USD 3.53 Billion
Report ID:
SQMIG45A2328 |
Region:
Global |
Published Date: May, 2024
Pages:
197
|
Tables:
114 |
Figures:
77
Global 5G IoT Market size was valued at USD 3.53 Billion in 2022 and is poised to grow from USD 5.26 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 50.2% in the forecast period (2024-2031).
Increasing demand for connected devices and adoption of 5G IoT in Industry 4.0 are the important factors driving the growth of the market. 5G enables highly advanced networks, designed to connect virtually anything and everything connected, including objects, appliances and devices. These devices are used in fleet management, smart buildings, logistics, power grids, smart agriculture, tracking, remote healthcare and various others. So, this application requires machine-to-machine interfaces to facilitate monitoring and maintenance. The wide range of applications enabled by 5G-connected devices is expected to accelerate the adoption of machine-to-machine (M2M) communications.
Increasing investment in 5G IoT and deployment is also a key factor contributing to the market's growth. Global IoT investments are expanding and are expected to continue over the forecast period. The potential of IoT to dramatically increase and transform productivity and improve current business processes is driving investment in technology. In addition, IoT offers many benefits, such as big data for monitoring and managing critical data, IoT devices for cost optimization, smart device security, and improved device/machine performance.
Global Market Size
USD 3.53 Billion
Largest Segment
Hardware
Fastest Growth
Service
Growth Rate
50.2% CAGR
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Based on components, the market is segmented into hardware, software, and services. Based on IoT connectivity, the market is segmented into massive IoT, Industrial automation IoT. Based on vertical the market is segmented into manufacturing, smart cities. Based on network architecture the market is segmented into 5G non-standalone, 5G standalone. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
By 2022, the hardware segment will dominate the market and account for more than 45.0% of the global revenue. Segment growth is likely to drive more innovation and investment in the coming years as companies seek to harness the potential of this new technology. As 5G networks mature, 5G IoT hardware costs are likely to decrease. This will make it easier for manufacturers to integrate 5G IoT hardware into their business processes and the combination of 5G technology and IoT with smart cities has the potential to transform and enable businesses demand for 5G IoT hardware.
The service segment is expected to witness impressive growth over the forecast period. The segment is expected to grow during the forecast period with continued adoption of IoT devices in construction, transportation and automotive across innovation and industry levels. The support and maintenance segment are expected to witness rapid growth during the forecast period. Companies are increasingly relying on 5G IoT services to meet their demands as the number of IoT devices connected to the Internet.
Analysis by IoT Connectivity
By 2022, the massive IoT segment will dominate the market, accounting for more than 43.0% of the global revenue. An increasing number of large IoT networks is expected to boost the growth of the segment. The greater IoT combines larger devices that require less connectivity and computing resources creates low-power, low-cost devices. Smart agriculture, asset tracking, supply chain management, smart energy, technological tracking, smart homes, and wearables are just a few of the industries that 5G combined with massive IoT has to offer applications. The advantages of massive IoT are driving the adoption in the 5G IoT industry.
Industrial automation IoT is expected to emerge as the fastest growing segment during the forecast period. Industrial automation IoT adds cellular connectivity to the wired industrial infrastructure needed for sophisticated real-time automation. This technology combines 5G technology with ethernet-based industrial protocols and time-sensitive networks for greater connectivity between industrial equipment and systems. Industrial automation IoT is expected to change the way organizations work by connecting cellular connectivity on ease of technical design, leading to increased cost savings, improved efficiency and increased capacity, and consequently increased segment growth.
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Asia-Pacific dominated the market by 2022, accounting for more than 38.0% of the global revenue. The growth can be attributed to the growing popularity of 5G IoT initiatives such as smart cities in countries like China and India. At the same time, favorable government policies for automation in the country and industrial upgrades being launched are fueling the growth of the regional market. Additionally, APAC is characterized by population, growing economies, growing industries and start-ups, which offer huge growth opportunities for 5G IoT network operators due to the large untapped customer base in the region.
North America is expected to grow significantly during the forecast period. Increasing 5G infrastructure investment is a key driver for the sector’s expansion. Heavy investments are being made in 5G infrastructure, including the installation of fiber optic cables, and other network infrastructure. In addition, local governments encourage the use of 5G technology through various policies and regulations designed to improve network infrastructure. These factors encourage the development of the sector throughout the forecast period.
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Drivers
Increasing Adoption of Wireless Technologies Is Driving the Market Growth
Growing Adoption of 5G
Restraints
Upgrading Employee Skills and Further Training
Lack of IoT Awareness
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Qualcomm and Ericsson are working together to develop an integrated solution that leverages Qualcomm’s advanced chipsets and Ericsson’s 5G network infrastructure. These solutions include IoT devices and modular gateways optimized for 5G connectivity. Ericsson is integrating Qualcomm’s chipsets into its networking equipment to improve performance, reliability and efficiency in 5G IoT applications. This integration ensures seamless connectivity and enables efficient data transmission for IoT applications.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global 5G IoT market is poised for tremendous growth, with a combination of factors including technological advancements, growing demand for high-speed connectivity, enabling IoT a wide range of applications related to agriculture and smart cities. However, the global 5G IoT market also faces many restraints and challenges that could hamper its full potential. One important constraint is the high cost of building and upgrading 5G infrastructure, including base stations, antennas and backhaul networks. Also, the complexity of integrating disparate IoT devices and platforms on disparate ecosystems presents challenges of collaboration, and results in poor communication. Key market trends shaping the global 5G IoT landscape include the emergence of edge computing as an important enabler for processing and analyzing data, reducing latency and bandwidth usage.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 3.53 Billion |
Market size value in 2031 | USD 136.18 Billion |
Growth Rate | 50.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 5G IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the 5G IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 5G IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 5G IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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