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IoT Telecom Services, Industry Insights, Global Trends
Global IoT Telecom Services, Industry Report, Growth
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According to The Business Research Company's, The iot telecom services market size has grown exponentially in recent years. It will grow from $18.76 billion in 2023 to $25.79 billion in 2024 at a compound annual growth rate (CAGR) of 37.5%. The growth in the historic period can be attributed to proliferation of connected devices, demand for real-time data analytics, emergence of 4g/lte networks, increased adoption of smart cities initiatives, growth in industrial iot applications.
The iot telecom services market size is expected to see exponential growth in the next few years. It will grow to $82.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The growth in the forecast period can be attributed to deployment of 5g networks, expansion of edge computing capabilities, rising demand for low latency and high bandwidth, continued expansion of iot in various industries, need for cost-effective and efficient telecom services. Major trends in the forecast period include integration of ai and machine learning in iot telecom services, convergence of iot and blockchain technologies, focus on iot security solutions and standards, development of industry-specific iot telecom services, integration of iot with augmented reality (ar) and virtual reality (vr).
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Market Drivers and Trends:
The increase in adoption of 5G networks across the world will propel the IoT telecom services market during the forecast period. 5G is the 5th generation mobile network for higher speed and responsiveness of wireless networks. With increased 5G network speed, bandwidth, and lower latency, connected devices can communicate effectively, giving telecom companies quicker and better asset management and remote system monitoring options. According to a 2022 study conducted by Verizon, a US-based telecommunications company, and Incisiv, a US-based consumer industry insights company, the overall 5G adoption stands at about 13%, which is expected to triple by 2024. Therefore, increasing the adoption of 5G networks will drive the IoT telecom services market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
AT&T Intellectual Property, Verizon Communications Inc., Deutsche Telekom AG, Huawei Technologies Co. Ltd., Aeris Communications, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, PTC Inc., MongoDB Inc., Spectrum Enterprise, Samsara Networks Inc., Sierra Wireless Inc., GE Digital LLC, Telit Communications plc, Bosch IoT Sensor Company, SAP SE, Andersen Inc., ScienceSoft USA Corporation, Vention Inc., Altoros Americas LLC, Oxagile LLC, SumatoSoft LLC, Innowise Group LLC, Style Lab IoT Software Company, HQ Software Industrial IoT Company, ARM IoT Security Company, Siemens IoT Analytics Company
IoT Telecom Services Market 2024 Key Insights:
• The iot telecom services market size is expected to see exponential growth in the next few years. It will grow to $82.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%.
• Rapid Adoption Of 5G Networks Accelerates Growth In The IOT Telecom Services Market
• Technological Advancements Driving Innovation In IOT Telecom Services Market
• North America was the largest region in the IoT telecom services market in 2023
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