New York, USA, May 16, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global 5G IoT market is expected to garner a revenue of $12,556.5 million and rise at a healthy CAGR of 28.1% over the analysis period from 2021 to 2028.
As per our analysts, with the increasing development of connected technologies, such as 5G networks, robots, edge computing, and many more, the 5G IoT market is expected to experience remarkable growth over the forecast timeframe. Besides, the growing industrial automation for remote monitoring and autonomous operations is expected to bolster the growth of the market during the estimated period. Moreover, the increasing demand for a private 5G network among industries and the government for better communication is expected to create expansive growth opportunities during the analysis period. However, the lack of standardization of IoT protocol and security concerns may impede the market's growth throughout the forecast timeframe.
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Segments of the 5G IoT Market
The report has divided the market into segments based on technology, end-use, and region.
Technology: Enhanced Mobile Broadband (eMBB) Sub-Segment to be Most Lucrative
The enhanced mobile broadband (eMBB) sub-segment is expected to generate a revenue of $4,923.4 million over the analysis period. The increasing use of eMBB 5G technologies such as higher-spectrum bands to provide wireless internet to many unreached coverage regions is expected to augment the growth of the market sub-segment throughout the estimated period.
End-Use: Manufacturing Sub-Segment to be Most Profitable
The manufacturing sub-segment is expected to garner a revenue of $4,334.8 million during the forecast timeframe. The rapid shifting of manufacturers towards automation and digitization to improve ROI, minimize costs, and improve productivity is expected to propel the growth of the market sub-segment during the analysis period.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the 5G IoT market is expected to generate a revenue of $3,665.2 million over the forecast timeframe. This is mainly because of the increasing development of 4G and 5G networks in this region. Moreover, the strong presence of large mobile subscribers and competitive businesses focusing on better customer services in this region is expected to thrive the regional growth of the market throughout the estimated timeframe.
Covid-19 Impact on the 5G IoT Market
The wake of the Covid-19 pandemic has badly impacted the 5G IoT market, likewise several other industries. Due to the spontaneous spread of the deadly virus, governments of many nations have postponed the spectrum actions, infrastructure contracts, and various preparation activities for 5G rollouts during the pandemic period. All these factors have declined the growth of the market, however, leading communication service providers started focusing on bringing up IoT, augmented reality (AR), and other related technologies which are expected to boost the growth of the market over the analysis period.
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Key Players of the 5G IoT Market
The major players of the 5G IoT market include
- Sierra Wireless
- Fibocom Wireless
- Huawei Technologies Co Ltd.
- Sunsea AIoT
- Telit
- Qualcomm
- Quectel Wireless
- Thales Group
- SEQUANS
- Rolling Wireless, and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, collaborations and partnerships, and product development to obtain leading positions in the global industry. – Inquire to get access to strategic development by key Business Players Report
For instance, in October 2021, Sierra Wireless, a leading Canadian multinational wireless communications equipment designer, manufacturer, and services provider, announced its collaboration with STMicroelectronics, a renowned French-Italian multinational electronics and semiconductors manufacturer. With this collaboration, the companies aimed to create and deploy IoT solutions including better connections to cloud services.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
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- 5G IoT Market to Surpass $12,556.5 Million by 2028, Owing to the Increasing Development of IoT Devices across the Globe
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