5G IoT Market is Likely to Increase at a Significantly High CAGR during Forecast Period 2031

The global 5G IoT market is anticipated to grow significantly at a CAGR of 38.8% over the forecast period (2024-2031). The key companies across the globe are adopting different business strategies including expanding their geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. For instance, in January 2021, AT&T has begun offering 5G+ services in some of Tampa's most popular places and venues, including the Channel District, Raymond James Stadium, and Tampa International Airport.

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In February 2021, Verizon Enterprise Solutions, Inc. announced a partnership with Zyter®, leading digital health, and IoT-enablement platform, to assist sports and entertainment venues to enhance operations while providing a smarter, more immersive fan experience. Zyter's technologies, which are based on Verizon's 5G network and MEC technology, can make returning to venues of various kinds easier and more efficient, including stadiums, workplaces, schools, travel hubs, and anywhere else where people congregate. The award-winning thermal imaging platform Zyter ThermalAlert can automatically monitor the temperatures of fans as they enter a venue. When combined with Verizon 5G Ultra-Wideband and 5G Edge's high bandwidth and vast processing capacity, the process can be optimized for faster entry and less congestion than manual methods utilizing in-person, handheld temperature scanners. This partnership was done after COVID-19, as temperature screening has become very essential at every place.

In November 2020, Cradlepoint, the global leader in Wireless WAN Edge 4G and 5G solutions for the enterprise sector, has been acquired by Ericsson. Ericsson's continuous objective of acquiring market share in the fast increasing 5G enterprise space leads to increase investment. The acquisition was done for around $1.2 billion. Companies can use Cradlepoint's solutions to connect locations, vehicles, mobile workforces, and IoT devices utilizing cellular technology simply and securely. Ericsson has been able to generate lucrative new revenue streams for its customers by delivering 5G-enabled enterprise services using the unified solution. Cradlepoint's international expansion has been aided by Ericsson's global footprint and long-standing ties with the global major service providers. Hence, owing to these aforementioned factors, the growth of the 5G IoT market is likely to be witnessed over the forecast period.

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Market Coverage

Segment Covered-
o By Components

o By Network

o By End-User

Regions Covered-
o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- AT&T, Inc., Ericsson Inc., Affirmed Networks, Qualcomm Inc., Orange S.A., SAP SE, Verizon Enterprise Solutions, Inc., China Mobile Ltd., Huwaei Technologies Co. Ltd., ZTE Corp., and Vodaphone Group PLC, among others
Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
Global 5G IoT Market - Segmentation

By Components

Hardware
Platform
Connectivity
Services
o Professional Services

o Managed Services

By Network

5G Standalone
5G Non-Standalone
By End-User

BFSI
Manufacturing
Healthcare
Energy and Utilities
Automotive and Transportation
Government and Defense
Residential
Others End-User (Smart Building, Agriculture, and Education)


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