![Global 5G IoT Market](https://res.cloudinary.com/devmoveo/image/upload/v1714991459/skyquest/gallery/Global-5G-IoT-Market.jpg)
Report ID: SQMIG45A2328
Report ID:
SQMIG45A2328 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|
Tables:
168 |
Figures:
78
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 trend of integrating two advanced technologies is gaining traction around the world and this has also benefitted the demand for 5G IoT as well. Use of 5G connectivity technologies to connect different IoT devices is estimated to bolster market growth in the future. Low latency and better data transfer speeds are prime benefits of 5G technology that IoT companies will focus on going forward. Growing adoption of automation and rising popularity of connected devices will also help 5G IoT demand outlook in the future. Advancements in artificial intelligence technologies will promote the demand for edge and cloud computing, which in turn is expected to boost sales of 5G IoT devices and solutions in the long run. However, limited 5G coverage, interoperability issues, and high costs of 5G infrastructure development are estimated to impede 5G IoT market development through 2031.
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Report ID: SQMIG45A2328