5G IoT Market Size

5G IoT Market Overview

The 5G IoT Market size is projected to grow from USD 6.42 billion in 2024 to USD 11.08 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.06% during the forecast period (2024 - 2032). Additionally, the market size for 5G IoT was valued at USD 5.94 billion in 2023.

IoT-connected device demand is rising, and mobile broadband use is rising as well are the key market drivers enhancing the market growth.

5G IoT Market Trends

Growing use in smart cities is driving the market growth

Market CAGR for 5G IoT is being driven by the rising use in smart cities. Smart cities and smart buildings are hypothetical models for infrastructure projects that aim to provide cutting-edge services and infrastructure. A smart city effectively uses its ICT infrastructure to enhance livability and increase the effectiveness of urban operations and services. If the city conforms to the following principles: smart buildings, smart utilities, smart citizen services, and smart transportation, the city may be considered smart.As a result, the technologies that make up the Internet of Things—data connectivity, cloud, mobility, and sensors—are crucial to the execution of smart city initiatives. Future 5G services might see enormous prospects due to a growing need for quick connectivity and communication. Smart cities and smart buildings are hypothetical models for infrastructure projects that aim to provide cutting-edge services and infrastructure.

The need for enormous loT technologies has been driven by the rising popularity of many use cases in several industries that rely on connectivity covering wide distances and the growing necessity to manage multiple connections. Massive lot is already becoming a new center of attention for loT connection technology. 5G Machine-Type Communications (mMTC) is a key technology that will allow the next generation of IoT applications. 5G mMTC is devised to support a massive number of low-power, low-cost devices that transmit small amounts of data on a day to day basis.

Although carriers continue to rely on the current cellular loT standards, such as the Narrowband Internet of Things (NB-IoT), in the early 5G era, it is an alluring possibility for 5G. The widespread deployment of intelligent loT nodes is anticipated to be supported by 5G networks in various situations. Additionally, they would offer a solid foundation for the mass adoption of essential communications services. The Third Generation Partnership Project (3GPP) Release 13/14 Low Power Wide Area Network (LPWAN) technologies, which include NB-IoT, are developing Massive Machine Type Communication (mMTC). Most 5G mMTC requirements are anticipated to be met by these technologies.

As more and more devices, appliances, systems, and services are connected, the Internet of Things (IoT) and machine-to-machine (M2M) communication networks are revolutionizing many industries. The "Fourth Industrial Revolution," also known as Industry 4.0, is focused on integrating cutting-edge technologies like AI, IoT, edge computing, 5G, and robots to alter the industrial management system and commercial processes. IoT technologies provide intelligent manufacturing equipment, AI-powered automation, and cutting-edge analytics to increase output and quality and decrease downtime when used in the manufacturing industries. These intelligently linked products contribute to greater product functionality, provide more value for consumers, and give manufacturers the data they need to manage intricate production cycles more effectively. Thus, driving the 5G IoT market revenue.

5G IoT Market Segment Insights

5G IoT Service Insights

The 5G IoT market segmentation, based on service, includes ultra-reliable low latency communications (URLLC), enhanced mobile broadband (EMBB), and massive machine type communications (MMTC). The enhanced mobile broadband (EMBB) segment dominated the market, accounting for 35% of market revenue. Because more and more advanced mobile broadband 5G technologies—like higher-spectrum bands—are being used to bring wireless internet to previously unreachable service areas.

5G IoT Technology Insights

Based on technology, the 5G IoT market segmentation includes enhanced 5G new radio (NR) standalone architecture and 5G new radio (NR) non-standalone architecture. The 5G new radio (NR) standalone architecture segment dominated the market. 5G NR SA is the most recent radio network for 5G networks. It mostly comprises 5G Radio Access Network (RAN) and 5G core networks. 5G NR SA solutions are projected to outperform 5G NR NSA solutions. Several additional features are integrated into the 5G NR SA solutions. Control and User Plane Separation (CUPS), multi-Gbps capability, network slicing, ultra-low latency, and virtualization are among the new built-in features.

5G IoT Type Insights

The 5G IoT market segmentation, based on type, includes enhanced short-range IoT devices and wide-range IoT devices. The wide-range IoT devices dominated the market. Many wireless protocols have range restrictions, making them difficult to employ for various practical applications that need far longer pathways. Low-Power Wide-Area Networks (LPWANs), a combination of more recent, longer-range wireless technologies, were created to address the problem.

5G IoT Vertical Insights

Based on vertical, the 5G IoT market segment includes consumer electronics, automotive, railway, mining, utilities, healthcare, agriculture, and manufacturing. The manufacturing category generated the most income. The 5G and IoT combination has offered manufacturers increased agility and flexibility in their digital transformation path. It has also assisted them in achieving their Industry 4.0 goal and ensuring improved customer satisfaction while increasing ROI. As a result, the increasing usage of 5G IoT in the worldwide manufacturing industry is encouraging the growth of this category. 

5G IoT Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American 5G IoT market area will dominate this market; the strong industrial, logistics, and transportation sectors; the rising need for quicker connection; and technical breakthroughs in the energy and telecommunications industries are driving market growth in this area.

Further, the major countries studied in the market report are The US, Canada, the UK, Italy, Spain, China, Japan, India, Australia, German, France, South Korea, and Brazil.

Europe has the second-largest market share for 5G IoT. This is mostly attributable to growing disposable income and increased urbanization in these countries. Furthermore, the German 5G IoT market dominated, while the UK 5G IoT market grew fastest in Europe.

From 2023 to 2032, the Asia-Pacific 5G IoT Market is predicted to develop at the quickest CAGR. Continuous infrastructure investment in Asia-Pacific countries accelerates the rollout of 4G and 5G networks. This has resulted in the region's greater adoption of 5G IoT services. Furthermore, China's 5G IoT market had the greatest market share, while India's 5G IoT market was the Asia-Pacific region's fastest expanding.

5G IoT Key Market Players & Competitive Insights

Leading market companies are making significant R&D investments to diversify their product offerings, which will drive the 5G IoT market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The market for 5G IoT industry is becoming more competitive. Therefore, it needs to offer reasonably priced products to grow and thrive.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers employ in the worldwide 5G IoT industry to assist customers and expand the market sector. The market for 5G IoT industry has recently provided some of the most important benefits. Major players in the 5G IoT market, including Nokia, Inseeg Corp and others, are attempting to increase market demand by investing in research and development operations.

Inseego Corp. is a leader in 5G and intelligent IoT device-to-cloud solutions, enabling high-performance mobile apps for big corporate sectors, service providers, and small-medium companies. Our product range includes Enterprise SaaS solutions and IoT & Mobile solutions, which together form the foundation of appealing, intelligent, dependable, and secure IoT services with deep business intelligence. Asset tracking, fleet management, industrial IoT, SD WAN failover management, and mobile broadband services are all powered by Inseego, which has a "zero unscheduled downtime" requirement. In January 2020, Inseego Corp. continues its market leadership with a complete array of new second-generation 5G devices based on the new Qualcomm Snapdragon X55 5G modem. Inseego will give private briefings at CES to introduce its new 5G range of fixed wireless access,industrial IoT, and mobile broadband product lines.

Nokia develops technology that enables the globe to act in concert. As a B2B technology innovation leader, they are paving the way for a future in which networks and clouds coexist to realize the full potential of digital in every sector. They collaborate with their clients and partners to develop the digital services and applications of the future using networks that perceive, think, and act. In March 2020, Nokia has announced the expansion of its Worldwide IoT Network Grid (WING) managed solution to include 5G and edge capabilities. The update enables operators to provide 5G IoT services without investing in infrastructure. WING enables operators to gain additional IoT market share without investing in infrastructure.

Key Companies in the 5G IoT market include

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  Telefonaktiebolaget LM Ericsson (Sweden)

  
  


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  Nokia (Finland)

  
  


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  AT&T (US)

  
  

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  Verizon (US)

  
  


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  T-Mobile (USA)

  
  


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  INC (US)

  
  


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  Telefónica S.A (Spain)

  
  


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  BT (UK)

  
  


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  Vodafone Limited (UK)

  
  


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  Telstra Group (Australia)

  
  


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  Etisalat (UAE)

  
  


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  Qualcomm Technologies Inc. (US)

  
  


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  Sierra Wireless (Canada)

  
  


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  Bell Canada (Canada)

  
  


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  Singtel (Singapore)

  
  


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  Rogers Communications Inc. (Canada).

  
  

5G IoT Industry Developments

December 2022: T Mobile, Cradlepoint, and Bosch cooperated to use 5G Wireless WAN technology to provide advanced loT connectivity applications such as autonomous cars, robotics, and AR/VR.

January 2022: Verizon and Atos collaborated to power intelligent loT solutions for customers with private 5G multi-access edge computing. The 5G edge solution will change the way businesses impact predictive analytics. The solution will allow them to improve operational efficiency, reduce risk, and increase income.

5G IoT Market Segmentation

5G IoT Service Outlook

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  Enhanced Mobile Broadband (EMBB)

  
  


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  Ultra-Reliable Low Latency Communications (URLLC)

  
  


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  Massive Machine Type Communications (MMTC))

  
  

5G IoT Technology Outlook

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  5G New Radio (NR) Standalone Architecture

  
  


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  5G New Radio (NR) Non-Standalone Architecture

  
  

5G IoT Type Outlook

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  Short-Range IoT Devices

  
  


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  Wide-Range IoT Devices

  
  

5G IoT Vertical Outlook

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  Consumer Electronics

  
  


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  Automotive

  
  


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  Railway

  
  


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  Mining

  
  


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  Utilities

  
  


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  Healthcare

  
  


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  Agriculture

  
  


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  Manufacturing

  
  

5G IoT Regional Outlook