Research and Marke: Global 5G IoT market size will reach US$11.35 billion in 2027

On March 4, according to foreign media reports, market research firm Research and Markets recently released a report stating that by 2027, the global 5G IoT market size is expected to reach US$11.35 billion.

5G network provides smooth communication and networking capabilities and works on wireless high frequency technology. In addition, this technology also provides higher network speeds and shorter delays. IoT devices such as wireless sensors, computer equipment, software, actuators, etc., largely depend on the instant communication and data transmission services provided through this technology. In addition, IoT also improves the flexibility of wireless services and largely depends on the instant communication and data transmission provided through 5G technology. It plays a vital role in the development of communications as well as enterprises in the market.

The report points out that the increase in demand in the manufacturing industry and the adoption of 5G IoT will not only provide reliable/, but also provide excellent secure connectivity for the Industrial Internet of Things by integrating security into the network architecture. In addition, factors such as the rising demand for processing data collected by sensors, analyzing and tracking business operations and other activities in multiple industrial sectors in real time are also among the other factors driving market growth. In addition, the provision of support operations that require real-time access to immediate data changes and the increase in demand for ultra-low latency in numerous industries are some of the factors driving market growth.

Currently, the major players in the market are focusing on launching new products and developing existing products and have adopted various strategies to expand their foothold in the market. In addition, the report predicts that countries such as the United States, China, and Japan will adopt and implement 5G IoT technology on a large scale in the next few years.