5G IoT Market Size is forecasted to reach $40.5 billion by 2026, growing at a CAGR of 61% during the forecast period from 2022-2026. The increase in IoT devices using advanced communication infrastructure for high speed machine to machine communication and real-time quality control in connected factories are major factors driving growth in the 5G IoT market during the forecast period. In addition, increasing investments towards smart city infrastructure or connected healthcare has been a key factor driving the market. Besides this, rising adoption of of precision farming, agricultural drones and greenhouse automation is expected to drive the market growth. Additionally, 5G IoT has beneficial capabilities, which includes higher multi-Gbps peak data speeds, ultra-low latency, more reliability, massive network capacity, increased availability over other IoT connectivity, owing to which its demand is gaining traction in the forecast period 2022-2026.
The asset tracking and management market has witnessed rapid evolution with the ongoing developments in supply chain and logistics sector. 5G powered asset tracking and management enables business organizations to capture and analyze historical and real-time operational and asset data as a part of improving asset performance and mission critical decision making in core business operations. 5G enabled asset tracking and management solution aids in developing consistent, optimized inspection and maintenance plans to mitigate operating risks and potential failures, and such capabilities are poised to generate significant growth opportunities for the market in coming years. In December 2021, Orange Business Services announced collaboration with Wirepas to deploy IoT smart tracking solutions. This collaboration will allow Orange Business Services customers to identify and locate business assets anywhere, at any time, as well as carry out an inventory of up to 5,000 devices per pallet in a minute.
APAC 5G IoT Market is expected to be the fastest growing region and will grow at CAGR of 64% during the forecast period 2022-2026. The tremendous growth in technologies such as autonomous robots, big data analytics are enabling companies to make the leap to smart, data-driven flexible manufacturing, which can be considered as the prime factor driving the market growth forward in this region. The growth in usage of 5G-enhanced IIoT in sectors such as petrochemical industry, construction materials, ports, textiles and home appliances are contributing towards growth of the market in this region. China is the top contributor in the growth of the 5G IoT Market. In June 2021, The Chinese Ministry of Industry and Information Technology (MIIT) released its Industrial Internet 2021 Work, detailing its goal to further expand China’s 5G network and the Industrial Internet of Things (IIoT) in order to expand China’s expertise in areas such as edge computing, IIoT operating systems, time-sensitive networking and identification analysis, and such factors are propelling the market growth in China. Apart from China, South Korea and Japan are the top contributors in the growth of the 5G IoT in this region. 5G IoT market growth in South Korea is majorly driven by Industry 4.0 innovations in various production fields by harnessing the sophistication of integrated technologies such as IIoT platforms, data collection and processing tools, software-integrated operation floors, and many others. Hence, these factors emphasize strongly to boost the market growth.
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5G IoT Market Growth Drivers:
Increasing penetration of advanced communication infrastructure in healthcare sector in order to optimize surgical robots, asset tracking, telemedicine, remote health monitoring and others has been positively impacting the market growth will positively impact the market growth
Increasing adoption of chronic condition management, diagnostics, asset tracking, analytics, remote patient monitoring, enhanced pharmaceutical management, surgical robots and others have been considered as key factor that will drive the market growth forward. The 5G technology has features such as high-speed data transfer rate, super-low latency, connectivity and capacity, high bandwidth, and durability per unit area which is important for data-driven personalized care and optimization of medical resource utilization, thus raising its adoptability for care delivery convenience and achieve increased patient value. Moreover, there is a growing concern regarding the imbalance of medical resources, inefficient healthcare system administration and inconvenient medical experiences and in order to overcome these prevalent challenges, technologies such as IoT, cloud computing, big data, and artificial intelligence are being developed as a part of improving the patient experience and healthcare service quality while cutting the total cost attributable to healthcare. Such factors are set to accelerate the growth of the market in the coming years. Furthermore, the growing use of wearable devices and smartphones has helped to accumulate a large volume of patient-specific data which can be used for personalized treatment opportunities. The remote monitoring system can help collect this information and play a crucial role in making the advanced healthcare-associated analysis with big data. As problems like network congestion and slow internet speeds pose a serious problem, especially for the healthcare providers, there has been a burgeoning demand for high speed 5G network to cater the need for critical communication infrastructure in telemedicine platform. The preventive and predictive maintenance of the medical equipment and healthcare infrastructure assists is generating immense cost savings for both public and private healthcare organizations. The inventory and asset management solutions allow the hospitals to track the assets in real-time, better manage the medical supplies and assets, and plan the preventive maintenance of the medical equipment, thus increasing the efficiency, avoiding the downtime due to malfunctioning or misplaced assets, and reducing the inventory levels in the hospitals. Such factors are analyzed to propel the market growth. In January 2022, UK based health technology platform Proximie announced partnership with Vodafone with an aim to digitalize operating rooms and diagnostic rooms with 5G, IoT and edge computing infrastructure. This development was done so that hospital staff can interact with any connected operating room in the world to enable, accelerate and improve surgical mentoring, proctoring, and technical expertise while enabling connected surgical care solution through increased access to Vodafone’s technologies and platforms. This is set to drive the market growth forward in coming years. Moreover, the rise of telemedicine and growing adoption of Electronic medical records, are the other factors that is expected to play a key role in driving the 5G IoT Market.
The Major Players in this Market Include
Major players in 5G IoT Market include Qualcomm, Ericsson, Nokia, Samsung, AT & T, Verizon, Vodafone, Telefonica, SK Telecom, Deutsche Telekom among others. In April 2021, Vodafone announced about the launch of 5G-ready IoT solutions comprising connectivity, hardware, network, application, analytics, security and support for enterprises that seek to digitize their businesses. This launch provides a range of IoT solutions across industries for smart infrastructure, mobility and utility, on its 5G-ready network.
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