5G In IoT Market Size, Share, Opportunities, And Trends By Component (Solutions, Services), By Enterprise Size (Small & Medium, Large), By Network Type (Standalone, Non-Standalone), By End User (Manufacturing, Healthcare, Energy And Utilities, Automotive And Transportation, Others), And By Geography - Forecasts From 2024 To 2029

The 5G in IoT market is expected to grow at a CAGR of 32.96%.

GROWTH DRIVERS

• Bolstering growth in wireless technology followed by efforts to expand 5G network coverage has stimulated market expansion.

The demand for a more advanced network that supports high-speed data transmission is what driving the 5G penetration all over the world, and with emerging technologies such as Artificial Intelligence and the Internet Of Things, the overall 5G scope has been elevated since it has opened new paths to merge the high-speed bandwidth with new technical models and business processes.

Moreover, the growing smartphone penetration has further the network traffic which will also accelerate 5G usage, thereby enhancing mobile broadband. According to the GSM Association’s research study titled “The State of 5G 2024”, by 2030 the 5G technology will contribute nearly US$900 billion to the global economy, and at the same time duration, the 5G penetration in low & middle-income countries will reach up to 55% whereas higher-income countries will witness penetration rate of 120%.

Additionally, the governments of countries are undertaking favorable initiatives to bolster advanced 5G deployment, for instance, at the 2024 World Mobile Congress Shanghai, the Ministry of Industry and Information Technology announced set up plans that would commercialize the 5G advanced technologies thereby accelerating their adoption in Artificial Intelligence and would also support the deployment of passive Internet Of Things and integrated sensing technologies.

Telecom operators are partnering with network component manufacturers to bolster their 5G network deployment, which is further driving the market scope, for instance, in April 2024, Faroese Telecom in collaboration with Ericsson launched 5G in the former’s modernized network that would increase 5G access to all 18 rocky volcanic islands. The network holds high potential of leveraging AI and Internet of Things applications which will support sustainability as well as tourism efforts across Faroe Island.

EMERGING OPPORTUNITIES FOR 5G IN THE IOT MARKET

• SOLUTION AND SERVICES

Component-wise, the 5G in the IoT market is analyzed into solutions and services where the latter is anticipated to account for a considerable share fuelled by the ongoing investments in 5G network expansion followed by the development of modern network infrastructure that supports high-speed data transmission.

The advent of 5G technologies has proven to be a game changer for Internet of Things applications which holds high potential of transforming various industry verticals inclusive of smart cities, infrastructure, manufacturing, healthcare, education, agriculture, and Industry 4.0. Additionally, the rapidly evolving opportunities provided to developers through emerging IoT have led to various project launches, developments, and strategic collaboration, thereby augmenting the overall market expansion.

For instance,

• In December 2023, Singtel completed its first Redcap technology testing in Singapore in collaboration with Ericsson and MediaTek which would support the mid-tier Internet Of Things devices such as industrial sensors and smart watches by establishing reliable connectivity with lower power consumption which would improve their battery life.
• In October 2023, Nokia in collaboration with MediaTek and BT Group successfully conducted the trials of “5G Reduced Capability” with RedCap devices to accelerate its deployment in the Internet Of Things ecosystem. The RedCap technology is simply the connection of small IoT devices such as health trackers, smart wearables, ruggedized routers, and environmental-based monitoring sensors.
• In October 2022, The Telecom Infra Project launched a new project that aimed to develop a metaverse-ready network that would increase the overall performance for both mobile and fixed networks thereby providing users with an immersive experience. The project will accelerate the necessary infrastructure development to support the network readiness of Meta platforms namely T-Mobile, Microsoft, Sparkle, and Telefonica.

GEOGRAPHICAL PRESENCE

The global 5G IoT market comprises some major countries undertaking steps to secure their 5G network. Americas is expected to witness a higher CAGR during the forecasted period. In addition, some major countries include the USA, Japan, South Korea, China, the United Kingdom, and Germany. The nations have undertaken various measures which have complemented the overall market growth. For instance,

• In March 2023, Verizon announced it to provide its private 5G network to “Formula 1 Crypto.com Miami Grand Prix” which would offer venue management solutions inclusive of digital sign management, ticket scanning, immediate photograph uploads, and multiple points of sales for merchants. The company aims to bolster its private wireless network deployment in various public venues across the United States.
• In February 2023, Arcelor Mittal in collaboration with Ericsson and Orange Business Services launched “5G Steel” in France which includes connected operators facilitated with an advanced 5G network. The initiative aims to transform the working industrial environment and further support the French government’s effort to bolster automation in industrial operations thereby adopting a more futuristic approach.

MAJOR PLAYERS IN THE MARKET

Some of the leading players in the market include Ericsson, Quectel Wireless Solutions Co., Ltd, and Nokia, among others. The product offerings of the major corporation include the following:

Segmentation:

• By Component
  • Solution
  • Services
• By Enterprise Size
  • Small & Medium
  • Large
• By Network Type
  • Standalone
  • Non-Standalone
• By End-User
  • Manufacturing
  • Healthcare
  • Energy and Utilities
  • Automotive and Transportation
  • Others
• By Geography
  • Americas
    • United States
    • Others
  • Europe, Middle East, and Africa
    • Germany
    • UK
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Others