Progressive Deployment of 5G Networks to Provide Growth Opportunities for IoT Market During 2023–2030.
According to our latest market study on " IoT Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, and Application," the market is expected to grow from US$ 611.00 billion in 2023 to US$ 3,967.99 billion by 2030; it is estimated to register a CAGR of 30.6% from 2023 to 2030.
In the past few years, 2G, 3G, and 4G communication technologies were mainly developed for mobile broadband and personal communication services and have proven extremely proficient in meeting the demands for IoT. However, the emergence of 5G has encouraged dedicated capabilities tailored for numerous IoT applications. There is an increase in investment in 5G infrastructure across developed and developing countries as 5G enables stable, faster, and secure connectivity, helping advance IoT applications for self-driving vehicles, smart grids for renewable energy, and AI-enabled robots on factory floors. According to Qualcomm, an American multinational corporation, the global 5G value chain is anticipated to reach US$ 3.5 trillion by 2035, which is greater than the mobile value chain as of 2021. Therefore, this growth of the 5G value chain is a major contributor to the expansion and deployment of the 5G network. Moreover, according to the report published by GSM Association, the number of IoT-connected devices is expected to reach 25.2 billion by 2025. The integration of 5G network technology with IoT devices is projected to enable seamless and reliable connection. Due to the growth of the critical communication services industry, there is a rapid rollout of the 5G network by various telecom providers, which is expected to create lucrative opportunities for the IoT market growth in the coming years.
IoT Market — by Geography, 2023
IoT Market Forecast to 2030 - Global Analysis by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises and SMEs), and Application (Building & Automation, Smart Energy & Utilities, Smart Manufacturing, Connected Logistics, Banking & Financial Services, Aerospace & Defense, and Others)
IoT Market Size Report & Industry Overview 2022-2030
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Source: The Insight Partners Analysis
SAP SE, Microsoft Corporation, IBM Corporation, Google LLC, and Amazon Web Services Inc. are a few key IoT market players profiled during the study. Several other major players were studied and analyzed during the IoT market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key players strategize their growth.
The rapid spread of COVID-19 disrupted economies and businesses across the globe. During the pandemic, the adoption of IoT technology increased tremendously across several verticals, fueling the growth of the IoT market. This helped smart cities sustain utility grids and guaranteed that the requirements of the general public for electricity, water, and gas were met while avoiding the risk of sending technicians for manual work in the field. Moreover, IoT technology played a vital role in the healthcare system as it enabled proper monitoring of COVID-19 patients by deploying an interconnected network. In addition, COVID-19 crisis accelerated the adoption and implementation of the remote working model. It offers more flexibility and saves transit time between home and office while allowing companies to save money on office space as teams are working from remote locations. In addition, IoT technology has become a key part of the digital workplace; it helps connect enterprises and workers virtually, thus fueling the IoT market growth.
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