New York, USA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global 5G IOT market is projected to garner a revenue of $12,556.5 million by 2028, growing exponentially at a CAGR of 28.1% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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COVID-19 Impact on the Global 5G IOT Market
The outbreak of COVID-19 has had an adverse impact on the global 5G IOT market, owing to the prevalence of lockdowns in various countries across the globe. Numerous experiments and rollouts of 5G networks were being initiated in the year 2019. But lockdowns led to the large-scale closure of 5G projects, apart from the devasting impact of the pandemic on the semiconductor and telecom industry. Thus, the pandemic has had a negative impact on the growth of the market.
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Dynamics of the Global 5G IOT Market
Drivers: Significant surge in the development of connected technologies across the globe is expected to drive the growth of the market during the forecast period. In addition, increasing implementation of self-healing networks, IOT enabled sensors, robots, connecter devices, automations, edge computing, and many more in a variety of industries are further expected to bolster the growth of the 5G IOT market during the forecast period.
Restraints: Extortionate expense of 5G deployment is expected to impede the growth of the market during the forecast period.
Segments of the Global 5G IOT Market
The report has divided the 5G IOT market into various segments based on technology, end-use and region.
Technology: Enhanced Mobile Broadband Sub-segment to be Most Profitable
The enhanced mobile broadband (eMBB) sub-segment is expected to generate a revenue of $4,923.4 million during the forecast period. Extensive application of fixed wireless access (FWA) so as to use eMBB 5G technologies such as beamforming and higher-spectrum bands in the remote coverage areas is expected to drive the growth of the sub-segment during the forecast period.
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End-Use: Manufacturing Sub-segment to be Most Profitable
The manufacturing sub-segment is expected to generate a revenue of $4,334.8 million during the forecast period. Increasing prevalence of wireless flexibility and maximized 5G capacity has led to the development of smart, advanced factories. This factor is expected to bolster the growth of the 5G IOT market sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $3,665.2 million during the forecast period. Intensified deployment of 4G and 5G networks in this region is expected to stimulate the growth of the market. In addition, massive mobile subscriber base in this region is further expected to drive the growth of the regional 5G IOT market during the forecast period.
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Key Players of the Global 5G IOT Market
1. Sierra Wireless.
2. Fibocom Wireless
3. Huawei Technologies Co Ltd
4. Sunsea AIoT
5. Telit
6. Qualcomm
7. Quectel Wireless
8. Thales Group
9. SEQUANS
10. Rolling Wireless
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2021, Citymesh, an innovative Belgium-based telecom operator, acquired Sigfox, world’s leading service provider for Internet of Things (IoT), in order to support Citymesh’s customers’ IoT projects, using a single contract, anywhere in the world.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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