WESTFORD, Mass., July 1, 2024 /PRNewswire/ -- According
to SkyQuest, global 5G IoT Market size was valued at
USD 8.53 Billion in 2022 and is
poised to grow from USD 12.96 Billion
in 2023 to USD 136.18 Billion by
2031, growing at a CAGR of 34.12% in the forecast period
(2024-2031).
The use of 5G connectivity technology to connect Internet of
Things (IoT) devices refers to the 5G IoT market. The growing
deployment of 5G networks around the world and high investments in
the development of new 5G infrastructure is setting the tone for 5G
IoT market development going forward. The market is still in its
nascent stages and investing in the right segment will work wonders
for any 5G IoT company looking to make a mark in this market. The
global 5G IoT market is segmented into component, network
architecture, type, organization size, end user, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/5g-iot-market
5G IoT Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 12.96
billion
|
Estimated Value by
2031
|
$ 136.18
billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 34.12%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Components, Type,
End-User, Network Architecture, and Organization Size
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing demand for
Development of smart infrastructure (i.e., smart cities and smart
buildings)
|
Key Market
Drivers
|
Increasing Adoption of
Wireless Technologies is a driving factor of market
expansion
|
Segments Covered in the 5G IoT Market are as
follows:
- Components
-
- Hardware, Platform, Services (Professional Services
(Consulting, Deployment and Integration, Support and Maintenance),
Managed Services)
- Type
-
- Short-Range IoT Devices (Range up to 100 meter), Wide-Range IoT
Devices (Range more than 100 meter)
- End-User
-
- Manufacturing (Industrial Automation, Predictive Maintenance,
Asset Monitoring), Healthcare (Remote Patient Monitoring, Connected
Ambulance, Asset Tracking For Medical Devices, Connected Medical
Devices), Energy and Utilities (Smart Grid, Smart Meter, Pipeline
Management), Automotive and Transportation (Fleet
Management/Telematics, Connected Car, Autonomous Vehicle), Supply
Chain and Logistics (Asset Tracking, Inventory Management,
Logistics and Warehouse Automation), Agriculture (Precision
Farming, Livestock Monitoring, Asset Tracking), Government and
Public Safety (Smart Parking, Smart Street Lighting, Water and
Waste Management, Public Safety and Surveillance, Environment
Monitoring), Other End Users (Retail, Smart Building,
Education)
- Network Architecture
-
- 5G Non-Standalone, and 5G Standalone
- Organization Size
-
- Large Enterprises, Small and Medium-Sized Enterprises
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/5g-iot-market
New Arrival of 5G Network Boosts Demand for Novel Hardware
Components
5G is a very new connectivity technology and the infrastructure
for this technology is not yet fully built. Any company looking to
make a mark in the 5G IoT market should focus on the development of
5G IoT hardware and infrastructure. High investments in the
research and development of novel 5G-specific hardware and growing
sales of hardware components as companies invest in 5G
infrastructure are also helping this segment account for a notable
market share.
As 5G technology develops and becomes common, the need for 5G
IoT services will also increase over time. This is why 5G IoT
companies looking to play the long game should start developing 5G
IoT services to get a head start on the competition. Maintenance,
support, and security are projected to be key services that 5G IoT
market players should target in the future.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/5g-iot-market
Large Enterprises Take Initiative in 5G Adoption Backed by
their Immense Capital Resources
Large enterprises are expected to lead the adoption of 5G IoT
devices and services around the world. High spending potential of
these establishments allows them to gain access to this relatively
new and expensive 5G IoT technology. The growing emphasis of
different multinational corporations on incorporating automation in
their operations and workflow will help this segment maintain its
dominance in the long term.
Increase in affordability of 5G IoT products and services in the
future will surely open the doors of small and medium enterprises
(SMEs) for market players. Subscription-based 5G IoT models will be
highly coveted amongst SMEs over the coming years and new companies
have immense scope for growth in this segment.
Trend of Connected Vehicles Makes Automotive Industry Highly
Opportune for 5G IoT Companies
The automotive industry is forecasted to be highly opportune for
5G IoT companies as the demand for better connectivity in vehicles
increases. Requirement of connectivity for navigation and other
applications in a vehicle is what is projected to promote the
adoption of 5G IoT in the automotive space. The manufacturing
industry will also be greatly impacted by the high adoption of 5G
IoT owing to the rise of automation and the adoption of smart
manufacturing practices. Increasing demand for smart infrastructure
development and growing smart cities are also slated to uplift the
sales of 5G IoT products in the long run.
The global 5G IoT market is highly opportune no matter which
segment a company invests in. However, new companies should focus
on innovation to make a bigger impact and compete with established
market players.
Related Reports:
Internet Of Things (IoT) Market
IoT Sensors Market
IoT Security Market
IoT In Healthcare Market
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.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: mailto:sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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