As per the report published by Fior Markets, the global 5G IoT market is expected to grow from USD 1.60 billion in 2020 to USD 22.56 billion by 2028, growing at a CAGR of 9% during the forecast period 2021-2028.
The 5G IoT market is witnessing significant growth form the past years. The market is expected to grow at a favorable rate due to the advancement of wireless networking technologies, the rise of advanced data analytics, a decrease in the cost of connected devices, and an increase in cloud platform usage. The internet of things (IoT) technology allows diverse smart gadgets to communicate and share data more efficiently. Different smart gadgets, such as sensors, smartphones, and wearables, acquire vital data from the devices, which is then used to improve the user experience. Over the projected period, the growing demand for data analysis and analytics integration is expected to push the Internet of Things market.
5G is a fifth-generation wireless cellular technology standard that offers game-changing new capabilities and unlocks the potential of technologies like artificial intelligence (AI), extended reality (XR), and the Internet of Things (IoT) (IoT). In applications where real-time network speed is crucial, such as remote control of heavy machinery in hazardous situations, improving worker safety, and even remote surgery, 5G allows to control more devices remotely. Both operators and industries benefits from the Internet of Things by innovating and discovering new ways to engage their end customers.
The COVID-19 epidemic has had an impact on all aspects of society, including individuals and corporations. During the COVID-19 epidemic, the telecom sector is playing a critical role in supporting governments’ digital infrastructure worldwide. Every individual and government, including federal, state, central, local, and provincial governments, has been in continual contact with one another in society to supply and receive real-time information on COVID-19. Healthcare, telecommunications, media and entertainment, utilities, and government institutions are currently working around the clock to stabilize the situation and provide essential services to everyone.
Some notable players in the global 5G IoT market include Huawei, Nokia, Samsung, Cisco, AT&T, Verizon, Vodafone, Telefonica, Ericsson, Thales, Telit, and Sequans.
- In March 2020, Microsoft and Cisco Systems have announced a collaboration to enable data orchestration from Cisco IoT Edge to Azure IoT Cloud. Customers will be able to get a pre-integrated IoT edge-to-cloud application solution as a result of our collaboration.
- In November 2020, Cradle point, a leading provider of WLAN, edge, and IoT solutions, was recently acquired by Ericsson. Edge devices, automobiles, mobile sites, workforce, and IoT devices may all be connected with Cradle point.
- In January 2021, AT&T has launched 5G+ services in some of Tampa’s most popular places and venues, including the Channel District, Raymond James Stadium, and Tampa International Airport. To develop 5G network infrastructure for industrial use cases, key industry players are forming strategic collaborations and partnerships.
- In February 2021, to help sports and entertainment venues with 5G experiences, Verizon partnered with Zyter, one of the leading digital health and IoT-enablement platform suppliers.
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Managed services segment dominated the market and held the largest market share of 36.29% in the year 2020
On the basis of component, the global 5G IoT market is segmented into hardware, connectivity, platform, services (professional and managed). The component segment dominated the market and held the largest market share of 36.29% in the year 2020. Managed services connect people across all corporate functions and geographies, providing them with essential information on intelligent designs, operations, and maintenance, and providing high-quality services and ensuring their safety.
Manufacturing segment dominated the market and held the largest market share of 42% in the year 2020
Based on application, the global 5G IoT market is segmented into healthcare, manufacturing, energy and utilities, automotive, and transportation. The manufacturing segment dominated the market and held the largest market share of 42% in the year 2020. Managed services connect people across all corporate functions and geographies, providing them with essential information on intelligent designs, operations, and maintenance, and providing high-quality services and ensuring their safety.