Global 5G IoT Market Report and Forecast 2024-2032

Global 5G IoT Market Outlook

The global 5G IoT market size attained a value of approximately USD 9.74 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 75.5% reaching a value of around USD 1,538.38 billion by 2032.

IoT or the Internet of Things technology refers to the extension of internet connectivity to physical objects for daily use. It is an advanced digital technology that connects and delivers data across different devices through wireless technology like 5G. The term 5G refers to the 5th generation of wireless technology with reduced latency to allow for real-time communication and improved data transfer.

The market is a rapidly expanding sector characterised by the integration of 5G technology with the Internet of Things (IoT). This market encompasses a wide range of applications and services, leveraging the high-speed, low-latency, and large-capacity features of 5G networks to enhance IoT functionalities.

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Factors like technological advancements, increasing demand for high-speed internet, and the proliferation of smart devices are some of the key 5G IoT market trends driving the market growth. 5G IoT finds applications across various sectors, including smart cities, healthcare, manufacturing, automotive, and agriculture. These applications range from industrial automation and smart home devices to remote healthcare and intelligent transportation systems. Different regions exhibit varying growth trends based on factors like infrastructure development, government policies, and technological adoption rates. Regions like North America, Europe, and Asia Pacific are at the forefront of 5G IoT deployment, with Asia Pacific showing particularly rapid growth.

5G IoT Market Segmentation

The market segments, on the basis of component, are:

• Hardware

• Platform

• Connectivity 

• Services 
  • Professional Services 
  • Managed Services

The demand for services in the market is driven by several key factors. The deployment of 5G IoT technologies involves complex integration with existing systems and infrastructure. This complexity creates a demand for specialised services that can manage and streamline the process. As 5G technology is relatively new and evolving, there is a significant demand for expert knowledge and skills. Companies often rely on external service providers for their expertise in 5G technology to ensure efficient and effective implementation.

Businesses often need guidance on how best to integrate 5G IoT into their operations. Consulting services help in formulating strategies, assessing the technological needs, and planning the deployment to maximise the benefits of 5G IoT.

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Based on technology, the market is bifurcated into:

• Ultra-Reliable Low-Latency Communications (URLLC)

• Low-Power Wide-Area Network (LPWAN)

In the market, both Ultra-Reliable Low-Latency Communications (URLLC) and Low-Power Wide-Area Network (LPWAN) technologies are significant, but they serve different purposes and have varying levels of demand based on specific applications and industrial requirements.

URLLC is particularly important for applications that require extremely reliable and low-latency communication. This includes critical communications, industrial automation, autonomous vehicles, and certain types of smart city applications.

On the other hand, LPWAN is designed for scenarios where devices need to communicate small amounts of data over long distances while consuming very little power. This makes it ideal for a wide range of IoT applications, such as smart meters, agricultural sensors, and asset tracking, where devices are often battery-powered and need to operate for long periods without recharging.

On the basis of end-user, the market is categorised into:

• Manufacturing

• Smart Cities

• Energy and Utilities

• Transportation and Logistics

• Enterprises/Corporates

• Smart Homes

• Healthcare

• Oil and Gas

• Mining

• Others

Increasing applications of 5G IoT technology in the healthcare sector is providing impetus to the 5G IoT market growth. This can be attributed to the increasing amalgamation of IoT and MedTech devices to increase the efficiency of diagnostics, bolster the treatment process, and improve the operational efficiency of healthcare units. Over the forecast period, increasing innovations and sophistication of medical devices by major manufacturers are expected to fuel the market growth for 5G IoT.

Moreover, technological advancements in the manufacturing sector are expected to play a pivotal role in the market for 5G IoT. In line with this, the rapid development of smart factories is likely to aid the market in the coming years.

The report also covers the regional markets for 5G IoT, which are as follows:

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

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5G IoT Market Analysis

The 5G IoT market demand is expected to be strengthened by the rise in the adoption of smart home infrastructure and smart cities. Rapid urbanisation and investments of various governments into the development of a digital ecosystem is expected to generate healthy market revenue in the coming years.

IoT-connected devices supported by unprecedented 5G wireless technology can remotely monitor real-time metrics such as air quality, traffic congestion, number of residents, and manage utilities, along with many more advantages, thus holding a strong future for the market. Furthermore, in the wake of the global climate crisis, the rapid development of smart cities in emerging economies is further expected to have a positive influence on the growth of the market.

The market is further anticipated to be supported by the increasing adoption of smart homes with IoT-connected devices like air conditioners, smart speakers, HVAC systems, and security systems, among others. Advancements in technology, coupled with inflating disposable incomes and increased purchasing power are invigorating the demand for advanced wireless technology to streamline remote operations. Hence, the revolution in smart home infrastructure is predicted to have a promising influence over the market growth of 5G IoT over the forecast period.

Increasing usage of wireless technology is stimulating the market growth

The market is being expanded by the rising market penetration of IoT-connected devices in numerous end-use industries, including retail, construction, transportation, and manufacturing, among others. The ability of IoT devices to communicate with each other independently has been a prime factor contributing to the growth of advanced wireless technology such as 5G, LPWAN, and Internet Protocol version 6 (IPv6), among others, leading to an expansion of the 5G industrial IoT market.

The 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, and high speed and bandwidth, among others. In addition to this, the rising usage of wireless technology, enormous data transfers, and cloud storage, and increasing adoption of smart devices are invigorating the demand for increased capacity, high data rate, and fast connectivity, which is another factor adding to the growth of the market for 5G IoT.

Regional Insights

The Asia Pacific accounts for a substantial 5G IoT market share. The market in Asia Pacific is characterised by rapid growth and innovation, driven by several key factors. Asia Pacific is known for its rapid adoption of new technologies. The region's enthusiasm for embracing advanced technologies like 5G and IoT has significantly contributed to the growth of the market.

With populous countries like China and India, Asia Pacific has a vast consumer base. This large population, coupled with increasing urbanisation and digitisation, creates a substantial market for 5G IoT applications in various sectors, including consumer electronics, automotive, and healthcare. Several governments in the region are actively supporting the deployment of 5G networks and IoT technologies. For instance, countries like South Korea, China, and Japan are front-runners in 5G deployment, with significant investments in infrastructure and research and development.

Key Players in the Market

The report presents a detailed analysis of the following key players in the global 5G IoT market, looking into their capacity, market share, and latest developments like capacity expansions, and mergers and acquisitions:

• 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

• Others

The comprehensive report looks at the micro and macro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report