Global 5G IoT Market Size To Reach $11.35 Billion By 2027: ResearchAndMarkets

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  • The Azure Private Edge Zones solutions helps in providing high-security applications like factory IoT & robotics management, private smart grid for hospitals, among others
  • Key players in the market are focusing on launching new products & developing existing offering and have adopted various strategies to expand their foothold in the market
Image for representation (Pic credit -queensu.ca)

The global 5G IoT market size is expected to reach $11.35 billion by 2027 as per a report by ResearchAndMarkets. 5G network provides a smooth communication and networking functions and works under a wireless high-frequency technology. The technology provides an advanced, improved flexibility of wireless services, higher network speed, and reduced latency. IoT devices such as wireless sensors, computer devices, software, actuators.

The report said that increased demand for manufacturing and adoption of this technology will not only provide reliable networks but also deliver fantastic secure connection for Industrial IoT by assimilating security into the network architecture.

Factors like rise in demand for processing of collected data via sensors, analysing, and real-time tracking of business operations and other activities across several industrial sectors are some of the other factors that will speed up the market growth. With providing backing operations that require real-time access to data changes instantly and increased demand for ultra-low latency from numerous sectors are some of the factors driving the market growth.

The report added, “However, lack of research and innovation and high upfront costs for infrastructural establishment are limiting the market growth. On the contrary, consumer landscape and changing business environment are expected to provide lucrative opportunities to the global market in the upcoming years. For instance, in 2019, Microsoft has announced a partnership with AT&T, which is a multinational conglomerate holding company in order to unlock 5G scenarios via its Azure Edge Zones.”

Launching new products & developing existing offering

As per the report, the partnership aimed at operating and extending its service using 5G and LTE networks. The Azure Private Edge Zones solutions helps in providing high-security applications like factory IoT & robotics management, private smart grid for hospitals, among others.

The report said, “Key players in the market are focusing on launching new products and developing existing offering and have adopted various strategies to expand their foothold in the market. Also, governments in countries such as U.S., South Korea, China, Japan, among others are expected to largely adopt & implement 5G IoT technology in the coming years.”

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