Westford, USA, May 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the 5G IoT market will attain a value of USD 136.18 billion by 2031, with a CAGR of 50.2% over the forecast period (2024-2031). Advancements on the Internet of Things (IoT) technology and the rising deployment of 5G networks are slated to bolster 5G IoT market growth in the future.
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Browse in-depth TOC on "5G IoT Market"
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5G IoT Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 5.26 Billion |
| Estimated Value by 2031 | $ 136.18 Billion |
| Growth Rate | Poised to grow at a CAGR of 50.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, IoT Connectivity, Vertical, Network Architecture, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Investments in the development of smart infrastructure |
| Key Market Drivers | Advancements in IoT and connectivity technologies |
Investments in 5G Infrastructure Development Helps Hardware Segment Dominate
5G is a relatively new technology and is not as widely deployed around the world yet. Growing investments by companies to develop new 5G infrastructure around the world are projected to bolster the demand for 5G hardware and help this segment maintain its dominance through 2031. Increasing integration of 5G hardware into different business solutions is also a driving factor for market growth.
Adoption of Automation in Industries Projected to Help Industrial Automation IoT Segment Expand at a Rapid Pace
The use of automation in different industry verticals has increased rapidly in recent years and 5G IoT plays a crucial role in improving the connectivity of industrial automation solutions. Advancements in Industrial IoT (IIoT) development are also projected to help this segment expand at a rapid pace over the coming years.
Growing Deployment of 5G Networks Help Asia Pacific Maintain Dominance
The deployment and adoption of 5G networks are swiftly advancing throughout numerous countries in the Asia-Pacific region, poised to bolster the region's dominant position. The increasing use of 5G IoT solutions in industrial automation will be a major factor boosting the market growth in this region. China, India, and Japan are estimated to be the top markets for 5G IoT companies in this region going forward.
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5G IoT Market Insights:
Drivers
- Rising utilization of wireless technologies
- High adoption of 5G technology
Restraints
- Lack of awareness regarding benefits of 5G IoT
- Absence of standardization of 5G IoT protocols
- Uncertainty in return on investments of IoT technologies
Prominent Players in 5G IoT Market
- Nokia Corporation
- AT&T Inc.
- Cisco Systems Inc.
- Telefonaktiebolaget LM Ericsson
- Verizon Communications Inc.
- Vodafone Limited
- Qualcomm Technologies Inc.
- Samsung Electronics Co. Ltd.
- ZTE Corporation
- Microsoft Corporation
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Key Questions Answered in 5G IoT Market Report
- What drives the global 5G IoT market growth?
- Who are the leading 5G IoT providers in the world?
- Which region leads the demand for 5G IoT in the world?
This report provides the following insights:
- Analysis of key drivers (growing adoption of 5G technology, increasing use of wireless technologies), restraints (lack of standardization of IoT protocols, lack of awareness regarding 5G IoT benefits, uncertain return on investment (ROI) for IoT technologies), and opportunities (rising demand for smart infrastructure development, high demand for advanced connectivity technologies), influencing the growth of 5G IoT market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the 5G IoT market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Global Internet Of Things (IoT) Market
Global IoT In Healthcare Market
Global Industrial Internet Of Things (IIoT) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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USA (+1) 351-333-4748
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