5G IoT Market
The global 5G IoT market is expected to flourish by 2028, owing to the increasing usage of IoT devices and the growing adoption of 5G communications. The Asia-Pacific region is projected to show a notable growth rate by 2028.
The global 5G IoT market is expected to generate a revenue of $12,556.6 million over the forecast period 2021-2028, growing at a CAGR of 28.1%.
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Rising use of IoT devices, especially in the manufacturing industry, rising deployment of 5G communications, and increasing adoption of machine-to-machine (M2M) communications are the factors driving the growth of the global 5G IoT market during the forecast period. Additionally, increasing industrial automation and growing development of connected technologies are also factors driving the growth of the market by 2028.
Forecast: Rising demand for private 5G networks among industries and governments, and application of 5G IoT concepts in various applications such as connected factories, autonomous vehicles, smart retail, rural broadband, and connected healthcare are some of the factors providing abundant growth opportunities for the global 5G IoT market during the analysis period.
Cons: High cost of 5G deployment and lack of standardization of IoT protocols are the major factors hindering the market growth.
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The onset of the COVID-19 catastrophe had a moderate impact on the global 5G IoT market. This is mainly due to the reduced demand for communication services and semiconductors amid the stress of the pandemic, which delayed the rollout of 5G networks. In addition, governments around the world postponed frequency auctions, and communication service providers (CSPs) also halted preparatory experiments for 5G infrastructure. However, the high demand for remote work and increased connectivity during the pandemic, as well as the extension of data consumption packages, were some of the factors that helped the market recover its growth rate and focus on IoT, augmented reality, virtual reality, and other related technologies.
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The report segments the 5G IoT market into several segments based on technology, end use, and regional analysis.
Based on technology, the large machine-based communications subsegment is expected to hold the dominant market share during the forecast period, generating revenue of $3,057 million. This is due to the rise in wireless communication of machines, creating a network of interconnected machine-based devices (MTDs), also known as the Internet of Things. Moreover, key benefits of mMTC such as faster and persistent connectivity, reliability, and improved access to real-time information will drive the growth rate of the subsegment through 2028.
Based on end use, the manufacturing subsegment of the global 5G IoT market is expected to exhibit the highest growth rate, garnering a revenue of $4,334.8 million by 2028, as manufacturers move towards digitization and automation with the aim of improving ROI and reducing the cost of implementing 5G IoT infrastructure for manufacturing applications. Moreover, new operational efficiencies and manufacturing floor productivity brought about by 5G IoT technologies are expected to further drive the growth of the subsegment.
Based on region, the 5G IoT market in Asia Pacific is expected to register a revenue of $3,665.2 million, witnessing better growth opportunities during the analysis period, mainly due to the increasing deployment of 5G networks in countries such as Singapore, China, India, South Korea, and Japan, as well as the large mobile subscriber base in the region. Moreover, the increasing implementation of technologies such as edge computing, blockchain, and 5G core technologies is also projected to drive the market development by 2028.
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The key players in the 5G IoT market include Thales Group, Telit, Rolling Wireless, Fibocom Wireless, Sunsea AIoT, Qualcomm, Sierra Wireless, SEQUANS, Quectel Wireless, Huawei Technologies Co Ltd etc. These key players are implementing various strategies such as product development and enhancement, mergers and acquisitions, partnerships and collaborations to sustain the market growth.
The report also summarizes many important aspects such as financial performance, SWOT analysis, product portfolio, and latest strategic developments of the key market players.
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