5G IoT Global Market Report 2024

5G IoT denotes a service that communicates seamlessly across all frequency bands, encompassing both local area networks and wide area networks (WAN), while maintaining optimal trade-offs in terms of speed, latency, and cost. The purpose of 5G IoT is to provide faster, more stable, and secure connectivity, driving advancements in various applications such as self-driving cars, smart grids for renewable energy, and AI-enabled robots deployed in factory settings.

The key components in 5G IoT include solutions, hardware, software, platforms, and services. Hardware encompasses tangible, physical elements of a computer system, including IoT modules, IoT gateways, modem cards, and 5G SIMs. The major network types are 5G standalone (SA) and 5G non-standalone (NSA). Enterprises adopting 5G IoT solutions come in various sizes, ranging from large enterprises to small and medium enterprises. Major end-users benefiting from 5G IoT applications span across industries such as manufacturing, healthcare, energy and utilities, automotive and transportation, supply chain and logistics, government and public safety, agriculture, and others.

The 5G IoT market research report is one of a series of new reports from The Business Research Company that provides 5G IoT market statistics, including 5G IoT industry, 5G IoT market size, regional shares, competitors with 5G IoT market share, detailed 5G IoT market segments, market trends, and opportunities, and any further data you may need to thrive in the 5G IoT industry. This 5G IoT market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The 5g iot market size has grown exponentially in recent years. It will grow from $7.4 billion in 2023 to $12.31 billion in 2024 at a compound annual growth rate (CAGR) of 66.3%. The growth observed in the historical period can be attributed to the evolution of mobile networks, the proliferation of smart devices, a surge in data generation, governmental support and initiatives, and global economic conditions.

The 5g iot market size is expected to see exponential growth in the next few years. It will grow to $95.4 billion in 2028 at a compound annual growth rate (CAGR) of 66.9%. The anticipated growth in the forecast period can be attributed to the increased adoption of IoT (Internet of Things), the development of smart manufacturing, a growing demand for global connectivity, digital transformation initiatives, and investments in 5G network infrastructure. Key trends expected in the forecast period include the integration of artificial intelligence, the establishment of customized virtual networks, the emergence of 5G-enabled smart cities, the integration of blockchain technology, and increased collaboration within ecosystems.

The anticipated surge in mobile network data traffic is expected to be a significant driver for the growth of the 5G IoT market in the coming years. 5G IoT plays a crucial role in supporting the handling of large volumes of mobile network data traffic and accommodating a substantial number of users, including IoT devices. The expansion of 5G IoT is facilitated by the increased demand for fast, reliable, low-latency, and secure connections in the face of rising mobile network data traffic. Notably, a report from Ericsson, a telecommunications company based in Sweden, revealed a 40% global increase in data traffic on mobile networks between Q1 2021 and Q1 2022. Additionally, there was a 10% quarter-over-quarter growth in mobile network data traffic between Q4 2021 and Q1 2022. Consequently, the upsurge in mobile network data traffic serves as a significant catalyst for the growth of the 5G IoT market.

The swift integration of Industry 4.0 is anticipated to drive significant growth in the 5G IoT market in the coming years. Industry 4.0, part of the Fourth Industrial Revolution, involves the integration of digital technology, data exchange, and automation in manufacturing and industrial processes. 5G IoT plays a crucial role in Industry 4.0 by facilitating real-time communication, data sharing, and seamless connectivity. This, in turn, enables enhanced automation and efficiency through insights derived from data analysis. For instance, as reported by IoT Analytics GmbH in October 2022, a Germany-based framework for complete data analysis in areas such as the Internet of Things, AI, edge computing, cloud computing, and Industry 4.0, annual funding for Industry 4.0 start-ups has surged by +319% between the past decade and the present. In 2021 alone, $2.2 billion was invested in future enterprises exploring Industry 4.0 technology, with a total of 2,513 transactions documented over the span of 11 years. Consequently, the rapid adoption of Industry 4.0 serves as a significant driver for the growth of the 5G IoT market.

Technological advancements stand out as a prominent trend gaining traction in the 5G IoT market. Leading companies in this market are actively engaged in the development of cutting-edge technologies and software to maintain their competitive positions. As an illustration, in February 2022, Radisys Corporation, a US-based company specializing in open telecom solutions, introduced the Connect RAN 5G IoT software stack. This software stack offers a comprehensive suite of 5G Radio Access Network (RAN) technology. Noteworthy features of Radisys' Connect RAN 5G IoT software include support for a diverse range of IoT use cases, capabilities for metering and asset tracking, ultra-low latency to meet the demands of time-sensitive industrial deployments, support for video surveillance, and adaptability to wearable deployments. Furthermore, the Connect RAN 5G IoT software by Radisys is designed to facilitate a rapid time-to-market for new use cases while requiring less initial capital expenditure (CAPEX) investment. This exemplifies the commitment of major market players to push the boundaries of technological innovation in the 5G IoT space.

Prominent companies in the 5G IoT market are strategically focusing on innovative products, such as Radio Access Network (RAN) software, to better address the evolving needs of their existing consumer base. RAN software encompasses the software components responsible for overseeing and managing radio communications that link mobile devices (e.g., smartphones) with the cellular network. As an example, in June 2023, Telefonaktiebolaget LM Ericsson, a telecommunications company based in Sweden and known for its 5G IoT services, introduced Ericsson Reduced Capability (RedCap). RedCap by Ericsson is designed to establish an ecosystem for new types of devices capable of connecting to 5G networks. The expansion of the New Radio (NR) device ecosystem, featuring additional capabilities, is expected to drive the proliferation of diverse 5G use cases. RedCap enables connectivity for wearables that only have LTE capabilities, promoting more efficient methods to minimize device energy consumption. Specifically designed for low-complexity devices such as augmented reality (AR) smartwatches, video surveillance devices, industrial sensors, and smart energy systems, Ericsson RedCap employs energy-saving techniques surpassing those of traditional LTE low categories. This innovative approach has already generated interest within the wearable Original Equipment Manufacturer (OEM) sector.

In February 2022, International Business Machines Corporation (IBM), a leading US-based technology corporation specializing in offering 5G cloud computing services, completed the acquisition of Sentaca for an undisclosed sum. This acquisition serves to broaden IBM's hybrid cloud consulting capabilities, offering essential expertise tailored to assist communications service providers (CSPs) and media conglomerates in adapting, innovating, and undergoing transformative changes across diverse cloud platforms. Sentaca, also based in the US, is a company specializing in providing telco consulting services, solutions, and expertise in the realm of 5G Internet of Things (IoT).

Major companies operating in the 5g iot market report are Samsung Electronics Co. Ltd., China Mobile Ltd., Verizon Communications Inc., Deutsche Telekom AG, AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile International AG, China Telecom Corporation Limited, LG Electronics Inc., Intel Technology Corporation, Cisco Systems Inc., NTT Docomo Inc., China Unicom Limited, Vodafone Group plc, Orange S.A., Telefonica S.A, Qualcomm Technologies Inc., Fujitsu Ltd., BT Group plc, Ericsson AB, Nokia Corporation, NEC Corporation, Telstra Corporation Limited, Thales Group, KT Corporation, TIM S.p.A., ZTE Corporation, SK Telecom Co. Ltd., Swisscom AG, Singtel Optus Pty Limited

North America was the largest region in the 5G IoT market in 2023. The regions covered in the 5g iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the 5g iot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The 5G IoT market includes revenues earned by entities by providing enterprise and high-speed industrial networking services, mobile computing, video broadcasting, fixed wireless access (FWA). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

5G IoT Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on 5g iot market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for 5g iot ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 5g iot market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Component: Solution; Hardware; Software and Platform; Services
• 2) By Network Type: 5G Standalone (SA); 5G Non-Standalone (NSA)
• 3) By Enterprise Size: Large Enterprises; Small and Medium Enterprises
• 4) By End User: Manufacturing; Healthcare; Energy and Utilities; Automotive and Transportation; Supply Chain and Logistics; Government and Public Safety; Agriculture; Other End Users
• Companies Mentioned: Samsung Electronics Co. Ltd.; China Mobile Ltd.; Verizon Communications Inc.; Deutsche Telekom AG; AT&T Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.