The adoption of 5G technology for low-latency and critical Internet of Things (IoT) applications is set to revolutionize industries and drive the growth of the 5G IoT market. According to a recent report publishedAllied Market Research, the global 5G IoT market is projected to reach a staggering value of USD 285.28 billion2030, with a remarkable compound annual growth rate (CAGR) of 69.8% from 2021 to 2030.
The rise in mobile data traffic, advancements in wireless technology, and the development of a massive 5G IoT ecosystem and critical communication services are key factors fueling the growth of the global 5G IoT market. However, challenges such as the lack of standardization in IoT protocols and the use of 4G LTE technology for IoT applications hinder market growth. Despite these challenges, the increasing demand for smart infrastructure solutions is expected to create new opportunities in the future.
The 5G IoT market is segmented based on components, enterprise size, network type, and industry vertical. Solutions (hardware, software, and platforms) and services make up the components segment. Large enterprises and small and medium-sized enterprises (SMEs) represent the enterprise size segment. Network type is divided into 5G NR standalone architectures and 5G NR non-standalone architectures. Industry verticals include manufacturing, healthcare, energy & utilities, transportation & logistics, agriculture, government & public safety, and others. The market is also analyzed across major regions such as North America, Europe, Asia-Pacific, and LAMEA.
In terms of market share, the solution segment dominated in 2020, accounting for roughly three-fourths of the market. However, the services segment is anticipated to register the highest CAGR of 73.4% from 2021 to 2030. Additionally, the 5G non-standalone segment held the largest market share in 2020, but the 5G standalone segment is expected to exhibit the highest CAGR of 75.8% during the forecast period.
As for regional analysis, Asia-Pacific leads the global 5G IoT market, accounting for more than one-third of the market share in 2020. The region is also projected to have the highest CAGR of 74.4% during the forecast period.
The global 5G IoT market boasts several key players, including 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. These companies are at the forefront of driving innovation and shaping the future of 5G IoT technology.
FAQ
Q: What is the projected market value of the 5G IoT market2030?
A: The projected market value of the 5G IoT market2030 is USD 285.28 billion.
Q: What are the challenges hindering the growth of the 5G IoT market?
A: The lack of standardization in IoT protocols and the use of 4G LTE technology for IoT applications are the main challenges hindering the growth of the 5G IoT market.
Q: Which segment is expected to register the highest CAGR in the 5G IoT market?
A: The services segment is expected to register the highest CAGR of 73.4% from 2021 to 2030 in the 5G IoT market.
Q: Which region leads the global 5G IoT market?
A: Asia-Pacific leads the global 5G IoT market, accounting for more than one-third of the market share in 2020.
Q: Who are the key players in the global 5G IoT market?
A: Key players in the global 5G IoT market include 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.