According to the research report titled ‘Europe 5G in IoT Market to 2027 - Regional Analysis and Forecasts by Radio Technology (5G NR Standalone Architecture, 5G NR Non-Standalone Architecture); Device Range (Short Range IoT Devices, Wide Range IoT Devices); End-User Industry (Manufacturing, Energy and Utilities, Government, Healthcare, Transportation and Logistics, Mining, Others)’ available at MarketStudyReport.com, the Europe 5G in IoT market was worth US $322.4 million in 2019, and is estimated to grow with a CAGR of 22.9% during the period of 2019-2027, hence accumulating US $1,679.8 million by the year 2027.
 

The introduction of IoT has enabled consumers to connect all smart devices over the internet. Such devices can produce tremendous amounts of data. Fixed Wireless Access, Critical IoT, and Massive IoT are expected to develop as completely new usage cases in addition to the growth in mobile broadband data. Surging need of handling exponential amount of data traffic has paved the way for deployment of 5G technology across the globe.
 

Rising number of mobile phone users, coupled with a large potential consumer base, and technological advancements in network and services have been driving the growth of the Europe 5G in IoT industry for the forecast period. As compared to other regions, Europe accounts for a large proportion of data traffic owing to market penetration by leading smartphone developing companies, high quality LTE networks and reasonable data packages offered to consumers. The market is expected to further expand due to introduction of 5G technology in AR and VR applications across the region.
 

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As per radio technology, Europe 5G in IoT market is categorized into 5G NR non-standalone and 5G NR standalone architectures. Based on device range, the market is classified into wide range IoT devices and short range IoT devices, whereas in terms of end-user spectrum, the market is bifurcated into government, manufacturing, energy & utilities, healthcare, mining, transportation & logistics, and others.
 

The prominent players in Europe 5G in IoT market are BT Group Plc, AT&T Inc., Huawei Technologies Co. Ltd., Qualcomm Corp., Nokia Corporation, Singapore Telecommunications (Singtel) Ltd., Telefónica S.A, Telefonaktiebolaget LM Ericsson, Vodafone Group Plc, and Telstra Corp. Ltd.