The rise in mobile data traffic, advancements in wireless technology, and development of massive 5G IoT ecosystem and critical communication services drive the growth of the global 5G IoT market. However, lack of standardization in IoT protocols and the use of 4G LTE technology for IoT hinder the market growth. On the contrary, the rise in demand for smart infrastructure solutions is expected to open new opportunities in the future.
The global 5G IoT market was accounted for $1.45 billion in 2020 and is projected to garner $285.28 billion by 2030, registering a CAGR of 69.8% from 2021 to 2030.
A 5G network is an innovative technology that offers significantly faster speed and a more reliable connection solution to the Internet of Things applications than any networks before it. The emergence of 5G network technology in the Internet of Things enables next-generation IoT to use cases that will leverage edge computing to make the Internet of Things more efficient and effective. Furthermore, as the telecoms sector globally begins to build 5th generation mobile communication technology, the growth in dynamic and powerful computing infrastructure is beginning to take shape, which will accelerate the acceptance of IoT devices and services across multiple sectors. Moreover, the rise of the need for Internet of Things applications across agriculture, healthcare, hospitality, and other sectors is creating complexities for prime enterprises to adopt faster communication network solutions, which is propelling the need for 5G network solutions.
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5G IoT Market Segment Overview
The report segments the global 5G IoT market on the basis of component, network type, enterprise size, end user, and region.
Based on component, the solution segment held the largest share in 2020, contributing to nearly three-fourths of the market. However, the services segment is estimated to register the highest CAGR of 73.4% from 2021 to 2030.
On the basis of network type, the 5G non-standalone segment dominated the 5G IoT market in 2020, accounting for around three-fourths of the market. However, the 5G standalone segment is projected to register the highest CAGR of 75.8% during the forecast period.
The global 5G IoT market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. Moreover, the same region is anticipated to register the highest CAGR of 74.4% during the forecast period.
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5G IoT Market Key Players
The global 5G internet of things market includes an in-depth analysis of the prime market players such as AT & T Intellectual Property, Cisco, Telefonaktiebolaget LM Ericsson, Qualcomm Incorporated, Huawei Technologies Co. Ltd., Intel Technology, Samsung Electronics Co. Ltd., Nokia, NEC Corporation and ZTE Corporation.
The report provides a detailed examination of the top players in the global 5G IoT market. These players have initiated various strategies such as the launch of new products, collaborations, geographical expansion, agreements, and others to boost their market share and maintain their leading position in different regions. The report is valuable in highlighting top winning segments, product portfolios, business performance, and strategic moves of leading players to showcase the competitive edge.
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