New York, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global 5G IoT market is projected to generate a revenue of $12,556.6 million and grow at 28.1% CAGR over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market, such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the 5G IoT Market
Drivers: Rising utilization of IoT devices especially among the manufacturing industries along with the growing deployment of 5G communications and growing adoption of machine-to-machine (M2M) communications are some driving factors for the global 5G IoT market growth during the forecast period. In addition, increasing industrial automation and growing development of connected technologies are some more factors to boost the market growth by 2028.
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Opportunities: The rising demand for private 5G networks among industries and governments along with the application of 5G IoT concept in several applications like connected factories, self-driving cars, smart retail, rural broadband, and connected healthcare are some factors to offer abundant growth opportunities for the global 5G IoT market during the analysis years.
Restraints: High cost of 5G deployment and lack of standardization of the IoT protocol are the major hampering factors for the market growth.
Covid-19 Impact on the 5G IoT Market
The onset of the covid-19 catastrophe has had a moderate impact on the global 5G IoT market. This was mainly due to reduced demand for telecom services and semiconductors and delayed rollouts of 5G networks amid the pandemic stress. In addition, governments across the world postponed spectrum auctions and communication service providers (CSP) also stopped their preparatory experiments for 5G infrastructure. However, remote working and high demand for improved connectivity during the pandemic along with extended data consumption packages were some factors that helped the market revive its growth rate and focus on IoT, augmented reality, virtual reality, and other related technologies.
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Segments of the 5G IoT Market
The report has divided the 5G IoT market into a couple of segments based on technology, end-use, and regional analysis.
Technology: Massive Machine-type Communication (mMTC) Sub-segment to be Most Dominant
The massive machine-type communication sub-segment is predicted to hold a dominant market share and gather a revenue of $3,057.0 million during the forecast years due to increased wireless communication of machines which creates a network of interconnected machine type devices (MTD), also known as Internet of Things. Moreover, the key benefits of mMTC like high-speed and sustained connections, reliability, and improved access to real-time information are some more factors to propel the sub-segment’s growth rate by 2028.
End-use: Manufacturing Sub-segment to be Highly Beneficial
The manufacturing sub-segment of the global 5G IoT market is estimated to have the highest growth rate and garner a revenue of $4,334.8 million by 2028 due to manufacturers’ increased shift towards digitalization and automation to enhance ROI and reduced costs of implementing 5G IoT infrastructure for manufacturing applications. Moreover, new operational efficiencies and shop floor productivity offered by the 5G IoT technology is anticipated to further bolster the sub-segment’s growth.
Region: Market in the Asia-Pacific Region to Have the Fastest Growth Rate
The 5G IoT market in the Asia-Pacific region is expected to witness better growth opportunities and register a revenue of $3,665.2 million during the analysis timeframe mainly due to increasing deployment of 5G networks across countries like Singapore, China, India, South Korea, Japan, etc. along with the region’s large mobile subscriber base. Moreover, rising implementation of technologies like edge computing, blockchain, 5G core technology, etc. is also projected to uplift the market development by 2028.
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Significant 5G IoT Market Players
Some significant 5G IoT market players include
- Thales Group
- Telit
- Rolling Wireless
- Fibocom Wireless
- Sunsea AIoT
- Qualcomm
- Sierra Wireless
- SEQUANS
- Quectel Wireless
- Huawei Technologies Co Ltd, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Purchase Inquire before Buying the Full Report
For example, in December 2020, Nokia Corporation, a leading multinational telecommunications, consumer electronics, and information technology organization, announced its partnership with AT&T Inc., an American telecoms leader, to provide improved IoT connectivity to businesses across the globe on the next generation 5G network.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about 5G IoT Market:
- 5G IoT Market Growth by 2028 | Development of Connected Technologies and Increasing Industrial Automation
- 5G IoT: Enabling Industries to Enhance their Performance with Greater Efficiency and Increased Productivity
- Global 5G IoT Market Anticipated To Generate A Revenue Of $12,556.5 Million, Growing At A CAGR Of 28.1% From 2021 To 2028 - Research Dive
