The North America 5G Internet of Things Market is expected to witness market growth of 68.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America 5G Internet of Things Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $104.77 billion by 2031. The Canada market is experiencing a CAGR of 70.3% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 70% during 2024-2031.
Industrial 5G technology is poised to facilitate various applications that enhance operational efficiency and drive innovation. Industrial 5G enables the creation of digital twins - virtual replicas of physical assets or processes. Organizations can simulate performance, test scenarios, and optimize operations by connecting real-time data from sensors to digital models. Digital twins facilitate predictive analytics, allowing companies to foresee potential failures and optimize maintenance schedules, significantly enhancing operational efficiency.
Also, industrial 5G can revolutionize warehousing by enabling real-time inventory tracking and automated systems for sorting and packing. Using autonomous vehicles, drones, and robotic systems within smart warehouses optimizes space utilization and significantly reduces order processing times. Field service technicians can use Industrial 5G to access real-time data, videos, and remote assistance tools while working in the field.
The increasing adoption of connected devices across residential, commercial, and industrial sectors drives the rising demand for 5G IoT in Mexico. Through its "Programa de Conectividad Digital," the Mexican government aims to expand internet coverage and promote adopting IoT solutions, particularly in underserved regions. The introduction of 5G allows for enhanced connectivity for smart appliances, security systems, and wearable devices, making it easier for households and businesses to embrace digital transformation. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
The US market dominated the North America 5G Internet of Things Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $104.77 billion by 2031. The Canada market is experiencing a CAGR of 70.3% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 70% during 2024-2031.
Industrial 5G technology is poised to facilitate various applications that enhance operational efficiency and drive innovation. Industrial 5G enables the creation of digital twins - virtual replicas of physical assets or processes. Organizations can simulate performance, test scenarios, and optimize operations by connecting real-time data from sensors to digital models. Digital twins facilitate predictive analytics, allowing companies to foresee potential failures and optimize maintenance schedules, significantly enhancing operational efficiency.
Also, industrial 5G can revolutionize warehousing by enabling real-time inventory tracking and automated systems for sorting and packing. Using autonomous vehicles, drones, and robotic systems within smart warehouses optimizes space utilization and significantly reduces order processing times. Field service technicians can use Industrial 5G to access real-time data, videos, and remote assistance tools while working in the field.
The increasing adoption of connected devices across residential, commercial, and industrial sectors drives the rising demand for 5G IoT in Mexico. Through its "Programa de Conectividad Digital," the Mexican government aims to expand internet coverage and promote adopting IoT solutions, particularly in underserved regions. The introduction of 5G allows for enhanced connectivity for smart appliances, security systems, and wearable devices, making it easier for households and businesses to embrace digital transformation. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
List of Key Companies Profiled
- Nokia Corporation
- Ericsson AB
- ZTE Corporation
- IBM Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Verizon Communications, Inc.
- Microsoft Corporation
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
- Siemens AG
- Thales Group S.A.
Market Report Segmentation
By Offering- Solutions
- Hardware
- Software & Platform
- Services
- Large Enterprises
- Small & Medium Enterprises
- 5G Non-Standalone
- 5G Standalone
- Manufacturing
- Energy & Utilities
- Transportation & Logistics
- Healthcare
- Agriculture
- Government & Public Safety
- Others
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America 5G Internet of Things Market by Offering
Chapter 6. North America 5G Internet of Things Market by Enterprise Size
Chapter 7. North America 5G Internet of Things Market by Network Type
Chapter 8. North America 5G Internet of Things Market by End User
Chapter 9. North America 5G Internet of Things Market by Country
Chapter 10. Company Profiles
Companies Mentioned
Some of the key companies profiled in this North America 5G Internet of Things Market include:- Nokia Corporation
- Ericsson AB
- ZTE Corporation
- IBM Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Verizon Communications, Inc.
- Microsoft Corporation
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
- Siemens AG
- Thales Group S.A.
Methodology
LOADING...