As demand for low-latency and critical IoT applications increases, the adoption of 5G for such use cases will drive the growth of the 5G IoT market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 6, 2023 /EINPresswire.com/: Allied Market Research published a new report titled “The 5G IoT Market Statistics 2023: Strategic Analysis of Trends, Growth, and Segmentation | 69.8% CAGR from 2021 to 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The global 5G Internet of Things market 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.
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The rise in mobile data traffic, advancements in wireless technology, and the development of a 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 market growth. On the contrary, the rise in demand for smart infrastructure solutions is expected to open new opportunities in the future.
The 5G Internet of Things market is segmented on the basis of component, enterprise size, network type, and industry vertical. On the basis of components, the market is fragmented into solutions (hardware, software, and platforms) and services. Depending on enterprise size, the market is segregated into large enterprises and small and medium-sized enterprises. Based on network type, the market is fragmented into 5G NR standalone architectures and 5G NR non-standalone architectures. By industry vertical, it is categorized into manufacturing, healthcare, energy & utilities, transportation & logistics, agriculture, government & public safety, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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 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.
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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.
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.
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- The COVID-19 pandemic positively affected the market due to the rise in demand for IoT solutions among SMEs and major enterprises to improve their revenue opportunities.
- However, the pandemic created some challenges, including a lack of skilled workers to roll out 5G network technology across developing countries.
- On the contrary, a rise in demand for 5G IoT-based smart infrastructure would open new opportunities post-pandemic.
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