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3. 5G IoT Market Booms at 35.1% CAGR: Growth Drivers & Key Players

With a Compound Annual Growth Rate (CAGR) of 35.1% over the course of the forecast period, the size of the 5G IoT market is expected to increase from USD 13.2 billion in 2023 to USD 59.7 billion by 2028. The massive 5G IoT ecosystem and critical communication services are driving the growth of the 5G IoT market.

The 5G IoT market is poised for substantial growth in the coming years, driven by several key factors:

• Technological Advancements
• Increasing Adoption of IoT Devices
• Rising Demand for High-speed Connectivity
• Expansion of Smart Cities
• Enhanced Network Reliability and Low Latency

These growth factors highlight the dynamic and evolving nature of the 5G IoT market, driven by the need for advanced connectivity solutions to support the increasing number of IoT devices and applications.

To know about the assumptions considered for the study download the pdf brochure

Technological Advancements:

• Enhanced Mobile Broadband (eMBB): The introduction of 5G enables significantly higher data rates, facilitating new IoT applications and services.
• Ultra-Reliable Low-Latency Communications (URLLC): 5G technology provides low latency and high reliability, essential for critical IoT applications such as autonomous vehicles and industrial automation.

Increasing Adoption of IoT Devices:

• Consumer IoT: The proliferation of smart home devices, wearables, and connected consumer electronics is driving the demand for 5G IoT solutions.
• Industrial IoT: Industries are adopting IoT solutions for predictive maintenance, asset tracking, and process optimization, necessitating robust 5G connectivity.

Rising Demand for High-speed Connectivity:

• Enhanced User Experience: 5G IoT offers high-speed connectivity that supports high-definition video streaming, virtual reality, and augmented reality applications.
• Bandwidth-intensive Applications: The increasing use of applications requiring high bandwidth, such as real-time video surveillance and telemedicine, drives the demand for 5G IoT.

Expansion of Smart Cities:

• Infrastructure Development: Smart cities are deploying 5G IoT solutions for intelligent transportation systems, smart grids, and public safety applications.
• Efficient Resource Management: 5G IoT enables efficient management of urban resources such as energy, water, and waste, enhancing sustainability.

Enhanced Network Reliability and Low Latency:

• Critical Communications: Applications requiring high reliability and low latency, such as remote surgery and autonomous driving, benefit significantly from 5G IoT.
• Seamless Connectivity: 5G networks provide seamless connectivity across various IoT devices, ensuring uninterrupted data flow and real-time analytics.

5G IoT Market Share - Global Industry Landscape

The 5G IoT market is characterized by the presence of several key players competing for market share. Some of the leading companies in the 5G IoT industry include:

• China Mobile (China)
• AT&T (US)
• Verizon (US)
• Vodafone Group plc (UK)
• Orange SA (France)

These companies are influential in the 5G IoT market, offering diverse solutions that enhance connectivity, efficiency, and scalability across various applications.

China Mobile (China)

Market Share: China Mobile is a significant player in the 5G IoT market, known for its extensive network infrastructure and innovative IoT solutions.

Key Offerings:

• OneNET: A cloud-based IoT platform that provides comprehensive solutions for device management, data analytics, and application development.
• 5G Private Networks: Tailored 5G solutions for enterprises, enabling secure and reliable IoT connectivity for various industrial applications.

AT&T (US)

Market Share: AT&T holds a strong position in the 5G IoT market, leveraging its advanced network capabilities and wide-ranging IoT services.

Key Offerings:

• AT&T Control Center: A comprehensive IoT management platform that provides real-time monitoring and control of IoT devices and applications.
• 5G+ Network: High-speed 5G network services that support a variety of IoT applications, including smart cities, healthcare, and transportation.

Verizon (US)

Market Share: Verizon is a key player in the 5G IoT market, known for its robust network infrastructure and innovative IoT solutions.

Key Offerings:

• ThingSpace: Verizon's IoT platform that enables device management, data analytics, and application development for IoT solutions.
• 5G Ultra Wideband: A high-speed 5G network that provides low latency and high reliability for critical IoT applications.

Vodafone Group plc (UK)

Market Share: Vodafone Group plc is a leading player in the 5G IoT market, offering a wide range of IoT solutions and services.

Key Offerings:

• Vodafone Business: A suite of IoT solutions that includes connectivity, device management, and data analytics for various industries.
• 5G Network: Advanced 5G connectivity that supports a broad range of IoT applications, from smart cities to industrial automation.

Orange SA (France)

Market Share: Orange SA is a major player in the 5G IoT market, known for its innovative IoT solutions and extensive network coverage.

Key Offerings:

• Orange Business Services: Comprehensive IoT solutions that include connectivity, device management, and data analytics for various sectors.
• 5G IoT Solutions: Tailored 5G solutions that provide high-speed connectivity, low latency, and enhanced reliability for IoT applications.

Related Reports:

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