PUNE,
India, March 29, 2023 /PRNewswire/ -- The
global 5G IoT market 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. The
availability of low-cost sensors is driving the 5G IoT market
growth
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Large enterprises segment to account for larger market share
during forecast period
A large enterprise is a business entity employing over 1,000
people. The adoption of 5G IoT solutions in large enterprises is
high and is expected to continue during the forecast period. The 5G
IoT has a broad range of scope in telecommunication and
manufacturing industries due to its enhanced connectivity and
adoption of automation technologies. And also, the integration of
5G IoT technologies has many use cases across various industries.
Therefore, considering the potential of 5G IoT applications, large
enterprises will continue to invest largely in these
technologies.
Consulting services segment to account for highest CAGR
during forecast period
Consulting services provide knowledge and advice to clients with
in-depth product descriptions. It is provided by highly qualified
industry experts, domain experts, and security professionals.
Consulting services provide financial and technical analysis,
economic modeling, and business case development. IoT consulting
services assist businesses with a better understanding of IoT
technologies and discover possible relevant use cases. IoT
consultancy services also help build a robust implementation
strategy. IoT consultancy services aim to support businesses in
reducing operational costs, improving the working environment,
restructuring business processes, and boosting products and
services.
Short-range IoT devices enterprises segment to account for
larger market share during forecast period
One of the most effective solutions is short-range connectivity.
The short-range services can be deployed to different environments.
Most applications of short-range connectivity are medical device
data collection, residential energy monitoring, and building
automation. A study conducted by Ericsson indicates that
short-range IoT connectivity will account for more than half of the
connected devices in 2026.
Second-highest region, Europe, to record highest CAGR during forecast
period
Europe is one of the key
contributors to the 5G IoT Market due to its early
acceptance of upcoming technologies. Growing economies in the
region, such as the UK and Germany, are expected to offer significant
opportunities in the 5G IoT market. Europe has been the frontrunner in 5G trials
and projects that are currently being implemented in various
regions of the world. Various industries provide 5G services across
Europe, including enhanced mobile
broadband, massive machine-type communications, and ultra-reliable
and low-latency communications.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers
(CEOs), innovation and technology directors, system integrators,
and executives from various key organizations operating in the 5G
IoT market.
- By Company: Tier I: 35%, Tier II: 39%, and Tier
III: 26%
- By Designation: C-Level Executives: 55%, Directors:
40%, and Others: 5%
- By Region: North
America: 38%, Europe: 40%,
Asia Pacific: 21%, and RoW:
1%
The major players in the smart transportation market are 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). These players have adopted various
growth strategies, such as partnerships, agreements and
collaborations, new product launches and product enhancements, and
acquisitions to expand their footprint in the 5G IoT market.
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Research Coverage
The market study covers the 5G IoT market across segments. It
aims at estimating the market size and the growth potential of this
market across segments, such as component, network type,
organization size, type, end user, and region. It includes an
in-depth competitive analysis of the market's key players, their
company profiles, key observations related to product and business
offerings, recent developments, and key market strategies.
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