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The global 5G IoT market is expected to reach $17.68 billion by 2030, growing at a CAGR of 47.6% during the forecast period 2023-2030. The growth of this market is attributed to the increasing demand for low-latency IoT devices for Industrial 4.0 and the increasing demand for digital wearable devices. Additionally, the high potential for 5G IoT in connected healthcare is expected to offer significant growth opportunities for this market. High costs for 5G IoT network installation and security & data privacy concerns are creating challenges for market growth.