5G IoT Market to Reach $17.68 billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Jan. 23, 2023 /PRNewswire/ -- According to a new market research report titled, "5G IoT Market by Component (Solutions, Connectivity Services), Architecture (5G NR Standalone, 5G NR Non-standalone), Application (Autonomous Vehicles, Security & Surveillance), End User, and Geography - Global Forecast to 2030", the global 5G IoT market is expected to grow at a CAGR of 47.6% from 2023 to 2030 to reach $17.68 billion by 2030.
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5G IoT is a new generation of wireless technology to connect IoT devices at higher speeds. IoT devices collect data from other devices, while the 5G spectrum increases the frequencies to transfer data with a low latency rate to improve performance and reliability. Currently, 5G IoT is used in the automotive, transportation, agriculture, retail, and healthcare sectors. It is also used in smart factories, smart buildings, smart cities, smart utilities, and security & surveillance. IoT devices can interact, communicate, and share information with other devices. These factors are contributing to the growth of the 5G IoT market.
With the consistent growth of the 5G IoT market across developing countries in Asia-Pacific, Latin America, and the Middle East & Africa, numerous opportunities for connected devices are rising. The growing significance of 5G IoT devices in smart city projects, increasing demand for low-latency IoT devices for Industrial 4.0, and increasing demand for digital wearable devices are the major factors driving the market growth. In addition, the use of 5G IoT in self-driving vehicles and the high potential for 5G IoT in connected healthcare are expected to offer prominent opportunities for the growth of the market. High costs for 5G IoT network installation and security & data privacy concerns are creating challenges for market growth. However, the global availability of 5G network may hinder the growth of this market to a certain extent. The growing prevalence of network slicing, strengthening of edge computing applications, and rapid adoption of cloud computing across SMEs are new technology trends in the market. In addition, the use of IoT for connected transportation and IoT-enabled security solutions are new market trends in the 5G IoT market during the forecast period.
Growing significance of 5G IoT devices in smart city projects is driving 5G IoT market growth
Smart cities utilize emerging technologies such as 5G and IoT to create and deliver connected solutions. While the innovation of 5G technology will not facilitate the advancement of smart cities, the new 5G infrastructure vastly expands the opportunity for cities to utilize smart devices, sensors, and data to improve operations and functions. 5G and IoT technologies are the key components for developing smart city infrastructure to accelerate digital transformation for improving operations and functions. The 5G IoT devices bring a lot of features for enhancing the development of smart cities, including intelligent transportation, smart energy management system, security systems, smart healthcare systems, and public utilities, among others.
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Along with 5G technology, the Internet of Things (IoT) is key to enabling a true, fully functioning smart city. In simple terms, IoT is a network of connected devices that communicate and exchange data – this can be anything from connected cars to street light sensors. IoT technology allows businesses, cities, and individuals to monitor, manage, and control these connected devices while gathering real-time data, analytics, and insights. Smart buildings can leverage wireless technology, IoT devices, building automation, and data analytics to evaluate and monitor processes while operating more cost-effectively and efficiently.
Smart cities use 5G IoT technologies to collect real-time data to process, communicate, and share data at a higher speed with low latency. The 5G networks provide flexible, higher speed, low latency, and high-reliability results. In addition, IoT devices communicate and exchange real-time data for monitoring, managing, and controlling devices for implementing the technologies to advance smart city projects. 5G and IoT are key components for transforming how cities connect and operate. With IoT's unlimited potential and 5G's incredibly fast speeds and low latency, these technologies unleash critical infrastructure for the future of connected communities.
Several companies and government bodies are focusing on advanced technologies, including 5G, AI, and IoT technology in smart cities, to mplement intelligent infrastructure automation, smart grids, and control systems. For instance, in 2021, Siemens (Germany) acquired Wattsense (France) to expand Siemens' building automation offering using IoT systems for small and mid-size buildings. Also, in 2019, in Canada, the government announced a federal program called the "Smart Cities Challenge" for smart cities that focuses on integrating advanced technology, including 5G and IoT, in smart cities. Such developments, the increasing need for efficient management and utilization of resources, rapid urbanization, and increasing investments in smart city projects are contributing to market growth.
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Based on component, the global 5G IoT market is segmented into solutions and connectivity services. The solutions segment is further sub-segmented into platforms, hardware, and business services. In 2023, the solutions segment is estimated to account for the largest share of the overall 5G IoT market. The increasing demand for cloud-based solutions is expected to drive the growth of this segment. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.
Based on architecture, the global 5G IoT market is segmented into 5G NR Standalone (SA) and 5G NR Non-standalone (NSA). In 2023, the 5G NR Non-standalone (NSA) segment is estimated to account for the largest share of the 5G IoT market. This segment's growth is attributed to the rising need for higher data transfer speeds and delivery efficiency at a low cost. However, the cloud-based segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments.
Based on application, the global 5G IoT market is segmented into autonomous vehicles, connected cars, industry 4.0, smart energy & utilities, smart farming, security & surveillance, smart healthcare, asset tracking, smart logistics & supply chains, smart consumer electronics, and other applications. In 2023, the security & surveillance segment is estimated to account for the largest share of the 5G IoT market. However, the autonomous vehicles segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to rising government initiatives and investments in self-driving vehicles, the adoption of advanced automotive solutions, and the need for a reduction in traffic congestion.
Based on end user, the global 5G IoT market is segmented into B2B end users (business-to-business) and B2C end users (business-to-consumer). In 2023, the B2B end-user segment is estimated to account for the largest share of the 5G IoT market. The growth of this segment is attributed to the increasing demand for connected services. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, Asia-Pacific is estimated to account for the largest share of the 5G IoT market in 2023. The large share of this region is primarily attributed to the increasing investments in 5G IoT devices, rising deployments of 5G IoT solutions, and increasing collaborations for deploying smart solutions across the region. Additionally, this region is expected to register the highest CAGR during the forecast period.
Some of the key players operating in the 5G IoT market are Telefonaktiebolaget LM Ericsson (Sweden), Nokia Corporation (Finland), Qualcomm Incorporated (U.S.), AT&T Inc. (U.S.), Vodafone Limited (U.K.), SK Telecom Co., Ltd. (South Korea), Samsung Electronics Co., Ltd. (South Korea), NEC Corporation (Japan), Telit (U.K.), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), ZTE Corporation (China), IBM Corporation (U.S.), Thales Group (France), Sierra Wireless, Inc. (Canada), T–Mobile US, Inc. (U.S.), Verizon Communications Inc. (U.S.), Juniper Networks Inc. (U.S.), and Huawei Technologies Co., Ltd. (China).
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Scope of the Report
5G IoT Market by Component
5G IoT Market by Device Range
5G IoT Market by Architecture
5G IoT Market by Application
5G IoT Market by End User
5G IoT Market by Geography
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