What is the global market size of 5G IoT Market?

Global 5G IoT Market size was valued at USD 3.53 Billion in 2022 and is poised to grow from USD 5.26 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 50.2% in the forecast period (2024-2031).

Who are the key vendors in the Global 5G IoT Market?

Qualcomm and Ericsson are working together to develop an integrated solution that leverages Qualcomm’s advanced chipsets and Ericsson’s 5G network infrastructure. These solutions include IoT devices and modular gateways optimized for 5G connectivity. Ericsson is integrating Qualcomm’s chipsets into its networking equipment to improve performance, reliability and efficiency in 5G IoT applications. This integration ensures seamless connectivity and enables efficient data transmission for IoT applications. 'Nokia Corporation', 'AT&T Inc.', 'Cisco Systems, Inc.', 'Telefonaktiebolaget LM Ericsson', 'Verizon Communications Inc.', 'Vodafone Limited', 'Qualcomm Technologies, Inc', 'Samsung Electronics Co., Ltd.', 'ZTE Corporation', 'Microsoft Corporation', 'T-Mobile US, Inc.', 'Sierra Wireless S.A.', 'Bell Canada', 'u-blox Holding AG', 'Quectel Wireless Solutions Co., Ltd.', 'Deutsche Telekom IoT GmbH', 'SIMCom Wireless Solutions Limited', 'Intel Corporation', 'Mavenir Systems, Inc. ', 'Sequans Communications'

What is the key driver of Global 5G IoT Market?

The market is expanding due to the increasing presence of IoT-related devices in the market in many end-use industries including retail, manufacturing, transportation, and construction. Capabilities of IoT devices and they connect with each other free of charge. A key element of the beast has been the IoT market, which has led to the spread of 5G technology. 5G connectivity is emerging as a promising Internet service platform for IoT-related businesses due to its ability to support multiple devices, low latency, high speed and bandwidth, among others.

What is the key market trend for Global 5G IoT Market?

Rising Demand for Healthcare Professionals The digital transformation of healthcare is reshaping patient-professional communication and data sharing. These sensors monitor the flow of patients and supplies and help track inventory and critical equipment. Automation enhances this process by triggering commands or alerts. Hospital devices such as smart screens and ventilators can use 5G LAN. The spread of IoT will drive market trends.

Which region accounted for the largest share in Global 5G IoT Market?

Asia-Pacific dominated the market by 2022, accounting for more than 38.0% of the global revenue. The growth can be attributed to the growing popularity of 5G IoT initiatives such as smart cities in countries like China and India. At the same time, favorable government policies for automation in the country and industrial upgrades being launched are fueling the growth of the regional market. Additionally, APAC is characterized by population, growing economies, growing industries and start-ups, which offer huge growth opportunities for 5G IoT network operators due to the large untapped customer base in the region.

5G IoT Market Size, Share, Growth Analysis, By Components(Hardware, Platform, Services),Type(Short-Range IoT Devices, Wide-Range IoT Devices), Network Type (5G Standalone, 5G Non-Standalone), Organization Size, End-Use Industry, and Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2328 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 168 | Figures: 78

5G IoT Market Dynamics

Drivers

Large Scale Deployment of 5G Networks

5G is a relatively new connectivity technology but has seen a rapid hike in popularity ever since its first launch. Governments and 5G providers alike are investing heavily in expansion of their 5G networks to boost their revenue and this will also help the 5G IoT market expand in the future.

High Use of Connected Devices

From automation to remote operations, connected devices are everywhere. 5G IoT connected devices utilize the high data transfer speeds of 5G technology and make them more efficient and capable. Rise in demand for advanced connected devices will bolster market growth over the coming years.

Restraints

Interoperability Issues

5G IoT solutions are highly advanced and integrating them with legacy infrastructure or systems is very complex as well. Lapses in integration due to incompatibility are hampering 5G IoT market development.

High Costs of 5G Infrastructure Development

Deployment of 5G requires substantial investments in 5G infrastructure development and not every country or organization can spend heftily on this, which impedes 5G IoT demand to a certain extent.

5G IoT Market Report Snapshots

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Global 5G IoT Market size was valued at USD 8.53 Billion in 2022 and is poised to grow from USD 12.96 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 34.12% in the forecast period (2024-2031).

The global 5G IoT market is projected to emerge as highly opportune owing to rising investments in digitization and electrification of the 5G industry. The launch of new 5G IoT solutions is projected to be the prime focus of all 5G IoT market players. Integration of advanced technologies to improve the overall driving experience using 5G IoT products will also provide new opportunities for 5G IoT companies going forward. Collaborations with 5G companies will be highly vital for 5G IoT providers in the long run. 'Nokia Corporation ', 'ZTE Corporation ', 'Vodafone Limited ', 'Microsoft Corporation ', 'AT&T Inc. ', 'Deutsche Telekom IoT GmbH ', 'Intel Corporation ', 'Cisco Systems, Inc. ', 'Telefonaktiebolaget LM Ericsson ', 'Sequans Communications ', 'SIMCom Wireless Solutions Limited ', 'Verizon Communications Inc. ', 'Quectel Wireless Solutions Co. Ltd. ', 'T-Mobile US Inc. ', 'Sierra Wireless S.A. ', 'Bell Canada ', 'u-blox Holding AG ', 'Samsung Electronics Co. Ltd. ', 'Mavenir Systems Inc. ', 'Qualcomm Technologies Inc.'

5G is a relatively new connectivity technology but has seen a rapid hike in popularity ever since its first launch. Governments and 5G providers alike are investing heavily in expansion of their 5G networks to boost their revenue and this will also help the 5G IoT market expand in the future.

Smart City Initiatives: 5G IoT companies can target smart city initiatives to expand their business scope. Developing specialized 5G IoT solutions that cater to smart technologies used in smart cities will also offer new business scope for 5G IoT companies in the future.

Increasing deployment of 5G network technology in multiple countries such as Japan, China, Hong Kong, and India allow the Asia Pacific region to dominate the global 5G IoT market. Rising demand for automation across multiple industry verticals will also create new business scope for 5G IoT companies in this region. Significant investments by governments to develop 5G infrastructure are also expected to help the Asia Pacific region’s dominance across the study period. The presence of key automotive manufacturers and the rising use of IoT by them will also boost 5G IoT market growth.

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5G IoT Market Size, Share, Growth Analysis, By Components(Hardware, Platform, Services),Type(Short-Range IoT Devices, Wide-Range IoT Devices), Network Type (5G Standalone, 5G Non-Standalone), Organization Size, End-Use Industry, and Region - Industry Forecast 2024-2031

5G IoT Market Dynamics

5G IoT Market Report Snapshots

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What is the global market size of 5G IoT Market?

Who are the key vendors in the 5G IoT Market?

What is the key driver of 5G IoT Market?

What is the key market trend for 5G IoT Market?

Which region accounted for the largest share in 5G IoT Market?

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