ID: MRFR/ICT/8889-HCR | January 2023 | Region: Global | 100 Pages
Segmentation | |||||||||||||||||
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Companies Profiled | |
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Key Players | |
Telefonaktiebolaget LM Ericsson (Sweden) | |
Nokia (Finland) | |
Huawei Technologies Co. Ltd. (China) | |
AT&T (US) | |
Verizon (US) | |
T-Mobile (USA) | |
INC (US) | |
Telef贸nica S.A (Spain) | |
BT (UK) | |
Vodafone Limited (UK) | |
Telstra Group (Australia) | |
Etisalat (UAE) | |
Qualcomm Technologies Inc. (US) | |
Sierra Wireless (Canada) | |
Bell Canada (Canada) | |
Singtel (Singapore) | |
Rogers Communications Inc. (Canada) |
Market Driving Forces | |
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Drivers | |
Enhancing flexibility and efficiency | |
Rising demand for Internet connectivity with high reliability | |
Growing use of Internet-connected devices |
Global 5G IoT Market Research (MRFR Insights)
The 聽5G IoT market is projected to register a CAGR of 72.80% from 2022 to 2030. The market's growth is driven by increasing demand for IoT-linked devices, increased usage of mobile broadband, an increase in device-to-device communication, and quick innovation virtualization in the networking space. The 聽5G internet of things market size is expected to reach approximately USD 24.8 billion by 2030. 5G offers methods like network function virtualization and network slicing to create networks tailored to each consumer. Additionally, a 5G network can provide specialized infrastructure for IoT applications to raise industry productivity. The adoption of 5G allows for a network line with a high wireless data transfer that provides real-time information by connected devices.
Due to the new coronavirus outbreak, the telecom industry has reported significant delays in the rollout of fifth-generation mobile services. Additionally, there is a general delay in regulatory processes, affecting the timing of spectrum releases and auctions. Governments all around the world have delayed their planned expenditures. Due to limited or unavailable network services, these affecting pointers are anticipated to influence consumers and corporate organizations. Lockdowns and other limitations on mobility have also hampered the ability of equipment makers to produce enough parts.
To advance IoT applications like self-driving cars, AI-enabled manufacturing floor robots, and smart grids for renewable energy, 5G allows stable, quicker, and secured communication. The enormous 5G IoT ecosystem and the expansion of the crucial communication services sector are continuing trends fueling the market expansion. The market is projected to benefit from lucrative growth prospects due to the ongoing trend of smart infrastructure construction. Smart infrastructure is one of the main uses for emerging technologies like 5G and IoT. These technologies are assisting in the provision of interconnected solutions for community well-being.
IoT devices are linked together utilizing various wireless technologies, providing varied advantages and use cases. Adopting Long Range Wide Area Networks (LoRaWAN), 5G, wireless sensor networks, and Internet Protocol version 6 (IPv6) would boost the need for IoT devices and increase the need for wireless technologies. In the market, the requirement to deliver expanded capacity, high data rate, and high connection has also increased due to the growing data exchange rate among numerous connected devices.
The market requires more coordination with these devices because many devices must be connected. Different hardware, operating systems, and suppliers make up the various devices. The interoperability problem in the IoT area is brought on by the incompatibility of various devices, sensors, and even the interfaces of remote servers. IoT impacts every element of human life, so the task is to harmonize these standards so that M2M communication is flexible and user-friendly.
Local area networks, known as private 5G networks, are constructed using 5G technology as their communication channel. These networks, also known as Mobile Private Networks (MPNs) or local 5G networks, provide a unified connection with several benefits and enhanced services. They would offer next-generation connectivity for corporate applications like autonomous vehicles, connected manufacturing, healthcare, smart retail, and rural broadband access. Low latency, better throughput, and higher precision are necessary for certain use cases. The private 5G networks use 5G non-standalone and standalone designs with licensed and unlicensed bands for highly mission-critical commercial applications.
Service Insights
The聽 5G internet of things market segmentation, based on service, is enhanced mobile broadband, ultra-reliable low latency communications, and massive machine-type communications. The聽 5G internet of things market growth was prominently high under the enhanced mobile broadband category in 2021 due to the increasing use of enhanced mobile broadband 5G technologies, such as higher-spectrum bands, to provide wireless internet to many unreached coverage regions.
Technology Insights
The 聽5G IoT market segmentation, based on technology, is 5G new radio standalone architecture and 5G new radio non-standalone architecture. In 2021, 5G new radio standalone architecture accounted for the largest market share of the market. The latest radio network for 5G networks is the 5G new radio standalone architecture. It primarily consists of 5G core and radio access networks (RAN). These solutions are expected to be more effective and have several new built-in capabilities like multi-Gbps support, network slicing, ultra-low latency, and virtualization.
Type Insights
Based on type, the market is divided into short-range IoT devices and wide-range IoT devices. The short-range IoT devices category dominated the market in 2021. Manufacturing, healthcare, energy & utilities, and retail all use short-range IoT devices to provide connectivity.
Vertical Insights
By vertical, the market has been segmented into consumer electronics, automotive, railway, mining, utilities, healthcare, agriculture, and manufacturing. In 2021, the manufacturing category had a major share of the market. The advent of 5G has sped up the creation of future intelligent factories with its high capacity, wireless flexibility, and low-latency performance characteristics. Manufacturers are embracing digitalization to reduce costs and boost ROI, and 5G IoT guarantees new process efficiencies and cutting-edge technological breakthroughs, increasing profitability and shop floor efficiency.
By region, the聽 5G internet of things market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America
North America dominated the market share in 2021 due to the growing need for 5G IoT services across all industry verticals in this area. Due to the growing need for highly reliable Internet access and the quick uptake of Internet-connected products, the US is predicted to dominate the market in North America. Additionally, these major players are making significant investments in 5G technology research and development, spectrum licenses, and critical network connectivity infrastructure, further fostering the expansion of the local market.
Asia-Pacific
Asia-Pacific accounted for the fastest growth rate in the market in 2021. Ongoing infrastructure investments in Asia-Pacific nations support the trend toward deploying 4G and 5G networks. The region is now implementing 5G IoT services more widely due to this. In this area, the number of 5G subscriptions is increasing quickly. The region's market is also anticipated to benefit from lower costs for powerful sensors and controllers, improved connectivity, higher internet penetration, government initiatives related to smart cities, and increasing government funding for 5G technology.
Due to government initiatives for smart cities, the industry is expanding rapidly. Major players have chosen partnerships, acquisitions, and product innovation as their primary organic growth tactics to strengthen their market positions and meet end users' expectations across verticals. Additionally, industry participants compete for early deployment while luring individual and corporate customers. In Feb 2022, AT&T collaborated with Microsoft to make the private 5G edge by integrating the AT&T 5G network with Azure private MEC to be implemented in businesses, schools, and other organizations.
Prominent players in the 聽5G IoT industry research include Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co. Ltd. (China), AT&T (US), Verizon (US), T-Mobile (USA), INC (US), Telef贸nica S.A (Spain), BT (UK), Vodafone Limited (UK), Telstra Group (Australia), Etisalat (UAE), Qualcomm Technologies Inc. (US), Sierra Wireless (Canada), Bell Canada (Canada), Singtel (Singapore), Rogers Communications Inc. (Canada), among others.
Service Outlook
Technology Outlook
Type Outlook
Vertical Outlook
Region Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the 聽5G IoT industry report segmented by service, technology, type, and vertical by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the聽 5G internet of things market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the market growth
To find out the factors which are affecting the 聽5G IoT market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Report Attribute/Metric | Details |
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Market Size | USD 24.8 Billion |
CAGR | 72.8% CAGR |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Service, Technology, Type, and Vertical |
Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Key Vendors | Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co. Ltd. (China), AT&T (US), Verizon (US), T-Mobile (USA), INC (US), Telef贸nica S.A (Spain), BT (UK), Vodafone Limited (UK), Telstra Group (Australia), Etisalat (UAE), Qualcomm Technologies Inc. (US), Sierra Wireless (Canada), Bell Canada (Canada), Singtel (Singapore), Rogers Communications Inc. (Canada) |
Key Market Opportunities | Development of smart infrastructure |
Key Market Drivers | Development of wireless technologies |
The 聽5G IoT market forecast period is 2022 - 2030
The 聽5G IoT market is projected to register a CAGR of 72.80% from 2022 to 2030
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 24.8 billion by 2030.
Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co. Ltd. (China), AT&T (US), Verizon (US), T-Mobile (USA), INC (US), Telef贸nica S.A (Spain), BT (UK), Vodafone Limited (UK), Telstra Group (Australia), Etisalat (UAE), Qualcomm Technologies Inc. (US), Sierra Wireless (Canada), Bell Canada (Canada), Singtel (Singapore), and Rogers Communications Inc. (Canada), are the major companies operating in the market.