5G IoT market revenues were estimated at US$ 2.6 Bn in 2021 and is anticipated to grow at a CAGR of 33.5% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 80.4 Bn. Non-Standalone is efficient as it can make reuse of 4G architecture due to which the installation is faster and have good connectivity.
5G IoT market is growing exponentially due to faster technological advancements that are achieved and implemented across several areas. For the first time in U.S. and Canada, 5G mobile satellite for IoT is deployed, it enables the faster connection of IoT devices via 5G services.
5G technology is not only confined to smartphones but its application is present in various industries such as manufacturing, healthcare, energy and utilities, automobile sector, government and public safety, and in agriculture sector so as to increase the workflow and business efficiency and profitability.
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Key Takeaways from the Market Study
- Global 5G IoT market is expected to reach a market size of US$ 80.4 Bn by 2032.
- In 2022, market value of 5G IoT market stood at US$ 4.5 Bn.
- Non-Standalone show the highest potential for growth in the component segment. It is expected to grow at a CAGR of about 31.8% during 2022- 2032.
- S., the key market is expected to hold prominent market share and grow at a CAGR of 3.2% during 2022 – 2032.
“5G IoT provides faster connectivity, automation and is reliable for major operations in various industries, 5G technology is a ground breaker”, comments Future Market Insights analyst.
Competitive Landscape
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In Mar, 2022, Verizon has taken the steps to integrate the 5G in all new iPhone SE and iPad Air.
- In Feb, 2022, AT&T collaborated with Microsoft for making the private 5G edge by integrating AT&T 5G network with Azure private MEC so that it can be implemented in business, school and other organizations.
- In Jan, 2022, China Mobile, Nokia and MediaTek accomplish new 5G Standalone speed record involving Carrier Aggregation innovation in Shanghai.
- In Jan, 2022, T-Mobile has leading in 5G studies and improves 5G carrier aggregation combining different channels to increase capacity for customers.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the 5G IoT market, presenting historical market data (2019-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Components (Hardware, Platform, Connectivity, Services), by Network Type (5G Standalone, 5G Non-Standalone), by End User (Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Others) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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