Press release
5G IoT Market worth $95.4 Billion by 2028, growing at a CAGR of 66.9% within the Forecast Period 2024-2033
5G IoT Market Report
The Business Research Company offers in-depth market insights through 5G IoT Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The 5G IoT market size has grown exponentially in recent years. It will grow from $7.4 billion in 2023 to $12.31 billion in 2024 at a compound annual growth rate (CAGR) of 66.3%. The growth in the historic period can be attributed to mobile network evolution, rise of smart devices, surge in data generation, governmental support and initiatives, global economic conditions.
The 5G IoT market size is expected to see exponential growth in the next few years. It will grow to $95.4 billion in 2028 at a compound annual growth rate (CAGR) of 66.9%. The growth in the forecast period can be attributed to increased IoT adoption, smart manufacturing, global connectivity demand, digital transformation initiatives, 5G network infrastructure investments. Major trends in the forecast period include integrating artificial intelligence, customized virtual networks, 5G-enabled smart cities, integrating blockchain technology, ecosystem collaboration.
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Market Segmentation:
The 5G IoT market covered in this report is segmented -
1) By Component: Solution, Hardware, Software and Platform, Services
2) By Network Type: 5G Standalone (SA), 5G Non-Standalone (NSA)
3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
4) By End User: Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Other End Users
Major Driver - The Role Of Surging Mobile Data Traffic In Driving 5G IoT Market Expansion
A surge in mobile network data traffic is expected to propel the growth of the 5G IoT market going forward. 5G IoT helps to support large volumes of mobile network data traffic and large numbers of users, including IoT devices. Large volumes of mobile network data traffic aid in the expansion of the 5G IoT by providing fast, dependable, low-latency, and secure connections. For instance, according to a report by Ericsson, a Sweden-based telecommunications company, between Q1 2021 and Q1 2022, the global data traffic on mobile networks increased by 40%. Also, between Q4 2021 and Q1 2022, the growth in mobile network data traffic was about 10% quarter over quarter. Therefore, the surge in mobile network data traffic is driving the growth of the 5G IoT market.
Competitive Landscape:
Major companies operating in the 5G IoT market report are Samsung Electronics Co. Ltd., China Mobile Ltd., Verizon Communications Inc., Deutsche Telekom AG, AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile International AG, China Telecom Corporation Limited, LG Electronics Inc., Intel Technology Corporation, Cisco Systems Inc., NTT Docomo Inc., China Unicom Limited, Vodafone Group plc, Orange S.A., Telefonica S.A, Qualcomm Technologies Inc., Fujitsu Ltd., BT Group plc, Ericsson AB, Nokia Corporation, NEC Corporation, Telstra Corporation Limited, Thales Group, KT Corporation, TIM S.p.A., ZTE Corporation, SK Telecom Co. Ltd., Swisscom AG, Singtel Optus Pty Limited
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Top Trend - Innovative Products Enhanced 5G IoT Market Presence
Major companies operating in the 5G IoT market are focusing on innovative products, such as RAN software, to better meet the needs of their existing consumers. The term RAN software refers to the software components that regulate and manage radio communications connecting mobile devices (such as smartphones) and the cell phone network. For instance, in June 2023, Telefonaktiebolaget LM Ericsson, a Sweden-based telecommunications company that offers 5G IoT services, launched Ericsson Reduced Capability (RedCap). Ericsson's reduced capability will help to build an ecosystem for new sorts of devices that can connect to 5G networks. An expanding additional radio (NR) device ecosystem with additional capabilities will drive the expansion of even more 5G use cases. Ericsson RedCap will enable wearables that are available with only LTE devices and will promote leaner techniques for minimizing device energy usage. Ericsson RedCap will handle low-complexity devices such as augmented reality (AR) smartwatches, video surveillance devices, industrial sensors, and smart energy systems. The innovative method uses less energy than conventional LTE low categories and has already piqued the interest of the wearable OEM (original equipment manufacturer) business.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. 5G IoT Market Characteristics
3. 5G IoT Market Trends And Strategies
4. 5G IoT Market - Macro Economic Scenario
5. 5G IoT Market Size And Growth
…..
27. 5G IoT Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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