OTTAWA, September 15, 2022 (Globe Newswire) — GLOBAL 5G IoT Market Size was reached US$ 2.5 billion in 2021. 5G is a new generation of IoT wireless technology that has a powerful combination of high speed, low latency, extended bandwidth and enhanced power efficiency. As the role of 5G IoT is becoming increasingly important from automotive to smart manufacturing and utilities among other applications.
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Technologies including 2G, 3G and 4G were developed primarily for mobile broadband and personal communication services. Over the years, these communication technologies have proven to be extremely efficient to meet the demands of IoT. However, the emergence of 5G has encouraged dedicated capabilities to suit many IoT applications. Hence, thriving manufacturing sector in developed and developing countries and increasing investment in 5G infrastructure is also expected to offer attractive potential for market expansion.
North America holds the dominant position and is predicted to remain dominant during the forecast period due to the presence of major market participants; Strong industrial, logistics and transportation sectors; and technological innovation in the energy and telecommunications sectors.
On the other hand, rapid and large-scale deployment of 5G in this region is opportunistic for the growth of the market. For example, according to CTIA, a trade association representative of the wireless communications industry in the US, telecommunications companies in the country are expected to invest $275 billion in 5G technology, including small cells, fiber-optic cables and other 5G network infrastructure. Are included. ,
- By component, the solutions segment is expected to reach a market share of around 63% in 2021.
- By network, the 5G non-standalone segment has contributed 59% market share in 2021.
- In 2021, the large enterprises segment accounted for 70% of the revenue share.
- The Asia-Pacific region has earned a market share of over 35.5% in 2021.
- depending on the component, the hardware segment dominates the 5G IoT market. The growth in demand for 5G IoT modules due to the proliferation of industrial IoT has driven the growth of this segment. However, the services segment is expected to witness the highest growth rate during the forecast period due to increased productivity, regulatory compliance and need for monitoring and security requirements associated with 5G IoT.
- on the basis of end userThe manufacturing segment is the major player and is expected to have the biggest impact on the 5G IoT market. However, the healthcare segment is projected to grow at a substantial rate in the coming years due to the increasing need for fast and efficient device connections with minimal delays. Moreover, the ongoing healthcare infrastructure development trend is opportunistic for the growth of this segment.
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scope of report
|Market size in 2021||USD 2.5 billion|
|Revenue Forecast to 2030||USD 297.1 billion|
|CAGR||70.04% from 2022 to 2030|
|Asia Pacific Market Share||35.5% in 2021|
|Europe Market Share||23% in 2021|
|forecast year||2022 to 2030|
|Key Players||China Mobile, AT&T Inc., Verizon Communications Inc. T-Mobile, Vodafone, Ericsson, Huawei, Deutsche Telekom, Nokia and SK Telekom|
5G enables stable, fast and secure connectivity that is helping to propel IoT applications from self-driving vehicles to AI-enabled robots on factory floors and smart grids to renewable energy. According to Qualcomm, an American multinational corporation, the global 5G value chain is projected to be $3.5 trillion by 2035, which is more than the entire mobile value chain by 2021. This growth of the 5G value chain is a major contributor to global 5G. iot market.
On the other hand, the ongoing trend of large scale 5G IoT ecosystem and the growth of critical communication services industry is further driving the growth of the global market. Vast IoT is applications with multiple endpoints that serve up bits of data continuously. Currently, most of these applications are supported by 4G technology. However, the integration of 5G is anticipated to enable seamless and reliable connection of billions of IoT devices, thereby fueling the growth of the 5G IoT ecosystem.
A favorable outlook is being created for the industry by increasing 5G infrastructure investments around the world. For example, Deutsche Telekom, one of the leading integrated telecommunications companies, plans to cover 99% of the population in Germany with advanced 5G technology by the end of 2025 with an annual investment of $6.4 billion. Whereas, in Japan, SoftBank Corp., a Japanese multinational conglomerate holding company, plans to raise $282.5 million to expand its 5G network. Such investments are expected to boost the global 5G IoT market.
IoT standardization helps secure systems by reducing the overall cost of data creation, bridging gaps between protocols, and detecting security flaws. However, standardization issues have become one of the major difficulties in the global IoT development. Due to the lack of standardization, the complexities associated with machines that need to interact and be interconnected increase exponentially. This factor has primarily hindered the growth of the 5G IoT market. However, many multinational and domestic corporations have established alliances to reach agreement on shared IoT technologies and standards.
The ongoing trend of development of smart infrastructure is anticipated to create attractive growth opportunities for the market. Smart infrastructure is one of the major applications of emerging technologies including 5G and IoT. These technologies are helping to provide connected solutions for the betterment of a community. Such technologies are increasingly seeing demand in applications such as energy management, air quality management, traffic monitoring and management, connected public transport, connected street lights, weather monitoring and waste management.
Also, there is a significant trend of government investment in smart infrastructure. For example, South Korea’s National Strategic Smart Cities Program, an emerging smart city program, has promised to serve 70 cities by 2030 and cover about 60% of the country’s population by 2040. Such programs are further creating opportunities for the 5G IoT market.
The rise in data privacy and security concerns associated with 5G IoT is one of the major challenges facing the global market. IoT devices are quite vulnerable as such devices do not have built-in security by design. Therefore, with the integration of 5G and IoT comes the risk of more sophisticated botnets, faster data extraction and privacy breaches.
- In August 2021, AT&T partnered with Cisco Systems Inc. to launch 5G service to support IoT applications across the US. Manufacturing, the public sector, retail, utilities, transportation, and healthcare among other industries.
by enterprise size
- large enterprises
- small and medium enterprises
by network type
- 5G Standalone (SA)
- 5G Non-Standalone (NSA)
by end user
- Health care
- Energy and Utilities
- motor vehicles and transportation
- Supply Chain and Logistics
- government and public security
according to geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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