The 5G IoT Market report has been added to Technavio's offering. The potential growth difference for the 5G IoT market between 2022 and 2027 is USD 77.59 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends and much more.
Increasing adoption of 5G is the major factor driving the growth of the global 5G IoTmarket. By offering consumers a variety of use cases and business models, 5G will enable a fully mobile and connected environment. Further, the high data speed and extremely low latency of 5G technology will improve the user experience. With the inclusion of the 5G network with the IoT system in a potent digital strategy, smart manufacturers will be able to plan, operate with extreme flexibility and accelerate the path toward an agile ecosystem of suppliers and customers, with the business at its center. However, the integration of 5G and IoT in transformation strategies has immensely accelerated the realization of the goal. For instance, in smart factories, connected hospitals, connected transportation facilities and other locations, businesses use 5G to interact with IoT sensors. Fixed wireless access and customer premises equipment, which are common infrastructure elements in smart cities, are currently functional with fast 5G connections. Thus, the growing demand for higher data speeds is estimated to drive the growth of the market during the forecast period.
A primary challenge hindering the growth of the 5G IoT market is the lack of awareness about IoT.
The 5G IoT market is segmented by type (5G non-standalone and 5G standalone), component (hardware, services, platform and connectivity) and geography (APAC, North America, Europe, Middle East and Africa and South America).
- By type: the market share growth by the 5G non-standalone segment will be significant for market growth during the forecast period. Non-SA 5G is the first phase of 5G that uses a new 5G radio (or 5G NR) access network on top of the existing 4G LTE network core. As autonomous vehicles move from trials to commercial deployments, demand for 5G IoT devices is expected to increase during the forecast period.
- By geography: APAC contributes to 48 percent of the global market growth during the forecast period.