5G IoT Market Global Key Players, Size, Demands, Growth Rate, CAGR, Trends and Forecasts to 2028- ReportsnReports

Rhea-AI Summary

The global 5G IoT market is anticipated to expand from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, achieving a CAGR of 35.1%. Growth is driven by the increasing adoption of low-cost sensors and 5G solutions, particularly among large enterprises. The consulting services sector is expected to witness the highest CAGR during this period, facilitating better understanding and implementation of IoT technologies. Additionally, short-range IoT devices will constitute a significant market share, while Europe is projected to have the second-highest growth rate, bolstered by advancements in 5G technology.

Positive

• Projected market growth from USD 13.2 billion in 2023 to USD 59.7 billion by 2028.
• CAGR of 35.1% indicates strong future demand for 5G IoT solutions.
• Large enterprises are increasingly adopting 5G IoT technologies, ensuring sustained investment.

Negative

• None.

PUNE, India, March 29, 2023 /PRNewswire/ -- The global 5G IoT market is projected to grow from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The availability of low-cost sensors is driving the 5G IoT market growth

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Large enterprises segment to account for larger market share during forecast period

A large enterprise is a business entity employing over 1,000 people. The adoption of 5G IoT solutions in large enterprises is high and is expected to continue during the forecast period. The 5G IoT has a broad range of scope in telecommunication and manufacturing industries due to its enhanced connectivity and adoption of automation technologies. And also, the integration of 5G IoT technologies has many use cases across various industries. Therefore, considering the potential of 5G IoT applications, large enterprises will continue to invest largely in these technologies.

Consulting services segment to account for highest CAGR during forecast period

Consulting services provide knowledge and advice to clients with in-depth product descriptions. It is provided by highly qualified industry experts, domain experts, and security professionals. Consulting services provide financial and technical analysis, economic modeling, and business case development. IoT consulting services assist businesses with a better understanding of IoT technologies and discover possible relevant use cases. IoT consultancy services also help build a robust implementation strategy. IoT consultancy services aim to support businesses in reducing operational costs, improving the working environment, restructuring business processes, and boosting products and services.

Short-range IoT devices enterprises segment to account for larger market share during forecast period

One of the most effective solutions is short-range connectivity. The short-range services can be deployed to different environments. Most applications of short-range connectivity are medical device data collection, residential energy monitoring, and building automation. A study conducted by Ericsson indicates that short-range IoT connectivity will account for more than half of the connected devices in 2026.

Second-highest region, Europe, to record highest CAGR during forecast period

Europe is one of the key contributors to the 5G IoT Market due to its early acceptance of upcoming technologies. Growing economies in the region, such as the UK and Germany, are expected to offer significant opportunities in the 5G IoT market. Europe has been the frontrunner in 5G trials and projects that are currently being implemented in various regions of the world. Various industries provide 5G services across Europe, including enhanced mobile broadband, massive machine-type communications, and ultra-reliable and low-latency communications.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the 5G IoT market.

• By Company: Tier I: 35%, Tier II: 39%, and Tier III: 26%
• By Designation: C-Level Executives: 55%, Directors: 40%, and Others: 5%
• By Region: North America: 38%, Europe: 40%, Asia Pacific: 21%, and RoW: 1%

The major players in the smart transportation market are China Mobile (China), AT&T (US), Verizon (US), T-Mobile US, INC. (US), Vodafone Group plc (UK), Orange SA (France), Telefónica S.A. (Spain), SK Telecom Co., Ltd (South Korea), Deutsche Telekom AG (Germany), Ericsson (Sweden), Huawei Technologies Co., Ltd. (US), Nokia Corporation (Finland), Samsung Electronics (South Korea), Cisco Systems (US), NEC Corporation (Japan), Semtech Corporation (US), Telit Cinterion (US), Quectel Wireless Solutions Co., Ltd (China), GosuncnWelink Corporation (China), Neoway Technology Co. Ltd. (China), Fibocom Wireless Inc. (China), u-blox AG (Switzerland), Sunsea AIOT Technology Co. Ltd. (China), Omniflow (Portugal), Tri Cascade Inc. (US), Celona (US), and Sequans Communications (France). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the 5G IoT market.

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Research Coverage

The market study covers the 5G IoT market across segments. It aims at estimating the market size and the growth potential of this market across segments, such as component, network type, organization size, type, end user, and region. It includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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FAQ

What is the projected growth of the 5G IoT market from 2023 to 2028?

The 5G IoT market is projected to grow from USD 13.2 billion in 2023 to USD 59.7 billion by 2028.

What is the CAGR for the 5G IoT market during the forecast period?

The CAGR for the 5G IoT market is expected to be 35.1%.

Which segment is expected to account for the highest CAGR in the 5G IoT market?

The consulting services segment is anticipated to account for the highest CAGR during the forecast period.

Which region is projected to experience significant growth in the 5G IoT market?

Europe is expected to record the highest CAGR during the forecast period.

What are the main drivers of the 5G IoT market growth?

The main drivers include the availability of low-cost sensors and the high adoption rate among large enterprises.