Global 5G IoT Market to Grow at a CAGR of 75.5% During 2024-2032, Driven by the Rising Adoption of Remote Patient Monitoring Devices

The outbreak of the COVID-19 pandemic had a positive influence over the market growth of 5G IoT owing to the robust expansion of digital technology as a result of elongated periods of pandemic induced lockdowns. The healthcare sector utilises IoT connected devices in remote patient monitoring devices to curtail the spread of infection upon regular hospital visits. IoT in healthcare allows healthcare providers and caretakers to monitor patients’ health with real-time updates provided by advanced wireless technology such as 5G technology. Furthermore, the 5G IoT in healthcare further aids in transmitting real-time updates, cloud-based storage, and video conferencing, which is boosting the growth of the industry. Furthermore, remote monitoring devices help in significant cost reductions, diminishing the need for frequent doctor visits and hospitalisation costs, thereby invigorating the demand for advanced digital technology such as 5G IoT.

Qualcomm Inc. (NASDAQ: QCOM), a leading provider of IoT services, recently introduced the company’s first, purpose-built Internet of Things (IoT) modem solution equipped with 5G connectivity in May 2021. The Qualcomm 315 5G IoT Modem-RF System is an elaborated modem-to-antenna solution designed to support the IoT ecosystem in building upgradeable LTE and 5G devices for IoT verticals, accelerate the adoption of 5G connectivity for IoT, and expand the overall opportunity for 5G in the IoT industry. Built with premium gigabit class performance, low-power, and thermal-efficient capabilities to enable a new generation of fast, powerful and high-performing IoT solutions, the Qualcomm 315 5G IoT Modem-RF System is designed especially for retail, energy, automation, mining, precision agriculture, and construction, among others. Such developments by leading market players are furthering the growth of 5G IoT industry.

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Market Analysis by Component, Technology, End-User, and Region:

• Based on component, the market can be divided into hardware, platform, connectivity, and services.

• On the basis of technology, the market can be segmented into ultra-reliable low-latency communications (URLLC) and low-power wide-area network (LPWAN).

• The market, based on end-user, can be categorised into manufacturing, smart cities, energy and utilities, transportation and logistics, enterprises/corporates, smart homes, healthcare, oil and gas, and mining, among others.

• The major regional markets for 5G IoT are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the increasing demand for a seamless connection to enhance real time communication in IoT connected devices.

• 5G connectivity is emerging to be a promising internet facility to support IoT connected services owing to its ability to support a massive number of devices, low-latency, along with high speed and bandwidth, thereby augmenting the growth of 5G IoT industry.

• The rising adoption of smart home infrastructure and development of smart cities are expected to propel the market growth of 5G IoT in coming years.

• An increase in use of remote patient monitoring devices during the outbreak of coronavirus pandemic expanded the demand for advanced wireless connectivity services in IoT enabled devices, which invigorated the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global 5G IoT industry for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for components, technologies, end-users, and major regions of 5G IoT.

• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global 5G IoT market are Nokia Corporation, AT&T Inc., Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., and Vodafone Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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