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5G IoT Market is valued at USD 398 Million in 2019 and expected to reach USD 7,937 million by 2026 with the CAGR of 53.30% over the forecast period.
Rise in number of IoT devices and adoption of cloud platform adopters across various industrial are expected to boost the growth of 5G IoT market over forecast period.
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Scope of Global 5G IoT Market Reports –
5G is important to the internet of things because of the need for a faster network with higher capacity that can serve connectivity needs. The 5G spectrum expands the frequencies on which digital cellular technologies will transfer data. However, the 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. 5G technology centers on a future of smarter phones drones and self-driving cars. While 5G may be one among many evolutionary steps it is important in the development of new industrial IoT use cases. The 5G technology study provides deep dive analysis of hardware, software, and services that are critical for the success of 5G technology. Advancements in 5G technology are driven by multiple wireless connectivity features that are broadly classified into enhanced mobile broadband, ultrareliable and low latency communications and massive machine-type communications.
The regions covered in this 5G IoT market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of 5G IoT is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global 5G IoT Market Reports-
Nokia, Telus, Rogers, Verizon, Bell Canada, Telefónica, Ericsson, BT Group, Etisalat, Vodafone, Huawei, Singtel, AT and T, Sprint, Telstra
NEWS:
Nokia expands WING with 5G IoT capabilities.
March 17, 2020: - Nokia has announced that it is evolving its Worldwide IoT Network Grid (WING) managed service with 5G and edge capabilities. Hence, the improve facilitates operators in offering 5G IoT services without having to invest in global infrastructure. This department helps operators capture early IoT market share without having to make investments in infrastructure thanks to the pay-as-you-go business model that allows the scaling of 5G IoT services faster and cost-effectively. These Nokia WING innovations operators can serve their enterprise customers providing 5G IoT services with ultra-low latency, high security and enhanced throughput. However, the Nokia group operators will be able to leverage new business models and tap into industries such as connected cars, critical public services, and real-time industrial monitoring and control, as well as remote healthcare. These use cases will place unprecedented demands on latency, the volume and velocity of data and security.
Global 5G IoT Market Segmentation –
By Product Type
5G NR Standalone, 5G NR Non-Standalone Architecture
By Application
Manufacturing, Energy and Utilities, Healthcare, Government, Other
Global 5G IoT Market Dynamics –
Growing demand for 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 is expected to drive growth of the global market in the near future. According to Telecom Regulatory Authority of India (TRAI) in 2018, the Cloud computing accounted for about 33% of the total IT expenditure in 2015 across the world. According to the Ericsson Mobility in 2018, there will be approximately 400 million IoT devices with cellular connections at the end of 2016 and that number is projected to reach 1.5 billion in around 70 % of the wide-area category in 2022 .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. 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.
Global 5G IoT Market Regional Analysis –
North America is expected to hold the largest 5G IoT market share during the forecast period. Moreover, the increasing investment witnessed in the region is likely to be guided by the involvement of large and influential players and the US government's spending on providing 5G IoT in various government and private organizations. The rising use of IoT-enabled devices is further boosting the North American 5G IoT market. Developed countries like the U.S. and Canada are also driving the development of the region’s 5G IoT market. According to Congressional Research Service (CRS) in 2018, the IoT Analytics predicts the number of active IoT devices will grow from 9.9 billion in 2019 to 21.5 billion in 2025 .Asia Pacific is expected to have high growth in global 5G IoT in market, due to presence of large number of electronic manufacturers in countries in this region. According to IDC, Asia Pacific spending on public cloud services and infrastructure is expected to increase almost three times over the forecast period with a five-year compound annual growth rate of 33% reaching USD 77.6 billion by 2023.This is attributed to increase in adoption of smart devices in order to enhance the performance of industrial operations. Moreover, surge in the number of IoT products and cloud solutions which require high connectivity is expected to boost the 5G IoT market in the two regions.
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