As per the research report from MarketsandMarkets, the global 5G IoT market size is projected to grow from USD 2.6 billion in 2021 to USD 40.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 73.0% during the forecast period. The growth of this market can be attributed to the growing demand for new emerging use cases, such as smart grid, telemedicine, connected cars, and industrial automation.
The managed services segment is expected to grow at the highest CAGR during the forecast period
Managed Services in the 5G IoT market outsource a complete network or a part of it on a proactive management basis to improve the network operations and reduce the organizational expenses. Businesses deploy 5G IoT solutions to manage four elements: products, processes, people, and infrastructure.
In industries, advanced sensors, control systems, and software applications work together to obtain and share real-time information as finished goods make their way down the production line. Managed services connect people across all business functions and regions and provide them with relevant information related to intelligent designs, operations, and maintenance as well as offer high-quality services and safety.
Healthcare segment to grow at the highest CAGR during the forecast period
The demand for 5G IoT in the healthcare industry is largely driven by the increasing demand for IoT devices in healthcare; these devices are used to reduce costs and improve the quality of care. IoT uses applications and leverages the benefits of connected sensors to manage the diagnosis and enable patient treatment.
The concept of 5G IoT in healthcare has transformed the way healthcare organizations interact with patients and day-to-day decision-making, thereby resulting in increased operational efficiency and optimized healthcare outcomes.
Asia Pacific (APAC) region to record the highest growing region in the 5G IoT market
APAC is expected to be the highest contributor to the 5G IoT market, followed by Europe. The reasons behind such a huge market growth can be several South Korean and Chinese telecom operators launching 5G networks and the increasing demand for high-speed networks in manufacturing industries.
Moreover, the region has become the center of attraction for major investments and business expansion opportunities. Companies such as ZTE (China), Samsung (South Korea), and Huawei (China) are heavily investing in the upcoming 5G technology.
- By Company Type: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%.
- By Designation: C-level – 55%, Directors – 40%, and Others – 5%.
- By Region: North America – 38%, Europe – 40%, APAC – 21%, and Rest of the World (RoW)– 1%.
Research coverage
The market study covers the 5G IoT market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on components (hardware, platform, connectivity, and services), network type, end-user, and regions.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall 5G IoT market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
