Security News > 2022 > March > 5G IoT market to reach $111.2 billion by 2028

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.

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.

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.

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.

High spectrum prices and the threat of cyber-attacks can hamper the growth of the market.

News URL

https://www.helpnetsecurity.com/2022/03/02/5g-iot-market-2028/