Global 5G IoT Market

5G IoT Market Size, Share, Growth Analysis, By Components(Hardware, Platform, Services (Professional Services (Consulting, Deployment and Integration), By Type(Short-Range IoT Devices (Range up to 100 meter), Wide-Range IoT Devices (Range more than 100 meter)), By End-User(Manufacturing (Industrial Automation, Predictive Maintenance, Asset Monitoring), Healthcare (Remote Patient Monitoring), By Network Architecture(5G Non-Standalone, and 5G Standalone), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2328 | Region: Global | Published Date: July, 2024
Pages: 197 |Tables: 114 |Figures: 77

5G IoT Market Insights

Global 5G IoT Market size was valued at USD 8.53 Billion in 2022 and is poised to grow from USD 12.96 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 34.12% in the forecast period (2024-2031).

Increasing demand for connected devices and adoption of 5G IoT in Industry 4.0 are the important factors driving the growth of the market. 5G enables highly advanced networks, designed to connect virtually anything and everything connected, including objects, appliances and devices. These devices are used in fleet management, smart buildings, logistics, power grids, smart agriculture, tracking, remote healthcare and various others. So, this application requires machine-to-machine interfaces to facilitate monitoring and maintenance. The wide range of applications enabled by 5G-connected devices is expected to accelerate the adoption of machine-to-machine (M2M) communications.

Increasing investment in 5G IoT and deployment is also a key factor contributing to the market's growth. Global IoT investments are expanding and are expected to continue over the forecast period. The potential of IoT to dramatically increase and transform productivity and improve current business processes is driving investment in technology. In addition, IoT offers many benefits, such as big data for monitoring and managing critical data, IoT devices for cost optimization, smart device security, and improved device/machine performance.

Market Snapshot - 2024-2031

Global Market Size

USD 3.53 Billion

Largest Segment

Hardware

Fastest Growth

Service

Growth Rate

50.2% CAGR

Global 5G IoT Market ($ Bn)
Country Share for Asia Pacific Region (%)

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5G IoT Market Segmental Analysis

The global 5G internet of things (IoT) market is segmented based on component, network architecture, type, organization size, end-user and region. In terms of component, the market is segmented into Hardware, Platform, Services (Professional Services (Consulting, Deployment and Integration, Support and Maintenance), Managed Services. Based on network architecture, the market is bifurcated into 5G Standalone, 5G non-Standalone. Based on type, the market is bifurcated into short-range IoT devices, wide-range IoT devices. Based on organization size, the market is bifurcated into large enterprises, small and medium-sized enterprises. In terms of end-user, the market is grouped into Manufacturing (Industrial automation, Predictive Maintenance, Asset Monitoring), Healthcare (Remote Patient Monitoring, Connected Ambulance, Asset Tracking For Medical Devices, Connected Medical Devices), Energy and Utilities (Smart Grid, Smart Meter, Pipeline Management), Automotive and Transportation (Fleet Management/Telematics, Connected Car, Autonomous Vehicle), Supply Chain and Logistics (Asset Tracking, Inventory Management, Logistics and Warehouse Automation), Agriculture (Precision Farming, Livestock Monitoring, Asset Tracking), Government and Public Safety (Smart Parking, Smart Street Lighting, Water and Waste Management, Public Safety and Surveillance, Environment Monitoring), Other End Users (Retail, Smart Building, Education). Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. 

Analysis by Component 

Based on SkyQuest in-depth study, we found that in the year 2023, the hardware segment has dominated the market and accounts for more than 45.0% of the global revenue. Segment growth is likely to drive more innovation and investment in the coming years as companies seek to harness the potential of this new technology. As 5G networks mature, 5G IoT hardware costs are likely to decrease. This will make it easier for manufacturers to integrate 5G IoT hardware into their business processes and the combination of 5G technology and IoT with smart cities has the potential to transform and enable businesses demand for 5G IoT hardware. 

The service segment is expected to witness impressive growth over the forecast period. The segment is expected to grow during the forecast period with continued adoption of IoT devices in construction, transportation and automotive across innovation and industry levels. The support and maintenance segment are expected to witness rapid growth during the forecast period. Companies are increasingly relying on 5G IoT services to meet their demands as the number of IoT devices connected to the Internet. 

Analysis by End-User 

Based on our comprehensive study, we found that in the year 2023, The automotive and vehicle industry stands out as a pivotal segment in the 5G IoT market. The ultra-fast speeds and low latency of 5G technology facilitate seamless connectivity between vehicles and the cloud, enabling real-time data exchange. This allows connected cars to collect information on traffic conditions, weather, and road hazards, thereby enhancing safety, navigation, and driver assistance systems. Additionally, 5G IoT supports V2X communication, allowing vehicles to interact with other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N). This enhanced connectivity significantly improves road safety and traffic management, laying the groundwork for autonomous driving.  

In addition, 5G IoT boosts supply chain management by aiding in tracing and observing vehicle parts, and components in real-time. This is because the performance of autonomous vehicles relies heavily on the existence of a strong and dependable network infrastructure. It thus means that low latency with high data transfer speeds will be required for immediate communication between robots or other devices which are interlinked with the web, these factors have increased the adoption of 5G and serve as important driver towards the realization of self-driving cars and expected to drive the segmental growth over the forecast year.   

The service segment is expected to witness impressive growth over the forecast period. The segment is expected to grow during the forecast period with continued adoption of IoT devices in construction, transportation and automotive across innovation and industry levels. The support and maintenance segment are expected to witness rapid growth during the forecast period. Companies are increasingly relying on 5G IoT services to meet their demands as the number of IoT devices connected to the Internet

Global 5G IoT Market By Component (%), 2022 (%)

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5G IoT Market Regional Insights

Asia-Pacific dominated the market by 2022, accounting for more than 38.0% of the global revenue. The growth can be attributed to the growing popularity of 5G IoT initiatives such as smart cities in countries like China and India. At the same time, favorable government policies for automation in the country and industrial upgrades being launched are fueling the growth of the regional market. Additionally, APAC is characterized by population, growing economies, growing industries and start-ups, which offer huge growth opportunities for 5G IoT network operators due to the large untapped customer base in the region.

North America is expected to grow significantly during the forecast period. Increasing 5G infrastructure investment is a key driver for the sector’s expansion. Heavy investments are being made in 5G infrastructure, including the installation of fiber optic cables, and other network infrastructure. In addition, local governments encourage the use of 5G technology through various policies and regulations designed to improve network infrastructure. These factors encourage the development of the sector throughout the forecast period.

Global 5G IoT Market By Geography, 2024-2031
  • Largest
  • Fastest

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5G IoT Market Dynamics

Drivers

Increasing Adoption of Wireless Technologies Is Driving the Market Growth

  • The market is expanding due to the increasing presence of IoT-related devices in the market in many end-use industries including retail, manufacturing, transportation, and construction. Capabilities of IoT devices and they connect with each other free of charge. A key element of the beast has been the IoT market, which has led to the spread of 5G technology. 5G connectivity is emerging as a promising Internet service platform for IoT-related businesses due to its ability to support multiple devices, low latency, high speed and bandwidth, among others.

Growing Adoption of 5G

  • 5G’s mobile connectivity, high speed and low latency enable business applications and seamless user experiences. The integration of IoT is indeed accelerating change in industries such as manufacturing, healthcare and transportation. This integration requires high-speed connectivity to support internet devices based on sensors, especially in industrial Industry IoT (IIoT) plays a key role in optimizing processes and increasing productivity in these industries. The evolution between 5G and IoT is driving growth in smart environments and addresses the demand for higher data speeds. Fixed wireless access and customer premise equipment (CPE) are essential services in smart cities, which are now powered by high-speed 5G connectivity. The increasing need for faster data speeds is expected to drive the market to improve over the forecast period.

Restraints

Upgrading Employee Skills and Further Training

  • With the increasing adoption of industrial robots, companies need to invest in retraining and upgrading their employees to adapt to the changing work environment. Employees need to acquire new skills to effectively interact with robots, manage robotic systems, and perform tasks to support robotic activities. Retraining programs and initiatives are essential to ensure a smooth transition and to maximize the benefits of automation while protecting employment opportunities.

Lack of IoT Awareness

  • Many consumers, both individuals and businesses, are still unaware of the benefits of IoT networks and devices. Major brands like Samsung, Apple, LG and Motorola invest heavily in marketing to raise awareness. The early stages of the market and lack of standardization make purchasing decisions difficult, especially in products such as smart locks and wearables. This gap in understanding consumer needs is likely to hinder market share growth over the forecast period.

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5G IoT Market Competitive Landscape

Qualcomm and Ericsson are working together to develop an integrated solution that leverages Qualcomm’s advanced chipsets and Ericsson’s 5G network infrastructure. These solutions include IoT devices and modular gateways optimized for 5G connectivity. Ericsson is integrating Qualcomm’s chipsets into its networking equipment to improve performance, reliability and efficiency in 5G IoT applications. This integration ensures seamless connectivity and enables efficient data transmission for IoT applications.

Top Player’s Company Profiles

  • Nokia Corporation
  • AT&T Inc.
  • Cisco Systems, Inc.
  • Telefonaktiebolaget LM Ericsson
  • Verizon Communications Inc.
  • Vodafone Limited
  • Qualcomm Technologies, Inc
  • Samsung Electronics Co., Ltd.
  • ZTE Corporation
  • Microsoft Corporation
  • T-Mobile US, Inc.
  • Sierra Wireless S.A.
  • Bell Canada
  • u-blox Holding AG
  • Quectel Wireless Solutions Co., Ltd.
  • Deutsche Telekom IoT GmbH
  • SIMCom Wireless Solutions Limited
  • Intel Corporation
  • Mavenir Systems, Inc.
  • Sequans Communications

Recent Developments

  • In June 2023, Ericsson and Ooredoo Qatar signed a five-year extension to the 5G agreement during a visit to Ericsson’s headquarters in Kista, Sweden to provide the industry with radio access network (RAN) products and services. Ericsson Advanced 5G RAN solutions and services will be delivered that accelerate data speeds. Ooredoo Qatar to explore 5G service updates and connectivity opportunities for customers, leveraging the potential of Internet of Things (IoT) applications role, and requires emerging technologies such as artificial intelligence (AI), as well as Machine learning (ML) that optimize network performance and user experience.
  • In February 2023, Cisco and NEC Corporation announced plans to expand their joint efforts to include system convergence solutions and potential opportunities in 5G xHaul.
  • June 2023: Wipro Ltd, one of the leading technology services consulting firms, launches a managed personal 5G-as-a-service solution in partnership with the new Cisco Offerings to enable enterprise customers. Existing WAN/Cloud systems integrate seamlessly to achieve commercial results.

5G IoT Key Market Trends

  • Rising Demand for Healthcare Professionals: The digital transformation of healthcare is reshaping patient-professional communication and data sharing. These sensors monitor the flow of patients and supplies and help track inventory and critical equipment. Automation enhances this process by triggering commands or alerts. Hospital devices such as smart screens and ventilators can use 5G LAN. The spread of IoT will drive market trends.

5G IoT Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global 5G IoT market is poised for tremendous growth, with a combination of factors including technological advancements, growing demand for high-speed connectivity, enabling IoT a wide range of applications related to agriculture and smart cities. However, the global 5G IoT market also faces many restraints and challenges that could hamper its full potential. One important constraint is the high cost of building and upgrading 5G infrastructure, including base stations, antennas and backhaul networks. Also, the complexity of integrating disparate IoT devices and platforms on disparate ecosystems presents challenges of collaboration, and results in poor communication. Key market trends shaping the global 5G IoT landscape include the emergence of edge computing as an important enabler for processing and analyzing data, reducing latency and bandwidth usage.

Report Metric Details
Market size value in 2022 USD 8.53 Billion
Market size value in 2031 USD 136.18 Billion
Growth Rate 34.12%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Components
    • Hardware, Platform, Services (Professional Services (Consulting, Deployment and Integration, Support and Maintenance), Managed Services)
  • Type
    • Short-Range IoT Devices (Range up to 100 meter), Wide-Range IoT Devices (Range more than 100 meter)
  • End-User
    • Manufacturing (Industrial Automation, Predictive Maintenance, Asset Monitoring), Healthcare (Remote Patient Monitoring, Connected Ambulance, Asset Tracking For Medical Devices, Connected Medical Devices), Energy and Utilities (Smart Grid, Smart Meter, Pipeline Management), Automotive and Transportation (Fleet Management/Telematics, Connected Car, Autonomous Vehicle), Supply Chain and Logistics (Asset Tracking, Inventory Management, Logistics and Warehouse Automation), Agriculture (Precision Farming, Livestock Monitoring, Asset Tracking), Government and Public Safety (Smart Parking, Smart Street Lighting, Water and Waste Management, Public Safety and Surveillance, Environment Monitoring), Other End Users (Retail, Smart Building, Education)
  • Network Architecture
    • 5G Non-Standalone, and 5G Standalone
  • Organization Size
    • Large Enterprises, Small and Medium-Sized Enterprises
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Nokia Corporation
  • AT&T Inc.
  • Cisco Systems, Inc.
  • Telefonaktiebolaget LM Ericsson
  • Verizon Communications Inc.
  • Vodafone Limited
  • Qualcomm Technologies, Inc
  • Samsung Electronics Co., Ltd.
  • ZTE Corporation
  • Microsoft Corporation
  • T-Mobile US, Inc.
  • Sierra Wireless S.A.
  • Bell Canada
  • u-blox Holding AG
  • Quectel Wireless Solutions Co., Ltd.
  • Deutsche Telekom IoT GmbH
  • SIMCom Wireless Solutions Limited
  • Intel Corporation
  • Mavenir Systems, Inc.
  • Sequans Communications
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on 5G IoT Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on 5G IoT Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 5G IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the 5G IoT Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 5G IoT Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the 5G IoT Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global 5G IoT Market size was valued at USD 8.53 Billion in 2022 and is poised to grow from USD 12.96 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 34.12% in the forecast period (2024-2031).

Qualcomm and Ericsson are working together to develop an integrated solution that leverages Qualcomm’s advanced chipsets and Ericsson’s 5G network infrastructure. These solutions include IoT devices and modular gateways optimized for 5G connectivity. Ericsson is integrating Qualcomm’s chipsets into its networking equipment to improve performance, reliability and efficiency in 5G IoT applications. This integration ensures seamless connectivity and enables efficient data transmission for IoT applications. 'Nokia Corporation', 'AT&T Inc.', 'Cisco Systems, Inc.', 'Telefonaktiebolaget LM Ericsson', 'Verizon Communications Inc.', 'Vodafone Limited', 'Qualcomm Technologies, Inc', 'Samsung Electronics Co., Ltd.', 'ZTE Corporation', 'Microsoft Corporation', 'T-Mobile US, Inc.', 'Sierra Wireless S.A.', 'Bell Canada', 'u-blox Holding AG', 'Quectel Wireless Solutions Co., Ltd.', 'Deutsche Telekom IoT GmbH', 'SIMCom Wireless Solutions Limited', 'Intel Corporation', 'Mavenir Systems, Inc.', 'Sequans Communications'

The market is expanding due to the increasing presence of IoT-related devices in the market in many end-use industries including retail, manufacturing, transportation, and construction. Capabilities of IoT devices and they connect with each other free of charge. A key element of the beast has been the IoT market, which has led to the spread of 5G technology. 5G connectivity is emerging as a promising Internet service platform for IoT-related businesses due to its ability to support multiple devices, low latency, high speed and bandwidth, among others.

Rising Demand for Healthcare Professionals: The digital transformation of healthcare is reshaping patient-professional communication and data sharing. These sensors monitor the flow of patients and supplies and help track inventory and critical equipment. Automation enhances this process by triggering commands or alerts. Hospital devices such as smart screens and ventilators can use 5G LAN. The spread of IoT will drive market trends.

Asia-Pacific dominated the market by 2022, accounting for more than 38.0% of the global revenue. The growth can be attributed to the growing popularity of 5G IoT initiatives such as smart cities in countries like China and India. At the same time, favorable government policies for automation in the country and industrial upgrades being launched are fueling the growth of the regional market. Additionally, APAC is characterized by population, growing economies, growing industries and start-ups, which offer huge growth opportunities for 5G IoT network operators due to the large untapped customer base in the region.

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