CRI Report has released a report titled “5G IoT Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 63.23 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 74.85% between 2020 and 2030. According to the report, in the efforts to maintain intense competition environments, many vertical industries are concentrating more aggressively on technological changes to improve ultimate productivity and operational efficiency. 5G wireless technology has the potential to support notable vertical transformations by reducing overall cost and increasing profitability. Further emphasis will continue on enhancing energy monitoring and management as well as better access to the network for energy production and distribution over the projected timeframe.
The market report on global 5G IoT Market includes in-depth insights as:
- The estimated value of the market was USD 1.56 billion in the year 2020.
- Global 5G IoT in APAC held the largest market share in the year 2020 in terms of revenue.
- Global 5G IoT is divided by network type into 5G Standalone (SA) and 5G Non-standalone (NSA).
- Global 5G IoT market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“By incorporating protection into the network architecture, increased demand for manufacturing and acceptance of this technology would not only provide stable networks, but also fantastic safe connections for Industrial IoT. Other factors driving market growth include an increase in demand for processing data collected through sensors, analyzing, and real-time monitoring of business operations and other activities across a variety of industrial sectors. Additionally, providing backing operations that need real-time access to data changes instantly, as well as increased demand for ultra-low latency from a variety of industries, are some of the factors driving market growth”, said a lead analyst at CRI Report.
The ICT industry would benefit greatly from the commercial implementation and service of 5G. Huge Internet of Things (IoT) networks would be one of them, referring to the ability to install and operate IoT applications on a wide scale. As the size of IoT systems grows to a large scale, their effect on enterprise systems and consumers’ daily lives will grow as well. 5G will optimize IoT networks by radio frequency management, which will meet the needs of both narrowband and higher-bandwidth IoT devices, which will be available on-demand in the 5G IoT industry.
Global 5G IoT is divided by network type into 5G Standalone (SA) and 5G Non-standalone (NSA). The 5G NSA radio network is a brand-new radio network for 5G networks. The 5G Radio Access Network (RAN) and 5G core networks are the two main components. 5G NSA solutions are expected to outperform 5G NSA solutions in terms of efficiency. The 5G NSA solutions have a number of new features. Network slicing, ultra-low latency, Control and User Plane Separation (CUPS), multi-Gbps support, and virtualization are some of the latest built-in capabilities. The 5G NSA market is still in its infancy. During the forecast period, it is expected to rise at an exponential rate.
Key Players in the Market
- Some of the key players operating in the global 5G IoT Market are Airtel India, Vodafone Limited, China Mobile Limited, Nokia, Deutsche Telekom AG, SAMSUNG, Vodafone Limited, Intel Corporation, AT & T Intellectual Property, and other prominent players
Get Valuable Insights into Global 5G IoT Market
In the new report, CRI Report thrives to present an unbiased analysis of the global 5G IoT Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global 5G IoT is divided by network type into 5G Standalone (SA) and 5G Non-standalone (NSA). Global 5G IoT market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.