According to a research report “5G IoT Market by Component (Hardware, Platform, Connectivity, and Services), Network Type (5G Standalone and 5G Non-Standalone), Organization Size, Type (Short-range IoT Devices, Wide-range IoT Devices), End Users and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global 5G IoT market size 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. Heavy IoT investments are driving the growth of the 5G IoT market.
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Professional services segment to lead 5G IoT market during forecast period
Professional services include the assistance provided to companies by external sources. These services support businesses of all sizes and across industries. Vendors offering professional services assess the expense and design of solutions for streamlining communication and improving the efficiency of networks. Professional services enable enterprises to deliver short-term and long-term savings. The professional services segment involves network testing, planning, optimization, orchestration, integration and deployment, support and maintenance, and consulting.
SMEs segment to have higher growth rate during forecast period
SMEs are small independent firms that employ less than 1,000 employees. A digital transformation is expected for SMEs with the 5G network technology. 5G network will not just be a technological connection but will affect different sectors and industries and encourage innovation in small companies. The SMEs segment is the fastest-growing segment. It faces several problems, such as limited capital and knowledge, non-availability of proper technology, ineffective marketing policy, identification of new markets, restraints on modernization and expansions, and non-availability of highly skilled cost-effective labor. Better connectivity, improved product quality, decreased cost of new product introduction, and increased resource utilization are the main reasons encouraging SMEs to adopt 5G IoT solutions and services.
Manufacturing segment to emerge as largest market during forecast period
Manufacturing organizations increasingly deploy IoT solutions to connect various value chain functions for integrating their business operations. The 5G smart factory of the future promises to create a fully connected experience, thus helping manufacturing companies realize major benefits, such as performance improvements, operational efficiencies, and increased safety.
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The scope of this report covers the 5G IoT market by component, network type, organization size, type, end user, and region.
By component, the hardware segment is estimated to account for the largest market share. Hardware elements comprise chipsets, modules, and modems. These hardware elements support the 5G communication mode. A group of ICs, such as the chipset, handles RF functions, such as frequency control authentication, to a cellular network. The integration of the chipset, processor, memory, power supply, and antenna port is done by a module. IoT semiconductor vendors have been investing significant capital in developing 5G-ready chipsets and modules to support new emerging 5G and IoT use cases.
By network type, the 5G SA segment is estimated to account for a higher CAGR during the forecast period. 5G NR SA is a completely new radio network for 5G networks. It mainly comprises a 5G Radio Access Network (RAN) and 5G core networks. 5G NR SA solutions are expected to be more effective than 5G NR NSA solutions. The solutions have various new built-in capabilities. The new built-in capabilities include network slicing, ultra-low latency, Control and User Plane Separation (CUPS), multi-Gbps support, and virtualization. The 5G NR SA segment is at a nascent stage. It is expected to grow exponentially during the forecast period.
Asia Pacific to grow at highest growth rate during forecast period
Asia Pacific is the fastest-growing region in the 5G IoT market. The leading countries in the region are China, Japan, India, and Australia and New Zealand. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to developing the 5G IoT market.
Market Players
The major vendors covered in the 5G IoT market include 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).
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