Kenneth Research, in its repository of market research reports, have recently added a report on the 5G in IoT Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for 5G in IoT products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global 5G in IoT Market is valued approximately USD 0.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 52.53 % over the forecast period 2020-2027. 5G Infrastructure is made up of macro- and small-cell base stations with edge computing capabilities. In a 5G network, network functions that typically run on hardware become virtualized, running as software. It works under a wireless high-frequency technology band for smooth communication and networking. This network functions, , under small transmitters that consume less power. The use of 5G will increase the network speed, improve flexibility of wireless services and reduce latency. These IoT devices depend on instant communication and data transfer which is provided through 5G technology. The increasing adoption of Internet of Things devices in various application such as Automation, industrial manufacturing, Smart meters and other connected devices drives the market growth.
For Instance: In 2019, Kalmar, Nokia and ABB successfully demonstrated 5G-based Ultra-Reliable Low Latency Communication (URLLC) for Smart electricity grids. While, Ericsson initiated trials aiming to connect 5G to wireless production robots in Audi’s factory. These advanced devices using AI, Cloud computing and other technologies necessitate wider bandwidth for interrupted network speed.. As per IOT world, the theoretical peak speed of 5G technology is 20Gbps while of 4G is only 1 Gbps. However, availability on online stores impedes the growth of the market over the forecast period of 2022-2031. Although, tremendous research in order to develop new flavors to increase the product portfolio presents a lucrative opportunity for the market.
The regional analysis of global 5G in IoT market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing number of connected IoT devices in the region. North America comprises the US and Canada and is one of the leading regions in terms of the development of 5G IoT. For Instance: Verizon has planned to roll out 5G services across 30 cities in the US by the end of 2020 while AT&T has already introduced 5G services in 12 cities. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising disposable income, rising population and increasing demand for high speed internet connection would create lucrative growth prospects for the 5G in IoT market across Asia-Pacific region.
Major market player included in this report are:
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Radio Technology:
5G NR Standalone
5G NR Non-Standalone Architecture
Short Range IoT Devices
Wide Range IoT Devices
Energy & Utilities
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global 5G in IoT Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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