Overview and Scope
5G IoT refers to a service that communicates across all bands with both the local area network and the wide area network (WAN) with the proper speed, latency, and cost trade-offs. The 5G IoT is used for faster, more stable, and more secure connectivity, advancing everything from self-driving cars to smart grids for renewable energy to AI-enabled robots on factory floors.
Sizing and Forecast
The 5G IoT market size has grown exponentially in recent years. It will grow from $7.4 billion in 2023 to $12.31 billion in 2024 at a compound annual growth rate (CAGR) of 66.3%. The growth in the historic period can be attributed to mobile network evolution, rise of smart devices, surge in data generation, governmental support and initiatives, global economic conditions.
The 5G IoT market size is expected to see exponential growth in the next few years. It will grow to $95.4 billion in 2028 at a compound annual growth rate (CAGR) of 66.9%. The growth in the forecast period can be attributed to increased IoT adoption, smart manufacturing, global connectivity demand, digital transformation initiatives, 5G network infrastructure investments. Major trends in the forecast period include integrating artificial intelligence, customized virtual networks, 5G-enabled smart cities, integrating blockchain technology, ecosystem collaboration.
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The 5G IoT market covered in this report is segmented –
1) By Component: Solution, Hardware, Software and Platform, Services
2) By Network Type: 5G Standalone (SA), 5G Non-Standalone (NSA)
3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
4) By End User: Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Other End Users
North America was the largest region in the 5G IoT market in 2023. The regions covered in the 5g iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A surge in mobile network data traffic is expected to propel the growth of the 5G IoT market going forward. 5G IoT helps to support large volumes of mobile network data traffic and large numbers of users, including IoT devices. Large volumes of mobile network data traffic aid in the expansion of the 5G IoT by providing fast, dependable, low-latency, and secure connections. For instance, according to a report by Ericsson, a Sweden-based telecommunications company, between Q1 2021 and Q1 2022, the global data traffic on mobile networks increased by 40%. Also, between Q4 2021 and Q1 2022, the growth in mobile network data traffic was about 10% quarter over quarter. Therefore, the surge in mobile network data traffic is driving the growth of the 5G IoT market.
Key Industry Players
Major companies operating in the 5G IoT market report are Samsung Electronics Co. Ltd., China Mobile Ltd., Verizon Communications Inc., Deutsche Telekom AG, AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile International AG, China Telecom Corporation Limited, LG Electronics Inc., Intel Technology Corporation, Cisco Systems Inc., NTT Docomo Inc., China Unicom Limited, Vodafone Group plc, Orange S.A., Telefonica S.A, Qualcomm Technologies Inc., Fujitsu Ltd., BT Group plc, Ericsson AB, Nokia Corporation, NEC Corporation, Telstra Corporation Limited, Thales Group, KT Corporation, TIM S.p.A., ZTE Corporation, SK Telecom Co. Ltd., Swisscom AG, Singtel Optus Pty Limited
The 5g iot market report table of contents includes:
1. Executive Summary
2. 5G IoT Market Characteristics
3. 5G IoT Market Trends And Strategies
4. 5G IoT Market – Macro Economic Scenario
5. Global 5G IoT Market Size and Growth
…..
32. Global 5G IoT Market Competitive Benchmarking
33. Global 5G IoT Market Competitive Dashboard
34. Key Mergers And Acquisitions In The 5G IoT Market
35. 5G IoT Market Future Outlook and Potential Analysis
36. Appendix
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