The Asia-Pacific 5G IoT market is anticipated to grow significantly at a CAGR of 40.5% over the forecast period (2021-2027). China, India, Japan, ASEAN, South Korea, and the Rest of Asia-Pacific are the key economies contributing to the growth of the Asia-Pacific 5G IoT market over the forecast period. The key aspect that drives the Asia-Pacific 5G IoT market growth is the extensive growth in the manufacturing and smart city end-user industry in the region. China leads the Asia-Pacific market in IoT expenditures, accounting for more than half of all investments, followed by Japan and Australia, and a major contributor to the high growth of the 5G IoT market in the Asia-Pacific region over the forecast period. For instance, in March 2021, Fujitsu Ltd., a Japan-based company announced that its Oyama factory in Tochigi Prefecture, Japan, has begun operating a private 5G network. Fujitsu will be able to play a key role in delivering digital transformation (DX) for plant operations, including field automation and remote support, for the network’s 4.7 GHz band SA and 28 GHz extended frequency band NSA.
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Further, a significant rise in smart city projects is strengthening the growth of the market in the region. The Eastern Economic Corridor (EECO), a special economic zone in eastern Thailand made up of three provinces, has teamed up with state-owned National Telecommunications (NT) to launch the country’s first 5G pilot. Under the plan, the district of Ban Chang, Rayong, will become Thailand’s first progressive smart city. Apart from it, as per the German Asia-Pacific Business Association, the Chinese government is pushing the development of smart cities counting nearly 500 pilot projects in March 2019. Smart cities have buildings with many floors, which contribute to the demand for 5G IoT solutions, and the $50 million Smart Cities and Suburbs Program of the Australian Government invests in creative technology-based solutions to urban difficulties in Australia’s cities, suburbs, and towns, which are likely to drive the growth of the Asia-Pacific 5G IoT market over the forecast period. Furthermore, India and Japan markets are also likely to witness substantial growth in the near future.
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Market Coverage
· Market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segment Covered
· By Component
· By Network
· By End-User
· Region Covered-
· Asia-Pacific
· Competitive Landscape- AT&T, Inc., China Mobile Ltd., Huawei Technologies Co. Ltd., Samsung Electronics Co., Ltd., ZTE Corp., Fujitsu Ltd., NEC Corp., and SK Telecom Company Ltd.
Asia-Pacific 5G IoT Market – Segmentation
By Components
· Hardware
· Platform
· Connectivity
Services
· Professional Services
· Managed Services
By Network
· 5G Standalone
· 5G Non-Standalone
By End-User
· BFSI
· Manufacturing
· Healthcare
· Energy and Utilities
· Automotive and Transportation
· Government and Defense
· Residential
· Others End-User (Smart Building, Agriculture, and Education)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
