements boosts the market growth"
The increasing technological advancements in the global 5G internet of things (IoT) market serve as a key driver by fostering unprecedented connectivity and efficiency. The deployment of 5G networks enables ultra-fast, low-latency communication, unlocking the full potential of IoT devices across various industries. This robust connectivity facilitates seamless data transfer and real-time interactions, enhancing the performance of IoT applications. As technology continues to advance, the integration of 5G with IoT systems propels innovations such as smart cities, autonomous vehicles, and industrial automation, creating a dynamic ecosystem that drives market growth.
What restraints the growth of global 5G Internet of Things (IoT) market?
“Limited coverage in rural areas hampers the market growth”
Limited coverage in rural areas poses a significant restraint for the global 5G internet of things (IoT) market. Despite the ongoing deployment of 5G networks in urban and metropolitan regions, achieving widespread coverage in rural and remote areas remains challenging due to the necessity for additional infrastructure. This geographical limitation hinders the equitable distribution of 5G IoT services, creating a digital divide. As a result, the market faces constraints in realizing its full potential, impacting the comprehensive adoption of 5G-enabled IoT solutions and services..
Segmentation: Global 5G Internet of Things (IoT) Market
The global 5G Internet of Things (IoT) market is segmented on the basis of connection, radion technology, range, and vertical.
- On the basis of connection, the global 5G Internet of Things (IoT) market is segmented into direct connectivity, and indirect connectivity
- On the basis of radio technology, the global 5G Internet of Things (IoT) market is segmented into 5G NR standalone architecture, and 5G NR non-standalone architecture
- On the basis of range, the global 5G Internet of Things (IoT) market is segmented into short range IoT devices, and wide range IoT devices
- On the basis of vertical, the global 5G Internet of Things (IoT) market is segmented into manufacturing, energy and utilities, government, healthcare, transportation and logistics, mining, and others
Regional Insights: Asia-Pacific is expected to dominate the Global 5G Internet of Things (IoT) Market
The Asia-Pacific region is expected to dominate the 5G internet of things (IoT) market, sustaining its dominance through the forecast period. This is attributed to significant technological advancements and the widespread deployment of both 4G and 5G networks in the region. The continuous growth in network infrastructure is fostering an environment conducive to the expansion and flourishing of IoT applications, making Asia-Pacific a key player in the global 5G IoT landscape.
North America is expecetd to experience the highest CAGR in the specified period, primarily attributed to the presence of prominent IoT device and module manufacturers and robust 5G network providers in the region. The concentration of industry leaders fosters a conducive environment for technological advancements and market expansion. As North America becomes a hub for IoT innovation, the collaborative efforts of manufacturers and 5G providers contribute to the accelerated growth of the internet of things ecosystem in the region.
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Recent Developments in Global 5G Internet of Things (IoT) Market
- In April 2022, T-Mobile, Cradlepoint, collaborated with Bosch, leveraging 5G Wireless WAN technology for advanced IoT connectivity solutions in areas such as autonomous vehicles, robotics, and AR/VR
- In January 2022, Verizon and Atos joined forces to fuel intelligent IoT solutions with private 5G multi-access edge computing, revolutionizing how businesses utilize predictive analytics. This innovative edge solution empowers companies to boost operational efficiency, mitigate risks, and drive revenue growth
The Prominent Key Players Operating in the Global 5G Internet of Things (IoT) Market
- Qualcomm Technologies, Inc. (U.S.)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Palo Alto Networks (U.S.)
- Anritsu (Japan)
- Telenor Group (Norway)
- Sierra Wireless (Canada)
- Syniverse Technologies LLC (U.S.)
- Nokia (Finland)
- Huawei Technologies Co., Ltd. (China)
- AT&T Intellectual Property (U.S.)
- Verizon (United States)
- Juniper Networks, Inc. (U.S.)
- Vodafone Idea Limited (India)
- Sprint (U.S.)
- BT (U.K.)
- Telefónica S.A. (Spain)
- Telstra (Australia)
- Bell Canada (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of global 5G Internet of Things (IoT) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global 5G Internet of Things (IoT) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
