5G IoT market size is said to be worth around USD 297.1 billion by

OTTAWA, Sept. 15, 2022 (GLOBE NEWSWIRE) — The Global 5G IoT market size was reached in 2021 with 2.5 billion USD. 5G IoT is a new generation of wireless technology with a powerful combination of high speed, low latency, expanded bandwidth and increased energy efficiency. As the role of 5G IoT gains prominence in automotive, smart manufacturing, and utilities, among others.

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The technologies including 2G, 3G and 4G were mainly developed for mobile broadband and personal communication services. In recent years, these communication technologies have proven to be extremely competent to meet the needs of the IoT. However, the advent of 5G has fostered dedicated capabilities tailored to numerous IoT applications. Therefore, the thriving manufacturing sector and increasing investments in 5G infrastructure in both developed and developing countries are expected to also offer attractive potential for market expansion.

Regional snapshots

North America has held a dominant position and is expected to be the dominant state due to the presence of leading market players over the forecast period; strong industrial, logistics and transportation sectors; and technological innovations in the energy and telecommunications sectors.

On the other hand, the rapid and large-scale deployment of 5G in the region is opportunistic for the growth of the market. For example, according to CTIA, a trade association representing the wireless communications industry in the United States, the country’s telecom companies are expected to invest $275 billion in 5G technology, including small cells, fiber optic cables and other 5G network infrastructure.

The central theses:

  • By components, the solution segment has achieved a market share of around 63% in 2021.
  • By network, the 5G non-standalone segment has reached 59% market share in 2021.
  • In 2021, the large enterprise segment accounted for 70% of sales.
  • The Asia-Pacific region has generated a market share of over 35.5% in 2021.

report highlights

  • Based on components, the hardware segment dominated the 5G IoT market. The surge in demand for 5G IoT modules due to the spread of industrial IoT has propelled the growth of this segment. However, the service segment is expected to witness the highest growth rate over the forecast period due to the need for improved productivity, regulatory compliance, and surveillance and security requirements related to 5G IoT.
  • Based on the end user, the manufacturing segment is the dominant player and is expected to have the largest impact in the 5G IoT market. However, the healthcare segment is expected to see a significant growth rate in the coming years due to the increasing need for faster and more efficient device connections while minimizing delays. The continuing trend towards the development of healthcare infrastructure is also opportunistic for the growth of this segment.

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scope of the report

report attributes details
Market size in 2021 $2.5 billion
Sales forecast up to 2030 $297.1 billion
CAGR 70.04% from 2022 to 2030
Market share in Asia Pacific 35.5% in 2021
Market share in Europe 23% in 2021
base year 2021
forecast year 2022 to 2030
key figures China Mobile, AT&T Inc., Verizon Communications Inc. T-Mobile, Vodafone, Ericsson, Huawei, Deutsche Telekom, Nokia and SK Telecom

market dynamics

driver

5G will enable stable, faster, and secure connectivity that will help power IoT applications from self-driving vehicles to AI-enabled robots on factory floors and renewable energy smart grids. According to Qualcomm, an American multinational company, the global 5G value chain is expected to reach US$3.5 trillion by 2035, which is larger than the entire mobile value chain from 2021. This growth of 5G value chain greatly contributes to the global 5G IoT -Market.

On the other hand, the ongoing trend of massive 5G IoT ecosystem and the growth of the critical communication services industry continue to fuel the growth of the global market. Massive IoT are applications with a series of endpoints constantly providing bits of data. Currently, most of these applications are supported by 4G technology. However, the integration of 5G is expected to enable billions of IoT devices to be connected seamlessly and reliably, fueling the growth of the massive 5G IoT ecosystem.

Favorable prospects for the industry arise from the growing investments in 5G infrastructure around the globe. For example, Deutsche Telekom, one of the leading integrated telecommunications companies, planned to cover 99% of the population in Germany with advanced 5G technology by the end of 2025 with an annual investment of USD 6.4 billion. In Japan, on the other hand, SoftBank Corp., a Japanese multinational conglomerate holding company, planned to raise $282.5 million to expand its 5G network. Such investments are expected to boost the global 5G IoT market.

limitations

IoT standardization helps reduce the overall cost of data generation, minimize gaps between protocols, and secure the system by detecting security vulnerabilities. However, issues of standardization in the global IoT evolution have become one of the major difficulties. Due to a lack of standardization, the complications associated with machines that need to interact and connect with each other are increasing rapidly. This factor has mainly hampered the growth of the 5G IoT market. However, a number of multinational and national companies have formed alliances to agree on common IoT technologies and standards.

occasions

The ongoing trend of developing smart infrastructure is expected to create lucrative growth opportunities for the market. Intelligent infrastructure is one of the most important applications for emerging technologies, including 5G and IoT. These technologies help provide connected solutions for the well-being of a community. Such technologies are seeing rapid demand in applications such as energy management, air quality management, traffic monitoring and management, connected public transport, connected street lights, weather monitoring, and waste management.

There is also a significant trend towards government investment in smart infrastructure. For example, South Korea’s National Strategic Smart Cities Program, an emerging smart city program, pledged to serve 70 cities by 2030 and cover about 60% of the country’s population by 2040. Such programs create further opportunities for the 5G IoT market.

challenges

The rise of privacy and security concerns related to 5G IoT is one of the biggest challenges in the global market. The IoT devices are significantly insecure as such devices do not have built-in security features. As such, integrating 5G and IoT carries the risk of more sophisticated botnets, faster data extraction, and data breaches.

Related reports

youngest Ddevelopment

  • In August 2021, AT&T partnered with Cisco Systems Inc. to launch a 5G service to support IoT applications in the United States. This service is designed to leverage AT&T’s sub-6GHz 5G network to support millions of connected devices managed by both companies that span manufacturing, public sector, retail, utilities, transportation and healthcare other industries.

market segmentation

By components

  • solution
    • hardware
    • platform
    • connectivity
  • Services

By company size

  • Large companies
  • Small and medium-sized businesses

By network type

  • 5G Standalone (SA)
  • 5G Non Standalone (NSA)

By end users

  • manufacturing
  • healthcare
  • Energy and Utilities
  • automobile and transportation
  • supply chain and logistics
  • government and public safety
  • Agriculture
  • Other

According to geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

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