DUBLIN--(BUSINESS WIRE)--The "5G IoT Market by Component (Hardware, Platform, Connectivity, and Services (Professional and Managed)), Network Type, End User (Manufacturing, Healthcare, Energy and Utilities, and Automotive and Transportation), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
- Unleashing Massive 5G IoT Ecosystem and Critical Communication Services
- Development of Wireless Technologies
- Increase in Mobile Network Data Traffic
- Heavy IoT Investments
- Availability of Low-Cost Sensors
- Need to Accelerate the Digital Transformation of Verticals
- Lack of Standardization in IoT Protocols
- High Reliability and Low-Latency 5G Networks to Accelerate a New Wave of IoT Applications
- Development of Smart Infrastructure
- Demand for Private 5G Networks Across Enterprises, Governments, and Industries
- Delay in Spectrum Harmonization Across Geographies
- Risk of Uncertainty in Terms of Rois
- Increase in Concerns Over Data Privacy and Security
- China Mobile
- Deutsche Telekom
- Orange S.A.
- S K Telecom
- Sierra Wireless
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