5G IoT Market Size, Share, Growth Analysis, By Components(Hardware, Platform, Services ), By Type, By End-User, By Network Architecture, By Organization Size, By Region - Industry Forecast 2024-2031

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).

The increasing demand for connected devices and the adoption of 5G IoT in Industry 4.0 are key drivers of market growth. 5G enables highly advanced networks designed to connect virtually everything, including objects, appliances, and devices used in fleet management, smart buildings, logistics, power grids, smart agriculture, tracking, remote healthcare, and more. These applications require machine-to-machine (M2M) interfaces for effective monitoring and maintenance, and the broad range of uses enabled by 5G-connected devices is expected to accelerate M2M communication adoption. Furthermore, rising investments in 5G IoT and its deployment are significantly contributing to market expansion. Global IoT investments are increasing and are projected to continue growing throughout the forecast period, driven by IoT's potential to enhance productivity and transform business processes. IoT offers numerous benefits, including big data for critical data management, cost optimization through IoT devices, enhanced smart device security, and improved device and machine performance.

Top-down and bottom-up approaches were used to estimate and validate the size of the 5G IoT Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

5G IoT Market Segmental Analysis

The global 5G internet of things (IoT) market is segmented based on component, network architecture, type, organization size, end-user and region. In terms of component, the market is segmented into Hardware, Platform, Services (Professional Services (Consulting, Deployment and Integration, Support and Maintenance), Managed Services. Based on network architecture, the market is bifurcated into 5G Standalone, 5G non-Standalone. Based on type, the market is bifurcated into short-range IoT devices, wide-range IoT devices. Based on organization size, the market is bifurcated into large enterprises, small and medium-sized enterprises. In terms of end-user, the market is grouped into Manufacturing (Industrial automation, Predictive Maintenance, Asset Monitoring), Healthcare (Remote Patient Monitoring, Connected Ambulance, Asset Tracking For Medical Devices, Connected Medical Devices), Energy and Utilities (Smart Grid, Smart Meter, Pipeline Management), Automotive and Transportation (Fleet Management/Telematics, Connected Car, Autonomous Vehicle), Supply Chain and Logistics (Asset Tracking, Inventory Management, Logistics and Warehouse Automation), Agriculture (Precision Farming, Livestock Monitoring, Asset Tracking), Government and Public Safety (Smart Parking, Smart Street Lighting, Water and Waste Management, Public Safety and Surveillance, Environment Monitoring), Other End Users (Retail, Smart Building, Education). Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.

Drivers of the 5G IoT Market

The market is expanding due to the growing prevalence of IoT devices across various end-use industries such as retail, manufacturing, transportation, and construction. The ability of these IoT devices to connect seamlessly and cost-effectively has significantly contributed to the proliferation of the IoT market, which in turn has driven the adoption of 5G technology. 5G connectivity is becoming a promising platform for IoT-related businesses, thanks to its capability to support multiple devices with low latency, high speed, and substantial bandwidth, among other advantages.

Restraints in the 5G IoT Market

As industrial robots become more widely adopted, companies must invest in retraining and upgrading their employees to adapt to the evolving work environment. Employees need to acquire new skills to effectively interact with robots, manage robotic systems, and perform tasks that support robotic activities. Retraining programs and initiatives are crucial to ensuring a smooth transition and maximizing the benefits of automation while safeguarding employment opportunities.

Market Trends of the 5G IoT Market

The digital transformation of healthcare is revolutionizing patient-professional communication and data sharing, with sensors monitoring patient flow, supplies, and tracking inventory and critical equipment. Automation streamlines this process by triggering commands or alerts, while hospital devices such as smart screens and ventilators benefit from 5G LAN connectivity. The proliferation of IoT is expected to significantly influence market trends, driving further advancements in healthcare technology.