October 26th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the 5G IoT Market.
The 5G IoT Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The Global 5G IoT Market is expected to grow from USD 3.25 billion in 2021 to USD 116.98 billion by 2028 at a CAGR of 66.8% during the forecast period. The growing adoption of 5G, LPWAN, wireless sensor networks, Long Range Wide Area Network (LoRaWAN), and Internet Protocol version 6 (IPv6) is expected to boost the demand for IoT devices, which would increase the need for wireless technologies in the upcoming 2-3 years.
Among network types, the 5G Standalone architecture segment to witness a higher CAGR over the forecast period.
For 5G networks, 5G NR SA is a completely new radio network, which mainly comprises 5G core networks, and 5G Radio Access Network (RAN). 5G NR SA solutions are considered to be better than 5G NR NSA solutions. The 5G NR SA solutions have new capabilities, such as ultra-low latency, network slicing, Control and User Plane Separation (CUPS), virtualization, and multi-Gbps support.
The 5G NR SA segment is presently at a nascent stage, however, it is expected to grow significantly over the forecast period. In June 2018, 3GPP approved 5G NR SA specifications, which have supported the faster delivery of 5G network services over a standalone architecture. The standalone architecture offers numerous benefits, such as greater flexibility, high performance, and less complexity.
Among end users, the manufacturing segment is expected to have the largest share of the market over the forecast period.
Based on end users, the manufacturing segment of the 5G IoT market is expected to hold the largest market size over the forecast period. With Industry 4.0 underway, the introduction of 5G has boosted the advancement of Intelligent factories of the future with its wireless flexibility, high capacity, and low-latency performance features.
Manufacturers are incorporating digitalization to curb costs and improve ROI, and 5G IoT ensures new process efficiencies and cutting-edge technological developments, thereby growing profitability and shop floor productivity. Industry 4.0 is expected to be driven by cyber-physical systems and IoT, which would need the support of 5G networks. This would allow connected, efficient, and flexible factories of the future.
Inside factories, 5G would enable manufacturing procedures, such as AGVs in factories (autonomous transportation), more efficient manufacturing lines (with machine vision and HD videos for managing processes), and machine functioning with a latency of less than 5ms using URLLC. Manufacturing companies are increasingly adopting IoT solutions to connect different functions of the value chain for combining their business operations.
The 5G smart factory of the future aims to build a fully connected experience, therefore helping manufacturing companies realize key advantages such as operational efficiencies, performance enhancements, and increased safety.
Asia Pacific to dominate the market over the forecast period
In the 5G IoT market, Asia Pacific held the largest market share in 2021. The region is transforming drastically in terms of the adoption of new technologies across different sectors. The infrastructural developments in the Asia Pacific region, especially in China, Japan, South Korea, Singapore, Australia, and India, and the growing deployment of 5G networks indicate huge opportunities for the deployment of 5G IoT services.
Because of a huge mobile subscriber base, businesses in this region are becoming more competitive and aiming to offer better customer service. The region is expected to lead 5G, edge computing, and blockchain markets, because of its size, and the technological lead taken by countries, such as China, Japan, Singapore, South Korea, and Australia.
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Features of the Report
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
The 5G IoT Market analysis report discusses the following heads in great detail:
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