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5G IoT Market Size to Worth Around USD 297.1 Billion by 2030

·7 min read
Precedence Research
Precedence Research

According to Precedence Research, the global 5G IoT market size is predicted to worth around USD 297.1 billion by 2030 and growing at a registered CAGR of 70.04% over the forecast period 2022 to 2030.

Ottawa, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The global 5G IoT market size was reached at USD 2.5 billion in 2021. 5G IoT is a new generation of wireless technology with a powerful combination of high speed, low latency, expanded bandwidth, and augmented power efficiency. As the role of 5G IoT grows in importance across automotive to smart manufacturing and utilities among other applications.

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The technologies including 2G, 3G and 4G were mainly developed for mobile broadband and personal communication services. In past few years, these communication technologies have proven extremely proficient to meet demands of IoT. However, an emergence of 5G has encouraged dedicated capabilities tailored for numerous IoT applications. Hence, flourishing manufacturing sector and increasing investment in 5G infrastructure across developed and developing countries is also anticipated to offer attractive potential for market expansion.

Regional Snapshots

North America held dominant position and predicted to be in the dominating state during forecast period due to presence of leading market players; strong industrial, logistics, and transportation sectors; and technological innovations in the energy and telecommunication sectors.

On the other hand, rapid and large-scale deployment of 5G in the region is opportunistic for growth of the market. For instance, according to the CTIA, a trade association representative of wireless communications industry in the U.S., the telecom companies in the country are expected to invest $275 billion in 5G technology, including small cells, fiber-optic cables, and other 5G network infrastructure.

Key Takeaways:

  • By component, the solution segment has reached market share of around 63% in 2021.

  • By network, the 5G non-standalone segment has contributed 59% market share in 2021.

  • In 2021, the large enterprises segment accounted 70% revenue share.

  • Asia-Pacific region has generated market share of over 35.5% in 2021.

Report Highlights

  • On the basis of component, the hardware segment dominated the 5G IoT market. Upsurge in demand for 5G IoT module due to proliferation of industrial IoT has driven growth of this segment. However, services segment is expected to witness highest growth rate during the forecast period owing to the need for enhanced productivity, regulatory compliances, and monitoring and security requirements associated with 5G IoT.

  • On the basis of end user, the manufacturing segment is the dominant player and is anticipated to have the biggest impact on 5G IoT market. However, healthcare segment is anticipated to witness considerable growth rate in upcoming years due to rising need for faster and efficient device connections along with minimize delays. Also, ongoing healthcare infrastructure development trend is opportunistic for growth of this segment.

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Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 2.5 Billion

Revenue Forecast by 2030

USD 297.1 Billion

CAGR

70.04% from 2022 to 2030

Asia Pacific Market Share

35.5% in 2021

Europe Market Share

23% in 2021

Base Year

2021

Forecast Year

2022 to 2030

Key Players

China Mobile, AT&T Inc., Verizon Communications Inc. T-Mobile, Vodafone, Ericsson, Huawei, Deutsche Telekom, Nokia, and SK Telecom

Market dynamics

Drivers

5G enables stable, faster, and secured connectivity that is helping in advancing IoT applications from self-driving vehicles to AI-enabled robots on factory floors and smart grids for renewable energy. According to the Qualcomm, an American multinational corporation, the global 5G value chain is anticipated to be $3.5 trillion by 2035, which is greater than entire mobile value chain as of 2021. This growth of the 5G value chain is major contributor to the global 5G IoT market.

On the other hand, ongoing trend of massive 5G IoT ecosystem and growth of the critical communication services industry is further boosting growth of the global market. Massive IoT is the applications with a number of endpoints that constantly serve bits of data. Currently, most of these applications are supported by 4G technology. However, integration of 5G is projected to enable seamless and reliable connection of billions of IoT devices, boosting growth of the massive 5G IoT ecosystem.

A favorable outlook for the industry is being produced by growing 5G infrastructure investment around the globe. For instance, Deutsche Telekom, one of the leading integrated telecommunications companies planned to cover 99% of the population in Germany with advanced 5G technology by the end of 2025, with an annual investment of $6.4 billion. While, in Japan, SoftBank Corp., a Japanese multinational conglomerate holding company planned to raise $282.5 million to expand its 5G network. Such investments are anticipated to boost global 5G IoT market.

Restraints

IoT standardization helps in reducing overall cost of data generation, minimizing the gaps among protocols, and securing the system by detecting security loopholes. However, issues of standardization in global IoT evolution have become one of the major difficulties. Due to lack of standardization, the complication associated with machines that need to interact and connect to one another increases rapidly. This factor has mainly hampered growth of the 5G IoT market. However, a number of multinational and domestic corporations have established alliances to settle on shared IoT technologies and standards.

Opportunities

Ongoing trend of smart infrastructure development is anticipated to create lucrative growth opportunities for the market. Smart infrastructure is one of the major applications of emergent technologies including 5G and IoT. These technologies are helping to provide connected solutions for well-being of a community. Such technologies are seeing rapid demand across applications such as energy management, air quality management, traffic monitoring & management, connected public transport, connected streetlights, weather monitoring, and waste management.

Also, there is a significant trend of government investment in smart infrastructure. For instance, South Korea’s National Strategic Smart Cities Program, an emerging smart city program promised to serve 70 cities by 2030 and to cover about 60% of population of the country by 2040. Such programs are further creating opportunities for 5G IoT Market.

Challenges

Upsurge in data privacy and security concerns associated with 5G IoT is one of the major challenges in global market. The IoT devices are significantly insecure as such devices do not have built-in security by design. Hence, there is a risk of more sophisticated botnets, faster data extraction, and privacy violations with an integration of 5G and IoT.

Related Reports

Recent Developments

  • In August 2021, AT&T collaborated with Cisco Systems Inc. to introduce a 5G service to support IoT applications across the U.S. This service is projected to use sub-6 GHz 5G network of AT&T to support millions of connected devices managed by both of the companies in the manufacturing, public sector, retail, utilities, transportation, and healthcare among other industries.

Market Segmentation

By Components

  • Solution

    • Hardware

    • Platform

    • Connectivity

  • Services

By Enterprise Size

  • Large Enterprises

  • Small & Medium Enterprises

By Network Type

  • 5G Standalone (SA)

  • 5G Non-standalone (NSA)

By End User

  • Manufacturing

  • Healthcare

  • Energy and Utilities

  • Automotive and Transportation

  • Supply Chain and Logistics

  • Government and Public Safety

  • Agriculture

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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