5G IoT Market Size To Reach USD 227.8 Billion By 2032 CAGR: 41.3%. Report By DataHorizzon Research
According to DataHorizzon Research, The 5G IoT market was valued at USD 7.2 Billion in 2022 and is anticipated to reach USD 227.8 Billion by 2032, expanding at a CAGR of 41.3%.
Fort Collins, Colorado, Oct. 03, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “5G IoT Market Size, Growth, Share, Statistics Report, By Component (Hardware and Software, Platform, Connectivity, Services), By Network Type (5G Standalone, 5G Non-Standalone), By Organization Size, By End-user, By Region Forecasts, 2023-2032.”
According to DataHorizzon Research, The 5G IoT market was valued at USD 7.2 Billion in 2022 and is anticipated to reach USD 227.8 Billion by 2032, expanding at a CAGR of 41.3%. The global 5G IoT market report comprehensively analyzes the latest trends and market conditions. It also encompasses the most recent industry insights and explores potential market opportunities. With the rise of the Internet of Things, 5G network technology has become the ultimate game-changer. IoT devices can now function at peak performance and reliability. With 5G-enabled IoT, sensors can communicate with actuators, robots, and drones for optimized coordination and lightning-fast task execution. The economic viability of the Internet of Things depends on the ability to interact with other devices, such as smartphones, tablets, and computer programs. Due to 5G network technology, IoT devices can share information at breakneck speeds.
IoT technologies, coupled with machine-to-machine (M2M) communications and intelligent data analytics, have significantly changed various industries. With the advent of 5G network technology, the global 5G IoT market is experiencing a surge due to the enhanced high-speed network supply that enables IoT devices to communicate and share data faster. The benefits of 5G IoT, including higher data speed and bandwidth, present lucrative opportunities for computational-intensive AI applications. Furthermore, the massive amounts of data that 5G IoT networks made it possible to utilize deep learning algorithms such as virtual speech recognition, natural language processing, face recognition, and video classification over 5G IoT nodes. Constant vehicle connectivity facilitated by 5G IoT has enabled customers to access the internet more efficiently and provided new features for more control.
The benefits of 5G IoT, like faster data speed and larger bandwidth, create opportunities for AI applications that require high computational power. With 5G IoT networks, deep learning algorithms for speech recognition, natural language processing, face recognition, and video classification can be transmitted over large amounts of data. Additionally, 5G IoT enables constant vehicle connectivity, allowing for more efficient internet access and new features for control. Autonomous cars, which operate without human intervention, require high-speed networks with lower latency, made possible by 5G technology.
Many industries are transitioning to digital methods, and Industry 4.0 is crucial for market growth. Wireless communication is essential for Industry 4.0 because it allows seamless and scalable connections between machines, people, sensors, mobile robots, automated guided vehicles (AGVs), and drones. Using 5G IoT sensors, equipment faults can be detected early, and maintenance can be performed to prevent machine breakdown and business disruption. Additionally, 5G supports industrial automation by enabling real-time machine monitoring with low latency.
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|Report Title||5G IoT Market|
|Market Size in 2022||USD 7.2 Billion|
|Market Size by 2032||USD 227.8 Billion|
|CAGR from 2023 to 2032||41.3%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors|
|By Component||Hardware and Software, Platform, Connectivity, and Services|
|By Network Type||5G Standalone and 5G Non-Standalone|
|By Organization Size||Large and SMEs|
|By End-user||Manufacturing, Healthcare, Energy, Automotive, Supply Chain Logistics, Agriculture, Government and Public safety and others|
|Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa|
|Major Market Players||Nokia Corporation, AT&T Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies, Qualcomm Technologies, Inc., Verizon Communications; Samsung Electronics Co., Ltd, Amazon Web Services, Microsoft, Mavenir, T-Mobile US and Orange SA|
The global 5G IoT market is segmented based on component, network type, organization size, end-user, and region. The market’s hardware segment held the dominant position due to the increasing adoption of IoT devices. This segment encompasses 5G IoT sensors and devices, 5G-enabled routers and gateways, and smart city infrastructure. The emergence of the 5G network has made its advantages, such as faster speeds and more extensive data capacities, essential components for various applications, from basic smart home functionality to more complex ones, like automated factories, remote health monitoring, and vehicles.
The leading segment in terms of end-users is manufacturing, owing to the digitization and advancement of manufacturing processes that aim to reduce costs and create sustainable production systems. The adoption of smart manufacturing has increased, allowing for monitoring production and data collection for process optimization. The capabilities of 5G, such as high bandwidth and low latency, have proven crucial in smart manufacturing, enabling real-time communication between machines and enhancing security and reliability. Retaining critical network functionality at the edge has also been made possible. The combination of 5G and IoT in the manufacturing sector has increased profitability and shop floor productivity, leading to a significant market expansion.
North America held the largest market share due to the increasing trend of smart cities. Using advanced technologies in IoT Smart cities is helping cities use resources more efficiently, leading to new services and economic opportunities. The various benefits and advantages of smart cities, such as IoT-based traffic and waste management and building automation and monitoring, are the reasons for their rising popularity. For example, Calgary in Canada has installed sensors in Waste bins, which alert the truck driver when the bins are full and measure the container waste, thereby decreasing carbon emissions. The strong demand for IoT devices from various verticals, such as industrial, logistics, and transportation in the U.S., also contributes to market growth.
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Key Developments in the 5G IoT Market:
- Microsoft has partnered with Meta to enhance AI innovation and deliver powerful AI experiences into popular products. As a platform company, Microsoft provides tools and services for others to succeed in their AI ambitions. The collaboration with Meta involves integrating Bing into Meta AI’s chat experiences, allowing access to real-time search information for more timely and up-to-date answers.
- Samsung partnered with the Information Technology Industry Council to gather top climate experts to discuss solutions to climate change. The event emphasized the importance of collaboration and being a model for other industries.
5G IoT Market Report Highlights:
- The 5G IoT market is anticipated to grow at a CAGR of 41.3% during the forecast period 2023-2032. 5G technology has revolutionized IoT device performance and reliability. Sensors can communicate with robots, drones, and more with lightning-fast speed and optimized coordination. The economic viability of IoT depends on the ability to interact with other devices, and 5G enables lightning-fast information sharing. The 5G IoT market is surging, presenting opportunities for computational-intensive AI applications and deep learning algorithms like speech recognition and video classification. 5G enables constant vehicle connectivity and supports industrial automation with real-time machine monitoring.
- The hardware segment dominates the market with the rise of IoT devices. This includes 5G IoT sensors, routers, and smart city infrastructure. The benefits of 5G, such as faster speeds and greater data capacities, are crucial for applications like smart homes, automated factories, and remote health monitoring. Manufacturing leads in end-users due to digitization and cost-reduction efforts. Smart manufacturing has increased, allowing real-time communication between machines and process optimization. The combination of 5G and IoT has increased profitability and productivity in the manufacturing sector.
- North America dominates the smart city market due to the trend of using advanced technologies in IoT. Smart cities offer benefits such as efficient resource use, new services, and economic opportunities. Calgary installed sensors in waste bins to decrease carbon emissions. The U.S. demand for IoT devices in industrial, logistics, and transportation verticals also contributes to market growth.
- Some of the prominent players in the global 5G IoT market report include Nokia Corporation, AT&T Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies, Qualcomm Technologies, Inc., Verizon Communications; Samsung Electronics Co., Ltd, Amazon Web Services, Microsoft, Mavenir, T-Mobile US and Orange SA.
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5G IoT Market Report Segmentation:
5G IoT Market, By Component (2023-2032)
- Hardware and Software
5G IoT Market, By Network Type (2023-2032)
- 5G Standalone
- 5G Non-Standalone
5G IoT Market, By Organization Size (2023-2032)
5G IoT Market, By End-user (2023-2032)
- Supply Chain Logistics
- Government and Public safety
5G IoT Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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