Health. Hospitality. Smart homes. Agriculture. Aviation. Retail. Finance. Manufacturing. Automotive.
The common denominator these industries share?
They’ve all experienced extensive benefits from infusions of interconnected IoT; apps, sensors, software, and device diversity eight ways from Sunday.
The advent of IoT (and its promisingly steady market growth) has led legions of eager businesses to champion IoT implementations in order to automate, tap into real-time data, minimize operational costs, and improve efficiencies and the statuses of worker safety and customer satisfaction.
Homing in even further, the 5G IoT market is also worthy of close inspection. The uses of 5G IoT devices in smart city projects, as well as increasing demand for low-latency IIoT devices and for digital wearables, are the first major factors to inspect. Then, when considering self-driving vehicles and connected healthcare, it’s no wonder 5G IoT is expected to grow at a CAGR of 47.6% from 2023 to 2030, reaching $17.68 billion in this seven-year stretch.
This information is a glimpse into a recent report from market intelligence provider, Meticulous Research.
With countless uses in the aforementioned industries (and also in smart utilities, smart security and surveillance, smart buildings and smart factories), the impacts of 5G IoT have been felt worldwide. (Developing Asia-Pacific countries, Latin America, the Middle East, Africa, and other regions have potential irons in the 5G IoT forge, so to speak.) In North America and throughout Europe, Meticulous Research reports that higher costs for 5G IoT network installations are creating challenges that are multi-pronged, but not totally unconquerable.
Returning to the topic of smart cities, 5G IoT-connected solutions are one of the hottest commodities. As Meticulous Research details, 5G infrastructure expands cities’ means to utilize smarter devices, sensors, and the data extracted in order to accelerate digital operations and support functionalities for intelligent transportation, the management of smart energy, public utilities, and much more. Smart buildings in these cities are capable of leveraging wireless IoT tech, building automations, and analytics to best monitor and evaluate processes to reach insights that fuel significant progress.
“Several companies and government bodies are focusing on advanced technologies, including AI and 5G IoT in smart cities, to implement infrastructure automation, smart grids, and control systems,” as quoted from Meticulous Research. “For instance, back in 2021, Siemens acquired Wattsense to expand Siemens’ building automation offerings via IoT systems for small-sized and mid-size buildings. Further back, in 2019, Canada’s government announced a federal program called the "Smart Cities Challenge" that hones the integration of tech, including 5G and IoT, in key smart city developments.”
Meticulous Research goes on to break down the global 5G IoT market by component, architecture, application, end user, and geography.
In a nutshell, 5G for IoT means lower latency, higher capacities, connected devices that pave the way for multiplicative windows of opportunity, and reined-in data rates that affect manufacturers, public safety organizations, supply chain management, and more.
Long story short? The value of 5G IoT and discussions therein will be explored further and further over the next decade.
A free sample of Meticulous Research’s full report can be downloaded here.
Edited by Alex Passett