5G IoT Market: Current Analysis and Forecast (2022-2028)

5G IoT Market: Current Analysis and Forecast (2022-2028)

5G is transforming the Internet of Things (IoT). This is a powerful technology that enables a new generation of use cases leveraging edge computing to make IoT more effective and efficient. 5G is much faster than current LTE technology, this increased speed allows IoT devices to communicate and exchange data faster than ever before. For smart home devices, for example, this speed increase reduces latency and improves the overall speed at which connected devices send and receive data and notifications. In addition to smart home devices, nearly all IoT devices, including healthcare and industrial applications, will benefit from faster speeds.

The 5G IoT Market is expected to grow at a strong CAGR of around 71% owing to the growing demand for new emerging use cases such as smart cities, telemedicine, industrial automation, and others. Further on, a decrease in latency, high connection density, great spectrum efficiency, and up to 100 times more traffic capacity are some of the most prominent features that influence the adoption of 5G in IoT. The rapid adoption and expansion of 5G among countries are also contributing to the growth of the 5G IoT market. For instance, in June 2022, around 70 countries now have 5G networks, up from just 38 in mid-2020, according to a Global Mobile Suppliers Association (GSA) report.Based on component, the market is segmented into solutions and services. The solutions segment is further divided into hardware and software. The solutions segment catered to a significant share of the market in 2020. This large share is due to the increasing demand for IoT device modules across multiple industries and verticals, including manufacturing, energy and utilities, transportation and logistics, and smart citiesBy network type, the market is bifurcated into 5G standalone and 5G non-standalone. Among these two, the 5G standalone type accounted for a prominent share of the global 5G IoT market in 2020 and is expected to grow at a substantial CAGR mainly owing to some built-in capabilities such as network slicing, ultra-low latency, control, and user panel separation (CUPS), multi-Gbps support, virtualization, and others. The 5G Standalone network type is a brand new wireless network for 5G networks. It mainly includes a 5G radio access network (RAN) and a 5G core network. This network type is expected to be more effective than the non-standalone 5G network typeOn the basis of end-user, the market is divided into manufacturing, healthcare, automotive, agriculture, and others. The manufacturing sector is expected to grow at a strong CAGR during the forecast period. With Industry 4.0 underway, the emergence of 5G is accelerating the development of future smart factories with high-capacity wireless flexibility and low-latency performance. Manufacturers are embracing digitalization to reduce costs and improve ROI. 5G IoT promises new process efficiencies and cutting-edge technological advances to improve profitability and productivityFor a better understanding of the market adoption of the 5G IoT industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific 5G IoT market is anticipated to grow at a substantial CAGR during the forecast period. The region is dynamically changing in terms of the introduction of new technologies in various fields. The growth of infrastructure and increased deployment of 4G and 5G networks in APAC, especially in Japan, South Korea, Singapore, India, and China, presents great opportunities for the implementation of 5G IoT servicesSome of the major players operating in the market include AT&T, Verizon, Deutsche Telekom AG, Vodafone Group, Orange, Telefónica S.A., SAMSUNG ELECTRONICS CO. LTD., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., and Cisco Systems Inc.