5G IoT Market is projected to be worth USD 825.43 billion by 2033 and is anticipated to surge at a CAGR of 70.1%.
5G is rapidly being adopted in a variety of industries, including manufacturing, energy and utilities, healthcare, the automobile sector, transportation, and agriculture, among others, to increase business profitability and efficiency. This technology is currently assisting in the construction of more stable, faster, and significantly secured connectivity to ensure advancement across a wide range of applications, including self-driving autos, AI-enabled factory floor robots, and smart grids for renewable energy, among others. Furthermore, it is making tremendous progress in satisfying the different IoT use cases and needs. According to several studies, 5G is expected to be roughly ten times quicker than current LTE networks. The high speed of 5G is expected to aid IoT devices in much faster data sharing and communication.
Global 5G IoT Market Driving Factors and Challenges
One of the primary drivers to the global 5G IoT market is the advancement of Industry 4.0. Manufacturers are actively adopting novel technologies such as IoT, AI & machine learning, and cloud computing & analytics into their manufacturing facilities and operations as part of this revolution. This has increased demand for 5G technology with low latency and greater speeds for successful use of wearables, autonomous robots, and virtual reality (VR) headsets. 5G has significantly expedited IoT and given the industrial revolution 4.0 a push.
According to the surveys, over 35% of manufacturers in the United States employ data from smart sensors in their setups. The expense of upgrading infrastructure from LTE to 5G limits industry expansion. While 5G has various benefits for IoT applications, such as low latency, improved capacity, and faster data speeds, the costs associated with building 5G networks and upgrading existing infrastructure can be prohibitively expensive, particularly in specific industries and areas. Businesses regard 5G as a critical enabler of their evolving IoT initiatives. IoT improves business operations by assuring optimal asset utilisation, prolonging equipment service life, and enhancing asset reliability and return on investment.
Impact of COVID-19 on Global Autonomous Ships Market
The COVID-19 epidemic has had a favourable impact on the 5G IoT industry. The lockdowns generated a global labour and material shortage, delaying the deployment of 5G networks. However, because of the pandemic-induced demand for digitization, organisations have been forced to deploy 5G networks to improve connection amongst their systems. Companies recognised the potential of 5G and its disruptive influence on their businesses, especially as they transitioned to automation and a real-time feedback environment. As a result, the epidemic has pushed industry digitization, leading to greater adoption.
Global 5G IoT Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AT & T Intellectual Property, Cisco, Huawei Technologies Co. Ltd., Intel Technology., NEC Corporation, Nokia, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Telefonaktiebolaget LM Ericsson, ZTE Corporation.
Global 5G IoT Market Segmentation:
By Component: Based on the Component, Global 5G IoT Market is segmented as; Services, Solution (Hardware, Software & Platform).
By Enterprise Size: Based on the Enterprise Size, Global 5G IoT Market is segmented as; Large Enterprises, Small & Medium Sized Enterprises.
By Network Size: Based on the Network Size, Global 5G IoT Market is segmented as; 5G NR Non-standalone architecture, 5G NR Standalone Architecture.
By End User: Based on the End User, Global 5G IoT Market is segmented as; Agriculture, Energy & utilities, Government & Public Safety, Healthcare, Manufacturing, Transportation & Logistics, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.