5G IoT Market size earned USD 2.4 billion and is estimated to reach USD 141.1 billion by 2029, growing at a CAGR of 66.4% till 2029 | Size, Trends & Forecast
5G IoT Market size was estimated at USD 2.4 billion in 2021, and is expected to reach USD 141.1 billion by 2029, expanding at a CAGR of 66.4% over the forecast period 2022-2029.
Main 5G IoT Market Drivers
Major factors driving global 5G IoT market are growing adoption of connected devices by companies for real time market analysis for location-base data, advancements in wireless technologies and increasing investments in Internet of Things (IoT) technology. Wireless technologies such as LPWAN and Internet Protocol version 6 (IPv6), are used for connecting devices. Adoption of these technologies are increasing rapidly in various industries, which is expected to accelerate the demand for IoT devices in future. Worldwide, the number of connected devices were estimated to be 13 billion in 2022, as the deployment of 5G networks is increasing, this figure is projected to double in coming 5-6 years, which will create lucrative growth opportunities for 5G IoT market. Moreover, as 5G networks provide lower latency and higher throughput as compared 4G and 3G, application of 5G IoT based devices is expected to increase in connected factories and connected healthcare solutions.
Rapid growth in mobile data traffic due to rise in the number of smartphone users, advancements in wireless technologies and increasing use of 5G IoT for new use cases like telemedicine’s and connected vehicles, are some of the factors propelling the growth of 5G IoT Market. Moreover, governments in various countries are promoting the use of electric vehicles (EV) to control vehicular emissions. Demand for electric vehicles will increase in future as vehicles as these vehicles have low maintenance costs and the number of EV charging stations are rising. And technologies like Artificial Intelligence (AI) and 5G, will an important role in optimizing EV logistics sector.
5G Standalone segment is projected to grow at a higher CAGR.
5G operators are preferring to deploy 5G NR architecture solutions as it offers low latency, which enables them to customize their services, provides more flexibility and is comparatively cheaper than 5G NR Non-Standalone solutions.
Manufacturing segment is forecast to dominate the market attributed to increasing adoption of industry 4.0.
Adoption of Industry 4.0 is increasing rapidly as companies are integrating cloud computing and AI in their production facilities for optimizing different manufacturing processes. In many countries, deployment of 5G networks is growing rapidly. With rising adoption of industry 4.0, companies are leveraging 5G capabilities in making their production line more efficient, facilitating autonomous transportation in their factories and increasing Return on Investments (RoI).
Based on Region, Asia-Pacific region is estimated to capture the largest market share.
5G IoT solutions are gaining traction in Asia-Pacific region as enterprises in different industry verticals are adopting latest technologies backed by government support for the deployment of more 5G networks. Furthermore, due to increasing infrastructural growth across India, China and Japan and presence of huge mobile user base, demand for 5G IoT is rising in Asia-Pacific. North American 5G IoT Market is driven by advancements in telecommunication sector and surge in the number of wireless 5G connections.
5G IoT Companies
Some of the leading companies operating in the 5G IoT market are Orange S.A., Telefónica, SK Telecom, China Mobile, AT&T, Verizon Communications, Deutsche Telekom, Ericsson, T-Mobile and Vodafone Group Plc, among others.
- In September 2022, Deutsche Telekom, a major telecommunication company based out of Germany, announced its plans to launch 5G smartphones in Germany in 2023.
- In November 2020, Ericsson completed acquisition of Cradlepoint, developer of wireless WAN Edge 5G Solutions. By acquiring Cradlepoint, company plans to strengthen its position in the 5G Enterprise space.
- In November 2020, Orange introduced its 5G networks in French municipalities such as Marseille, and Clermont Ferrand.
Global 5G Internet of Things Market by Type
Global 5G Internet of Things Market by Network Type
o 5G standalone (SA)
o 5G Non-standalone (NSA)
Global 5G Internet of Things Market by End-Use
o Automotive & Transportation
o Consumer Electronics
o Oil & Gas
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