The 5G IoT market is expected to witness notable growth during the forecast period, owing to the rise in the development of wireless technologies.
PORTLAND, PORTLAND, OR, UNITED STATES, August 8, 2023/EINPresswire.com/ — As per the report published by Allied Market Research, 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.
The global 5G Internet of Things market is expected to witness considerable growth, owing to increase in demand for smart infrastructure solution, especially in emerging regions such as Asia-Pacific and Europe. Furthermore, emergence of sustainable 5G network solutions is anticipated to create potential opportunities for the market growth during the forecast period.
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Surge in mobile network data traffic and unleashing a massive 5G internet of Things ecosystem and critical communication services are the key factors that notably contribute toward the growth of the global 5G Internet of Things market. However, lack of standardization in IoT protocols coupled with 4G LTE technology is sufficient for certain IoT use cases is anticipated to restrain the market. On the contrary, rise in development in wireless technologies paired with rise in demand for smart infrastructure solutions is expected to drive the need for the 5G Internet of Things, which is anticipated to offer potential growth opportunities for the market during the forecast period.
The key players profiled in the 5G Internet of Things industry 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. These players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to strengthen their foothold in the 5G Internet of Things industry.
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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 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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• 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 lack skilled workforce 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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