Posted 2/26/2024, 7:31:00 PM
IoT Telecom Services Market Poised for Massive 31.8% CAGR Growth to $228.9B by 2034, Driven by 5G and AI
- IoT telecom services market size was $14.5B in 2024, expected to reach $228.9B by 2034 with a 31.8% CAGR
- Drivers include proliferation of IoT devices, 5G network deployment, advancements in IoT tech like AI/ML, and industry-specific solutions
- Restraints include security/privacy concerns, scalability and complexity challenges
- Opportunities include leveraging 5G capabilities, edge computing adoption, comprehensive security solutions, and industry-specific analytics
- North America estimated to see fastest growth due to investments in 5G infrastructure to support IoT apps like autonomous vehicles