A new research reportCustom Market Insights predicts that the global 5G IoT market will reach a value of approximately $61.7 billion2032. This growth is expected to be drivenfactors such as the connectivity revolution and the adoption of Industry 4.0.
The report highlights that the demand for 5G IoT has been steadily increasing, with the market size and share already reaching $9.8 billion in 2022. It is projected to further grow to $13.9 billion2023, before reaching the predicted value of $61.7 billion2032. This translates to a compound annual growth rate (CAGR) of around 36.5% during the forecast period.
One of the key drivers behind the growth of the 5G IoT market is the connectivity revolution. The high-speed, low-latency connectivity provided5G technology has a revolutionary impact on various industries and enables a wide range of IoT applications. This has led to increased demand for 5G IoT devices, platforms, and services.
Furthermore, the adoption of Industry 4.0 is also contributing to the growth of the 5G IoT market. The ongoing advancements in 5G technology are facilitating the integration of smart devices, sensors, and autonomous systems across sectors. This enables the implementation of advanced automation and data exchange in industries, leading to increased productivity and efficiency.
The scalability of 5G networks is another factor that supports the growth of the market. The ability to accommodate massive deployments of IoT devices and handle large volumes of data is crucial for industries seeking to leverage the full potential of IoT technologies.
Key players in the global 5G IoT market mentioned in the report include Qualcomm Technologies Inc., Huawei Technologies Co. Ltd., Ericsson, Nokia Corporation, and Intel Corporation, among others.
In conclusion, the 5G IoT market is predicted to experience significant growth in the coming years, driventhe connectivity revolution and the adoption of Industry 4.0. The market is expected to reach a value of $61.7 billion2032, presenting opportunities for various industries to enhance their operations and unlock the full potential of IoT technologies.