Global 5G IoT Market Set For 66.9% Growth, Reaching $95.4 Billion By 2028
5G IoT Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What does the past growth of the 5G IoT market tell us?
The 5G IoT market size has witnessed remarkable growth in the recent years. The market rose from a substantial $7.4 billion in 2023 to an impressive $12.31 billion in 2024, demonstrating a compound annual growth rate CAGR of 66.3%. Major factors contributing to this rapid growth during the historical period have been mobile network evolution, the surge in smart devices, an increase in data generation, governmental support and initiatives, alongside favourable global economic conditions.
What are the Projections for the 5G IoT Market?
According to estimates, the 5G IoT market size is predicted to experience a meteoric rise in the coming years. The market is anticipated to grow to a staggering $95.4 billion by 2028 with a compound annual growth rate CAGR of 66.9%. The growth in the forecast period can be attributed to increased IoT adoption, advances in smart manufacturing, a rising demand for global connectivity, innovative digital transformation initiatives, and significant investments in 5G network infrastructure.
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What are the major drivers of the 5G IoT market?
An increase in mobile network data traffic is expected to be a major driving force for the future growth of the 5G IoT market. Accommodating large volumes of mobile network data traffic and an increasing number of users, including IoT devices, is where 5G IoT steps in. It provides fast, reliable, low-latency, and secure connections, enabling the expansion of the 5G IoT market. As highlighted in a report from Ericsson, a leading Sweden-based telecommunications company, the global data traffic on mobile networks witnessed a massive increase of 40% between Q1 2021 and Q1 2022. Impressively, the growth in mobile network data traffic surged by about 10% quarter over quarter between Q4 2021 and Q1 2022. These figures elucidate the pivotal role of burgeoning mobile network data traffic in propelling the growth of the 5G IoT market.
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Who are the prominent players in the 5G IoT market?
Samsung Electronics Co. Ltd., China Mobile Ltd., Verizon Communications Inc., Deutsche Telekom AG, AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile International AG, China Telecom Corporation Limited, LG Electronics Inc., Intel Technology Corporation, Cisco Systems Inc., and NTT Docomo Inc. are just a few of the major companies featured in the 5G IoT market report. These industry stalwarts continue to shape the dynamics of this booming market.
What emerging trends are influencing the growth of the 5G IoT market?
A key trend shaping the growth trajectory of the 5G IoT market is the promise of advanced technologies. To retain their competitive edge, major companies operating in the market are consistently pushing the envelope of innovation to develop advanced technologies and software. A recent example is the February 2022 launch by Radisys Corporation, a US-based company that provides open telecom solutions. The company introduced the Connect RAN 5G IoT software stack, providing a comprehensive array of 5G RAN technology. The software includes assorted features tailored for a wide range of IoT applications such as metering and asset tracking, ultra-low latency, time-sensitive industrial deployments, video surveillance, and implementation of wearables. With lower initial CAPEX investment, the Connect RAN 5G IoT software from Radisys promises a faster time-to-market for a host of new use-case scenarios.
How is the 5G IoT market segmented?
The 5G IoT market report segments the market by:
1 Component: Solution, Hardware, Software and Platform, Services
2 Network Type: 5G Standalone SA, 5G Non-Standalone NSA
3 Enterprise Size: Large Enterprises, Small and Medium Enterprises
4 End User: Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Other End Users
Which regions dominate the 5G IoT market landscape?
North America, as of 2023, held the largest market share in the 5G IoT market. The report extensively covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing readers with a global perspective of the 5G IoT market landscape.
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