5G IoT Market (2023-2030)
The 5G IoT Market is projected to reach $17.68 billion by 2030, at a CAGR of 47.6% from 2023 to 2030.
- Published
- Jan 2023
- Pages
- 324
- Format
- PDF + Excel
- Report ID
- MRICT - 104752
- Base year
- 2022
- 2030 · FORECAST
- $17.68B
- 2030
- $17.68B
- CAGR 2023–2030
- 47.6%
2022 baseline · 2023–2030 forecast at 47.6% CAGR · hover a bar for the value
Key highlights
The 5G IoT Market is projected to reach $17.68 billion by 2030, at a CAGR of 47.6% from 2023 to 2030.
The global 5G IoT market is segmented into solutions and connectivity services.
The autonomous vehicles segment registered the highest CAGR of 75.1% during the forecast period.
The global 5G IoT market is segmented into B2B end users (business-to-business) and B2C end users (business-to-consumer).
In 2022, Asia-Pacific accounted for the largest share of 46.7% of the global 5G IoT market. The large market share of this segment is 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.
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 325 |
| Format | |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| CAGR | 47.6% |
| Estimated Market Size (Value) | $17.68 billion by 2030 |
| Segments Covered | By Component · Solutions · Platforms · Hardware · Business Services · Professional Services · Managed Services · Connectivity Services · By Device Range · Short-range · Wide/Long-range · By Architecture · 5G NR Standalone (SA) · 5G NR Non-standalone (NSA) · By Application · Autonomous Vehicles · Connected Cars · Industry 4.0 · Smart Energy & Utilities · Smart Farming · Smart Healthcare · Security & Surveillance · Smart Logistics & Supply Chains · Smart Consumer Electronics · Asset Tracking · Other Applications · By End User · B2B End Users · Automotive · Healthcare · Agriculture · Energy & Utilities · Transportation & Logistics · Government & Public Safety · Food & Beverage · Other B2B End Users · B2C End Users · Home Automation · Building Automation · By Geography · North America · U.S. · Canada · Europe · Germany · U.K. · France · Italy · Spain · Netherlands · Switzerland · Rest of Europe · Asia-Pacific · Japan · China · India · South Korea · Taiwan · Singapore · Australia & New Zealand · Rest of Asia-Pacific · Latin America · Mexico · Brazil · Rest of Latin America · Middle East & Africa · UAE · Israel · Rest of Middle East & Africa |
Report overview
Segments covered: component, architecture, application, end user.
The growth of the 5G IoT market is attributed to the growing significance of IoT devices in smart city projects, increasing demand for low-latency IoT devices for Industrial 4.0 applications, and increasing demand for digital wearable devices. However, the global availability of the 5G network may restrain the market’s growth.
Moreover, the use of 5G IoT in self-driving vehicles and the high potential for 5G IoT in connected healthcare offer significant opportunities for the growth of the global 5G IoT market. However, high costs for 5G IoT network installation and security & data privacy concerns may hinder the market's growth.
Industry 4.0, also known as the “Fourth Industrial Revolution,” focuses on transforming the industrial management system and business process using advanced technologies, including AI, IoT, edge computing, 5G, and robotics. IoT technologies offer smart manufacturing machinery, AI-powered automation, and advanced analytics to improve production and quality and reduce downtime in the manufacturing industry. More than 70 billion connected devices are expected to be functioning worldwide by 2025, many of them in use in industrial applications. However, IoT devices rely on cellular networks that can create high latency due to vast data transfer, which slows the processing rate. Manufacturers are incorporating low-latency IoT devices with 5G technology to resolve this issue. These smart connected devices help increase product functionality, generate additional value for customers, and provide manufacturers with data needed to better manage complex production cycles. Several manufacturing industries are adopting advanced technologies, including IoT technology, to enhance product quality and equipment reliability. Some of the developments in the market using IoT technologies are as follows:
In 2021, ABB (Switzerland) launched a new GoFa CRB 15000, a higher payload cobot, to support the growing demand for a collaborative robot capable of handling heavier payloads.
In 2021, Nexans (France) partnered with Schneider Electric (France) on a digital transformation program for Industrial 4.0. This partnership accelerates factories' digitalization, improves production lines' efficiency, enables predictive maintenance, and reduces carbon emissions.
In 2020, ABB (Switzerland) opened a new robotics facility to deliver robotic applications & digital solutions and support the digital transformation of manufacturing.
In 2020, PTC released the latest version of its ThingWorx Industrial IoT platform. The platform will deliver new and expanded features to help industrial companies optimize business processes, improve operations, and modernize field service delivery.
Such developments, along with increasing demand for high bandwidth, higher throughput speeds, low latency, and low-cost wireless networks, are driving the market growth.
Report infographic
Table of contents
14 chapters · 148 sections · 324 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Component | Large market share of this | — |
| By Application | — | — |
| By End User | Large market share of this | — |
By Component
- The global 5G IoT market is segmented into solutions and connectivity services.
- The solutions segment accounted for the larger share of 84.7% of the global 5G IoT market.
- The large market share of this segment is mainly attributed to the increasing demand for cloud-based solutions, the proliferation of wireless technologies in industry operations, and the increasing demand to enhance network capacity and coverage area.
By Application
- The autonomous vehicles segment registered the highest CAGR of 75.1% during the forecast period.
- The growth of this segment is attributed to the rising government initiatives and investments in self-driving vehicles, the adoption of advanced automotive solutions, and the need for a reduction in traffic congestion.
By End User
- The global 5G IoT market is segmented into B2B end users (business-to-business) and B2C end users (business-to-consumer).
- The B2B end users segment accounted for the larger share of 70.7% of the global 5G IoT market.
- The large market share of this segment is mainly attributed to the to the increasing demand for connected services, real-time machine monitoring, enhanced automation for improved productivity and quality, and the need for predicting performance to improve efficiency.
Geographic analysis
Asia-Pacific
Largest shareIn 2022, Asia-Pacific accounted for the largest share of 46.7% of the global 5G IoT market. The large market share of this segment is 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. Also, this region is expected to register the highest CAGR during the forecast period. Partnerships, collaborations, and agreements were the most preferred growth strategies adopted by leading market players, accounting for a share of 52.2%. 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), Verizon Communications Inc. (U.S.), Juniper Networks Inc. (U.S.), and Huawei Technologies Co., Ltd. (China) were some of the leading companies that adopted these strategies. Product launches & enhancements accounted for a 38.3% share of the total strategic developments from key players between 2019–2022. The leading players that actively launched products and enhanced their existing ones were 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), 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.), and Huawei Technologies Co., Ltd. (China). Expansions accounted for a 7.8% share of the total strategic developments from key players between 2019–2022. The leading players focused on expansions were AT&T Inc. (U.S.), Vodafone Limited (U.K.), Samsung Electronics Co., Ltd. (South Korea), Thales Group (France), T‑Mobile US, Inc. (U.S.), Verizon Communications Inc. (U.S.), and Huawei Technologies Co., Ltd. (China). Mergers & acquisitions accounted for a 1.7% share of the total strategic developments from key players between 2019–2022. The leading players focused on mergers & acquisitions were Samsung Electronics Co., Ltd. (South Korea) and IBM Corporation (U.S.). Key Growth Strategies
Competitive landscape
- Nokia Corporation
- AT&T Inc.
- Vodafone Limited
- SK Telecom Co., Ltd.
- Samsung Electronics Co., Ltd.
- NEC Corporation
- Cisco Systems, Inc.
- Intel Corporation
- ZTE Corporation
- IBM Corporation
- Sierra Wireless, Inc.
- Mobile US, Inc.
- Verizon Communications Inc.
- Juniper Networks Inc.
- Huawei Technologies Co., Ltd.
Frequently asked questions
The global 5G IoT market is projected to reach $17.68 billion by 2030, at a CAGR of 47.6% during the forecast period.
Cite this report
Meticulous Research. (2023). 5G IoT Market - Global Opportunity Analysis And Industry Forecast (2023-2030) (Report No. MRICT - 104752). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/5g-iot-market-5436