Global 5G IoT Market

5G IoT Market Size, Share, Growth Analysis, By Components(Hardware, Platform, Services),Type(Short-Range IoT Devices, Wide-Range IoT Devices), Network Type (5G Standalone, 5G Non-Standalone), Organization Size, End-Use Industry, and Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2328 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 168 | Figures: 78

5G IoT Market News

  • In June 2023, Ericsson and Ooredoo Qatar signed a five-year extension to the 5G agreement during a visit to Ericsson’s headquarters in Kista, Sweden to provide the industry with radio access network (RAN) products and services. Ericsson Advanced 5G RAN solutions and services will be delivered that accelerate data speeds. Ooredoo Qatar to explore 5G service updates and connectivity opportunities for customers, leveraging the potential of Internet of Things (IoT) applications role, and requires emerging technologies such as artificial intelligence (AI), as well as Machine learning (ML) that optimize network performance and user experience.
  • In February 2023, Cisco and NEC Corporation announced plans to expand their joint efforts to include system convergence solutions and potential opportunities in 5G xHaul.
  • June 2023: Wipro Ltd, one of the leading technology services consulting firms, launches a managed personal 5G-as-a-service solution in partnership with the new Cisco Offerings to enable enterprise customers. Existing WAN/Cloud systems integrate seamlessly to achieve commercial results.
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Global 5G IoT Market size was valued at USD 8.53 Billion in 2022 and is poised to grow from USD 12.96 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 34.12% in the forecast period (2024-2031).

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. 'Nokia Corporation', 'AT&T Inc.', 'Cisco Systems, Inc.', 'Telefonaktiebolaget LM Ericsson', 'Verizon Communications Inc.', 'Vodafone Limited', 'Qualcomm Technologies, Inc', 'Samsung Electronics Co., Ltd.', 'ZTE Corporation', 'Microsoft Corporation', 'T-Mobile US, Inc.', 'Sierra Wireless S.A.', 'Bell Canada', 'u-blox Holding AG', 'Quectel Wireless Solutions Co., Ltd.', 'Deutsche Telekom IoT GmbH', 'SIMCom Wireless Solutions Limited', 'Intel Corporation', 'Mavenir Systems, Inc.', 'Sequans Communications'

The market is expanding due to the increasing presence of IoT-related devices in the market in many end-use industries including retail, manufacturing, transportation, and construction. Capabilities of IoT devices and they connect with each other free of charge. A key element of the beast has been the IoT market, which has led to the spread of 5G technology. 5G connectivity is emerging as a promising Internet service platform for IoT-related businesses due to its ability to support multiple devices, low latency, high speed and bandwidth, among others.

Rising Demand for Healthcare Professionals: The digital transformation of healthcare is reshaping patient-professional communication and data sharing. These sensors monitor the flow of patients and supplies and help track inventory and critical equipment. Automation enhances this process by triggering commands or alerts. Hospital devices such as smart screens and ventilators can use 5G LAN. The spread of IoT will drive market trends.

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.

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Global 5G IoT Market

Report ID: SQMIG45A2328