The new report by Expert Market Research titled, ‘Global 5G IoT Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global 5G IoT market, assessing the market based on its segments like component, technology, end user and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
• Historical Market Size (2020): USD 1.53 billion
• Forecast CAGR (2023-2028): 74.19%
• Forecast Market Size (2027): USD 42.34 billion
The market for 5G IoT has seen substantial growth due to factors such as the rising market penetration of IoT connected devices in numerous end use industries, including healthcare, retail, construction, transportation, and manufacturing, among others. The ability of IoT devices to interact with one another on their own has been a major element in the development of new wireless technologies like 5G, LPWAN, and Internet Protocol version 6 (IPv6), among others. Because of its ability to handle a large number of devices, low latency, and high speed and bandwidth, 5G connection is emerging as a viable internet facility for IoT connected services, boosting the expansion of the 5G IoT market. Furthermore, the growing reliance on wireless technologies, massive data transfers, and cloud storage has boosted demand for expanded capacity, high data rates, and quick connectivity, which is another factor driving market expansion.
The internet of things, or IoT, refers to the spread of internet connectivity to everyday physical objects. It is a cutting-edge digital technology that uses wireless technology such as 5G to connect and distribute data across several devices. The 5th generation of wireless technology has lower latency, allowing for real-time communication and faster data transfer.
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Based on the component, the market is divided into:
Based on the technology, the market is divided into:
• Ultra-Reliable Low-Latency Communications (URLLC)
• Low-Power Wide-Area Network (LPWAN)
Based on the end user, the market is divided into:
• Smart Cities
• Energy and Utilities
• Transportation and Logistics
• Smart Homes
• Oil and Gas
The regional markets for 5G IoT include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The deployment of smart home infrastructure and smart cities is likely to push the market for 5G IoT significantly. In the future years, rapid urbanisation and government investments in the establishment of a digital ecosystem are likely to boost 5G IoT market growth. IoT linked devices powered by 5G wireless technology have the potential to remotely monitor real-time indicators such as air quality, traffic congestion, population, and control utilities, among other benefits, ensuring the industry’s long-term viability. Furthermore, in the aftermath of the global climate catastrophe, the growing adoption of smart cities in emerging economies is predicted to have a beneficial impact on the 5G IoT industry’s growth.
The gradual acceptance of smart homes with IoT-connected devices such as air conditioners, smart speakers, HVAC systems, and security systems, among others, is expected to support the market. The demand for improved wireless technology to optimise remote operations is being fuelled by technological advancements along with rising disposable incomes and purchasing power. As a result, the smart home infrastructure revolution is expected to have a positive impact on 5G IoT market growth over the forecast period.
Key Market Players
The major players in the market are Nokia Corporation, AT&T Inc., Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Vodafone Limited, among others.
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