Market Overview:
The growth of the 5G IoT market size is being driven by a number of factors, including the increasing adoption of 5G networks, the growing demand for IoT devices, and the development of new IoT applications. The 5G IoT market is projected to grow from USD 5.94 Billion in 2023 to USD 11.08 Billion by 2032, at a CAGR of 8.10% during the forecast period (2023 – 2032).
The 5G IoT market is the segment of the Internet of Things (IoT) market that uses 5G cellular networks to connect and manage IoT devices. 5G offers a number of advantages over previous cellular generations, including higher speeds, lower latency, and greater capacity. These advantages make 5G well-suited for a wide range of IoT applications, including industrial automation, smart cities, and connected vehicles.
Key Companies in the 5G IoT market include.
· Telefonaktiebolaget LM Ericsson (Sweden)
· Nokia (Finland)
· Huawei Technologies Co. Ltd. (China)
· AT&T (US)
· Verizon (US)
· T-Mobile (USA)
· INC (US)
· Telefónica S.A (Spain)
· BT (UK)
· Vodafone Limited (UK
· Telstra Group (Australia)
· Etisalat (UAE)
· Qualcomm Technologies Inc. (US)
· Sierra Wireless (Canada)
· Bell Canada (Canada)
· Singtel (Singapore)
· Rogers Communications Inc. (Canada).
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Key factors driving the 5G IoT market growth:
The increasing adoption of 5G networks: The deployment of 5G networks is rapidly accelerating, with coverage expected to reach over 60% of the world’s population by 2025. This will provide the foundation for widespread adoption of 5G IoT applications.
The growing demand for IoT devices: The number of IoT devices is expected to reach 30 billion by 2030, up from 13 billion in 2020. This growth will be driven by the increasing demand for connected devices in homes, businesses, and cities.
The need for faster and more reliable connectivity: Many IoT applications require faster and more reliable connectivity than can be provided by 4G networks. 5G networks can provide speeds of up to 20 gigabits per second (Gbps), which is significantly faster than the 1 Gbps maximum speed of 4G networks.
The need for lower latency: Latency is the time it takes for a signal to travel from one device to another. Low latency is critical for many IoT applications, such as autonomous vehicles and real-time monitoring systems. 5G networks can provide latencies as low as 1 millisecond, which is up to 10 times lower than the latencies of 4G networks.
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