The global 5G IoT market size was valued at $1.4 billion in 2020 and is projected to reach $111.2 billion by 2028, growing at a CAGR of 72.1% from 2021 to 2028, according to Verified Market Research.
Global 5G IoT market overview
Rising demand for IoT connected devices, more adoption of mobile broadband as well as a growing device-to-device communication, and swift innovation virtualization in the networking domain is driving the growth of the 5G Technology Market. 5G gives techniques like network function virtualization and network slicing that help in providing customer-specific networks.
Furthermore, 5g network can offer customized infrastructure for IoT applications to boost the efficiency of the industry for example industry 4.0 fully depends upon robotics and moving robots to increase the efficiency of the plant.
By the adoption of 5g connected devices can use a network line with a high wireless data transfer that offers real-time information. Moreover, increasing demand for high reliability and low latency networks, growing technological advancements, and rising demand for 5G technology in the logistic industry is providing growth opportunities to the market. For instance, the concept of the vehicle to anything, communication has paved the way for connected vehicles and autonomous driving.
The low latency capabilities of 5g are uplifting its demand across the mandatory applications and one of the major applications can be telemedicine where hospitals and healthcare providers can access real-time data without any delay.
In addition, high spectrum prices and the threat of cyber-attacks can hamper the growth of the market. The chances of cyber-attacks are likely to increase with 5G technology. The growing connected devices and machines will lead to a rise in security threats and attackers can take the benefit of this security gap which can adversely affect the growth of the market.