Global 5G IoT Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global 5G IoT Market: Overview

“The global 5G IoT Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

5G networks enhance services and solutions when integrated with IoT devices, which in turn enable faster speeds, lowered latency, network support for large data traffic, and expansion of cell sites where machine-to-machine communications is a primary focus for this integration.

Global 5G IoT Market: Dynamics

Growing demand for superfast bandwidth speeds, ultra-low latency connectivity, and larger geographic coverage networks by those using IoT devices is resulting into high adoption of 5G networks in the IoT devices space. This is a key factor expected to drive growth of the global market in the near future.

Increasing development and product enhancements such as LTE network / chipset and number of connected IoT devices across various developing and developed economies is another factor expected to boost market growth in the next 10 years.

However, high initial capital for infrastructure development to offer scalability and adaptability is a major factor expected to restrain growth of the global market to a certain extent.

Rising number of cloud platform adopters across various industrial verticals is among some of the major factors expected to create significant revenue growth opportunities for players in the global market.

In February 2019 for instance, Nokia Corporation signed a partnership with Korea Telecom Corporation (KT Corporation) for conducting trails of 5G Network Function Virtualization (NFV) and network slicing. Nokia Corporation company will also support KT corporation to enhance 5G service and network operational efficiency.

Global 5G IoT Market: Segment Analysis

The short-range IoT device segment, among the range segments is expected to witness high adoption rate of 5G IoT in the near future. Short-range IoT devices are fulfilling the requirements of short distance connectivity solutions along with high data speed. For example, connected devices in healthcare, manufacturing, retail, and energy and utilities sectors require low latency with high power, which can be, and is fulfilled by the 5G network offering.

Among the end user industry segments, the manufacturing segment is expected to register high revenue growth in the global market. Increasing awareness and adoption of 5G standalone solutions is expected to support growth of the manufacturing segment during the forecast period.

Global 5G IoT Market: Region Analysis

The market in North America is expected dominate and register highest revenue share in the global market. The market in Asia Pacific is expected to register substantial growth in terms of revenue in the global market, owing to presence of large number of electronic manufacturers in countries in this region.

The market in Europe is expected register significant growth in the target market; whereas, markets in Latin America and Middle East & Africa are expected to register lucrative growth over the forecast period.

Global 5G IoT Market Segmentation:

Segmentation by Range:

• Short-Range IoT Devices
• Wide-Range IoT Devices

Segmentation by End-use Industry:

• Manufacturing
• Telecom and IT
• Media and Entertainment
• Retail and Consumer Goods
• Healthcare and Life Sciences
• Transportation and Logistics
• Banking, Financial Services, and Insurance (BFSI)
• Others (Travel and Hospitality, Energy and Utilities, Government and Defense, Mining, and Education)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa