Rise in mobile data traffic, advancements in wireless technology, and development of massive 5G IoT ecosystem and critical communication services drive the growth of the global 5G IoT market. The market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. The Covid-19 pandemic positively affected the market due to rise in demand for IoT solutions among SMEs and major enterprises to improve their revenue opportunities.
Portland, OR , Nov. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global 5G IoT market was accounted for $1.45 billion in 2020 and is projected to garner $285.28 billion by 2030, registering a CAGR of 69.8% from 2021 to 2030.
The rise in mobile data traffic, advancements in wireless technology, and development of massive 5G IoT ecosystem and critical communication services drive the growth of the global 5G IoT market. However, lack of standardization in IoT protocols and the use of 4G LTE technology for IoT hinder the market growth. On the contrary, the rise in demand for smart infrastructure solutions is expected to open new opportunities in the future.
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The Covid-19 pandemic positively affected the market due to the rise in demand for IoT solutions among SMEs and major enterprises to improve their revenue opportunities.
However, the pandemic created some challenges including lack skilled workforce to roll out 5G network technology across developing countries.
On the contrary, a rise in demand for 5G IoT-based smart infrastructure would open new opportunities post-pandemic.
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The report segments the global 5G IoT market on the basis of component, network type, enterprise size, end user, and region.
Based on component, the solution segment held the largest share in 2020, contributing to nearly three-fourths of the market. However, the services segment is estimated to register the highest CAGR of 73.4% from 2021 to 2030.
On the basis of network type, the 5G non-standalone segment dominated the market in 2020, accounting for around three-fourths of the market. However, the 5G standalone segment is projected to register the highest CAGR of 75.8% during the forecast period.
The global 5G IoT market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. Moreover, the same region is anticipated to register the highest CAGR of 74.4% during the forecast period.
The global 5G internet of things market includes an in-depth analysis of the prime market players such as AT & T Intellectual Property, Cisco, Telefonaktiebolaget LM Ericsson, Qualcomm Incorporated, Huawei Technologies Co. Ltd., Intel Technology, Samsung Electronics Co. Ltd., Nokia, NEC Corporation and ZTE Corporation.
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