5G IoT Market Size Will Be Worth Around USD 297.1 Billion By

Ottawa, Sept. 15, 2022 (GLOBE NEWSWIRE) — The world 5G IoT market size was reached at $2.5 billion in 2021. 5G IoT is a new generation of wireless technology with a powerful combination of high throughput, low latency, extended bandwidth, and increased power efficiency. As the role of 5G IoT grows in automotive, smart manufacturing, and utilities, among other applications.

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Technologies including 2G, 3G and 4G have been developed primarily for mobile broadband and personal communication services. Over the past few years, these communication technologies have proven to be extremely effective in meeting the demands of the IoT. However, the emergence of 5G has encouraged dedicated capabilities suitable for many IoT applications. Hence, the thriving manufacturing sector and increasing investment in 5G infrastructure in both developed and developing countries is also expected to offer exciting potential for market expansion.

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Regional overviews

North America held a dominant position and was expected to be in the dominant state during the forecast period due to the presence of major market players; strong industrial, logistics and transport sectors; and technological innovations in the energy and telecommunications sectors.

On the other hand, the rapid and large-scale deployment of 5G in the region is opportunistic for the growth of the market. For example, according to the CTIA, a trade association representing the wireless communications industry in the United States, telecommunications companies in the country are expected to invest $275 billion in 5G technology, including small cells, fiber cables optical and other 5G network infrastructure. .

Key points to remember:

  • By component, the solutions segment reached a market share of approximately 63% in 2021.
  • By network, the non-standalone 5G segment contributed 59% market share in 2021.
  • In 2021, the large enterprise segment accounted for 70% of revenue share.
  • The Asia-Pacific region generated a market share of over 35.5% in 2021.

Report Highlights

  • Based on component, the hardware segment dominated the 5G IoT market. Rising demand for 5G IoT modules owing to the proliferation of industrial IoT has boosted the growth of this segment. However, the service segment is expected to experience the highest growth rate over the forecast period owing to the need for improved productivity, regulatory compliances, and monitoring and security requirements associated with 5G IoT.
  • Based on end user, the manufacturing segment is the dominant player and is expected to have the greatest impact on the 5G IoT market. However, the healthcare segment is expected to witness a tremendous growth rate in the coming years due to the increasing need for faster and efficient device connections as well as reduced delays. Moreover, the current trend of health infrastructure development is opportunistic for the growth of this segment.

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Report scope

Report attributes Details
Market size in 2021 $2.5 billion
Revenue forecasts by 2030 $297.1 billion
CAGR 70.04% from 2022 to 2030
Asia-Pacific market share 35.5% in 2021
Market share in Europe 23% in 2021
Year of reference 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 Telecom

Market dynamics

Drivers

5G enables stable, faster, and secure connectivity that helps advance IoT applications from autonomous vehicles to AI-enabled robots in factories and smart grids for renewable energy. According to Qualcomm, an American multinational, the global 5G value chain is expected to reach $3.5 trillion by 2035, which is higher than the entire mobile value chain from 2021. This growth of the 5G value chain is a major contributor to global 5G. IoT market.

On the other hand, the current trend of massive 5G IoT ecosystem and growth of critical communication services industry is further boosting the growth of the global market. The massive IoT is made up of applications with a number of endpoints that constantly serve up bits of data. Currently, most of these applications are supported by 4G technology. However, the integration of 5G is expected to enable seamless and reliable connection of billions of IoT devices, driving the growth of the huge 5G IoT ecosystem.

Favorable outlook for the industry is generated by growing investment in 5G infrastructure worldwide. For example, Deutsche Telekom, one of the leading integrated telecommunications companies, planned to cover 99% of the German population with advanced 5G technology by the end of 2025, with an annual investment of $6.4 billion. While in Japan, SoftBank Corp., a Japanese multinational conglomerate holding company, planned to raise $282.5 million to expand its 5G network. Such investments are expected to drive the global 5G IoT market.

Constraints

IoT standardization helps reduce the overall cost of data generation, minimize protocol gaps, and secure the system by detecting security vulnerabilities. However, standardization issues in the global evolution of IoT have become one of the major difficulties. Due to the lack of standardization, the complication associated with machines that need to interact and connect with each other is increasing rapidly. This factor has mainly hindered the growth of the 5G IoT market. However, a number of multinational and national companies have established alliances to agree on shared IoT technologies and standards.

Opportunities

The current trend of smart infrastructure development is expected to create lucrative growth opportunities for the market. Smart infrastructure is one of the major applications of emerging technologies, including 5G and IoT. These technologies contribute to providing connected solutions for the well-being of a community. These technologies are seeing rapid demand in applications such as energy management, air quality management, traffic monitoring and management, connected public transport, connected streetlights, weather monitoring and waste management.

Additionally, there is a significant trend of government investment in smart infrastructure. For example, South Korea’s National Smart City Strategic Program, an emerging smart city program, promised to serve 70 cities by 2030 and cover approximately 60% of the country’s population by 2040. These programs create more opportunities for the 5G IoT market.

Challenges

Rising data privacy and security issues associated with 5G IoT is one of the major challenges facing the global market. IoT devices are considerably insecure because these devices do not have security built in by design. Therefore, there is a risk of more sophisticated botnets, faster data mining, and privacy breaches with an integration of 5G and IoT.

Related Reports

Recent Ddevelopcomments

  • In August 2021, AT&T collaborated with Cisco Systems Inc. to introduce 5G service to support IoT applications across the United States. This service is expected to use AT&T’s sub-6GHz 5G network to support millions of connected devices operated by the two companies in manufacturing, public sector, retail, utilities, transportation and healthcare, among other industries.

Market segmentation

By components

  • The solution
    • Material
    • Platform
    • Connectivity
  • Services

By business size

  • Large companies
  • Small and medium enterprises

By type of network

  • 5G standalone (SA)
  • 5G non-standalone (NSA)

Per end user

  • Manufacturing
  • Health care
  • Energy and Utilities
  • Automotive and Transportation
  • Supply chain and logistics
  • Government and public safety
  • Agriculture
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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