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(IT-NEWSWIRE.COM, August 21, 2024 ) According to a research report "5G IoT Market by Component (Hardware, Platform, Connectivity, and Services), Network Type (5G Standalone and 5G Non-Standalone), Organization Size, Type (Short-range IoT Devices, Wide-range IoT Devices), End Users and Region - Global Forecast to 2028" published by MarketsandMarkets, the global 5G IoT system market size is projected to grow from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. Heavy IoT investments are driving the growth of the 5G IoT market.
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Professional services segment to lead 5G IoT market during forecast period
Professional services include the assistance provided to companies by external sources. These services support businesses of all sizes and across industries. Vendors offering professional services assess the expense and design of solutions for streamlining communication and improving the efficiency of networks. Professional services enable enterprises to deliver short-term and long-term savings. The professional services segment involves network testing, planning, optimization, orchestration, integration and deployment, support and maintenance, and consulting.
SMEs segment to have higher growth rate during forecast period
SMEs are small independent firms that employ less than 1,000 employees. A digital transformation is expected for SMEs with the 5G network technology. 5G network will not just be a technological connection but will affect different sectors and industries and encourage innovation in small companies. The SMEs segment is the fastest-growing segment. It faces several problems, such as limited capital and knowledge, non-availability of proper technology, ineffective marketing policy, identification of new markets, restraints on modernization and expansions, and non-availability of highly skilled cost-effective labor. Better connectivity, improved product quality, decreased cost of new product introduction, and increased resource utilization are the main reasons encouraging SMEs to adopt 5G IoT solutions and services.
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Manufacturing segment to emerge as largest market during forecast period
Manufacturing organizations increasingly deploy IoT solutions to connect various value chain functions for integrating their business operations. The 5G smart factory of the future promises to create a fully connected experience, thus helping manufacturing companies realize major benefits, such as performance improvements, operational efficiencies, and increased safety.
Asia Pacific to grow at highest growth rate during forecast period
Asia Pacific is the fastest-growing region in the 5G IoT market. The leading countries in the region are China, Japan, India, and Australia and New Zealand. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to developing the 5G IoT market.
Market Players:
The major vendors covered in the 5G IoT market include China Mobile (China), AT&T (US), Verizon (US), T-Mobile US, INC. (US), Vodafone Group plc (UK), Orange SA (France), Telefónica S.A. (Spain), SK Telecom Co., Ltd (South Korea), Deutsche Telekom AG (Germany), Ericsson (Sweden), Huawei Technologies Co., Ltd. (US), Nokia Corporation (Finland), Samsung Electronics (South Korea), Cisco Systems (US), NEC Corporation (Japan), Semtech Corporation (US), Telit Cinterion (US), Quectel Wireless Solutions Co., Ltd (China), GosuncnWelink Corporation (China), Neoway Technology Co. Ltd. (China), Fibocom Wireless Inc. (China), u-blox AG (Switzerland), Sunsea AIOT Technology Co. Ltd. (China), Omniflow (Portugal), Tri Cascade Inc. (US), Celona (US), and Sequans Communications (France).
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