5G IoT Market size to grow by USD 77.59 billion between 2022 - 2027, Growth Driven by Rising adoption of 5G technology - Technavio
The potential growth difference for the 5G IoT market between 2022 and 2027 is USD 77.59 billion.
NEW YORK, Oct. 10, 2023 /PRNewswire/ -- The 5G IoT Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the 5G IoT market between 2022 and 2027 is USD 77.59 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Increasing adoption of 5G is the major factor driving the growth of the global 5G Internet of Things market. By offering consumers a variety of use cases and business models, 5G will enable a fully mobile and connected environment. Further, the high data speed and extremely low latency of 5G technology will improve the user experience. With the inclusion of the 5G network with the IoT system in a potent digital strategy, smart manufacturers will be able to plan, operate with extreme flexibility, and accelerate the path toward an agile ecosystem of suppliers and customers, with the business at its center. However, the integration of 5G and IoT in transformation strategies has immensely accelerated the realization of the goal. For instance, in smart factories, connected hospitals, connected transportation facilities, and other locations, businesses use 5G to interact with IoT sensors. Fixed wireless access and customer premises equipment (CPE), which are common infrastructure elements in smart cities, are currently functional with fast 5G connections. Thus, the growing demand for higher data speeds is estimated to drive the growth of the market during the forecast period.
Market Challenge -
- A primary challenge hindering the growth of the 5G IoT market is the lack of awareness about IoT.
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The 5G IoT market is segmented by Type (5G non-standalone and 5G standalone), Component (Hardware, Services, Platform, and Connectivity), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
- By Type, the market share growth by the 5G non-standalone segment will be significant for market growth during the forecast period. Non-SA 5G is the first phase of 5G that uses a new 5G radio (or 5G NR) access network on top of the existing 4G LTE network core. As autonomous vehicles move from trials to commercial deployments, demand for 5G IoT devices is expected to increase during the forecast period.
- By Geography, APAC contributes to 48% of the global market growth during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the 5G IoT market:
Anritsu Corp., AT and T Inc., Cavalier Wireless Inc., Celona Inc., China Mobile Ltd., Deutsche Telekom AG, Nokia Corp., Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Reliance Industries Ltd., SATELIO IoT SERVICES, S.L., Semtech Corp., Sequans Communications SA, Shenzhen ThinkWill Communication Technology Co., Ltd., Telefonaktiebolaget LM Ericsson, Telenor Group, Telit IoT Platforms LLC, Thales Group, Verizon Communications Inc., Vodafone Group Plc
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The Internet of Things (IoT) Chip Market is estimated to grow at a CAGR of 12.7% between 2022 and 2027. The market size is forecasted to increase by USD 13,853.11 million.
The cellular IoT market size is estimated to grow at a CAGR of 23% between 2022 and 2027. The market size is forecast to increase by USD 8,073.13 million.
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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