5G IoT market size
The demand for critical IoT applications with low latency is increasing and the adoption of 5G for such use cases will drive the growth of the 5G IoT market.
PORTLAND, OREGON, USA, November 6, 2023 /EINPresswire.com/ — Allied Market Research has published a report entitled “2023 5G IoT Market Statistics: Strategic Analysis of Trends, Growth, and Segmentation | 69.8% CAGR” A new report has been published. From 2021 to 2030. ” This report provides an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive environment. This study is a source of information that will help market players, investors, vice presidents, stakeholders, and new entrants to thoroughly understand the industry and decide on the steps they should take to gain a competitive advantage. is.
The global 5G Internet of Things market size was valued at USD 1.45 billion in 2020 and is projected to reach USD 285.28 billion by 2030, registering a CAGR of 69.8% from 2021 to 2030. Record.
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Increasing mobile data traffic, advancements in wireless technology, development of a large 5G IoT ecosystem and critical communication services are driving the growth of the global 5G IoT market. However, lack of standardization of IoT protocols and use of 4G LTE technology for IoT hinders market growth. On the contrary, the growing demand for smart infrastructure solutions is expected to create new opportunities in the future.
The 5G Internet of Things market is segmented on the basis of component, company size, network type, and industry. Based on component, the market is segmented into solutions (hardware, software, platform) and services. Based on company size, the market is divided into large companies and small companies. Based on network type, the market is segmented into 5G NR standalone architecture and 5G NR non-standalone architecture. By industry, they are categorized into Manufacturing, Healthcare, Energy & Utilities, Transportation & Logistics, Agriculture, Government & Public Safety, and more. By region, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA.
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On a component basis, the solutions segment held the largest share in 2020, contributing nearly three-quarters of the market. However, the services sector is estimated to register the highest CAGR of 73.4% from 2021 to 2030.
Based on network type, the 5G non-standalone segment dominated the market in 2020, accounting for approximately three-quarters of the market. However, the 5G standalone segment is projected to register the highest CAGR of 75.8% during the forecast period.
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The global 5G IoT market is analyzed across several regions such as North America, Europe, Asia Pacific, and LAMEA. In 2020, the overall Asia-Pacific region accounted for the largest share, accounting for more than one-third of the market. Moreover, the same region is expected to register the highest CAGR of 74.4% during the forecast period.
The global 5G Internet of Things market includes a detailed analysis of key market players such as AT&T Intellectual Property, Cisco, Telefonaktiebolaget LM Ericsson, Qualcomm Incorporated, Huawei Technologies Co. Ltd., Intel Technology, and Samsung Electronics Co. Ltd. It is. ., Nokia, NEC Corporation, and ZTE Corporation.
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Covid-19 scenario:
● The COVID-19 pandemic had a positive impact on the market as it increased the demand for IoT solutions to improve revenue opportunities among small and medium-sized enterprises as well as large enterprises.
● However, the pandemic has created several challenges, including a lack of skilled labor to deploy 5G network technology across developing countries.
● Conversely, the growing demand for 5G IoT-based smart infrastructure will bring new opportunities post-pandemic.
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