5G Cloud Computing is Estimated to Witness High Growth Owing to Increased Adoption of Cloud Based Services
The 5G cloud computing market is estimated to be valued at US$ 611.00 Bn in 2023 and is expected to exhibit a CAGR of 30.% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
5G cloud computing utilizes 5G network to enable Cloud Computing services. It provides high speed, low latency and large capacity network which is required to support cloud based services. 5G cloud computing offers advantages like enhanced mobile broadband, massive machine communications and ultra-reliable low latency communication. The key uses cases include augmented and virtual reality, autonomous driving, AI and IoT.
Market Dynamics:
Increased adoption of cloud based services by enterprises and individuals is a major factor driving the growth of 5G cloud computing market. Rapid digitalization across various industries has increased the deployment of cloud based applications which require high speed network connectivity. 5G network fulfills this need by providing connectivity on mobile devices at very high speed. Furthermore, increasing investment by telecom companies to develop 5G infrastructure is also contributing to the market growth. However, issues related to data privacy and security can hinder the market growth.
SWOT Analysis
Strength:
- IoT infrastructure allows data sharing across various devices which improves operational efficiency and productivity. The networks enable real-time data collection and actionable insights.
- Devices are connected through reliable and secure networks which ensure continuous monitoring and management of systems from remote locations.
- IoT solutions help drive innovation through connectivity and data exchange between physical and digital systems. New applications and services are enabled to optimize processes.
Weakness:
- Huge initial investments are required to set up the necessary hardware infrastructure including sensors, gateways and cloud platforms. This poses a challenge for small organizations.
- Security vulnerabilities can emerge from unencrypted data transmission or unauthorized access to devices and networks. Reliance on networks increases cybersecurity risks.
Opportunity:
- The growing adoption of smart technologies in sectors like manufacturing, healthcare, transportation etc provides major growth opportunities. IoT solutions help improve performance in these verticals.
- Remote working trends accelerated the need for connectivity of people through collaboration tools. IoT supported advanced connectivity for work from anywhere.
Threats:
- Stiff competition exists from various global technology players investing in similar IoT platforms and networks. Differentiation is needed to gain market share.
- Technology disruptions like 5G or new wireless technologies can lead to need for upgrades and additional costs in near future.
Key Takeaways
The Global Iot Infrastructure Market Size is expected to witness high growth, exhibiting CAGR of 30% over the forecast period, due to increasing demand for advanced connectivity solutions across industries for realizing productivity benefits.
Regional analysis:
North America is expected to dominate the global IoT infrastructure market over the forecast period. This is attributed to large-scale adoption of advanced technologies and presence of major technology players in the US and Canada. Asia Pacific is projected to exhibit the fastest growth influenced by government initiatives for smart infrastructure development and growing manufacturing sector in China, South Korea and India.
Key players
Key players operating in the IoT infrastructure market are CISCO Systems, INC., Amazon Web Services Inc., Accenture PLC, IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Intel Corporation, PTC Inc., and AT&T Inc. These players are focusing on developing innovative platforms and solutions to expand their presence and market share in the industry.
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