Meticulous Research®—a leading global market research company, published a research report titled, ‘5G IoT Market by Component (Solutions, Connectivity Services), Architecture (5G NR Standalone, 5G NR Non-standalone), Application (Autonomous Vehicles, Security & Surveillance), End User, and Geography – Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global 5G IoT Market is projected to grow at a CAGR of 47.6% from 2023–2030 to reach $17.68 billion by 2030. The growing significance of 5G IoT devices in smart city projects and increasing demand for low-latency IoT devices for Industrial 4.0 are the major factors driving the growth of this market. Additionally, the use of 5G IoT in self-driving vehicles is expected to offer significant opportunities for market growth. However, the global availability of 5G network may hinder the growth of this market to a certain extent.
The global 5G IoT market is segmented by component, device range, architecture, application, and end-use industry. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on component, the global 5G IoT market is segmented into solutions and connectivity services. In 2022, the solutions segment accounted for the larger share of the overall 5G IoT market. Factors such as increasing demand for cloud-based solutions and the proliferation of wireless technologies in industry operations are expected to drive the growth of this segment. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on device range, the global 5G IoT market is segmented into short-range and wide/long-range. In 2022, the short-range segment accounted for the larger share of the overall 5G IoT market. The growth of this segment is attributed to the rising need for improving short-range connectivity. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on architecture, the global 5G IoT market is segmented into 5G NR Standalone (SA) and 5G NR Non-standalone (NSA). In 2022, the 5G NR Non-standalone (NSA) segment accounted for the larger share of the 5G IoT market. The large market share of this segment is mainly attributed to the rising need for higher data transfer speeds and reliable communications. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on application, the global 5G IoT market is segmented into autonomous vehicles, connected cars, industry 4.0, smart energy & utilities, smart farming, security & surveillance, smart healthcare, asset tracking, smart logistics & supply chains, smart consumer electronics, and other applications. In 2022, the security & surveillance segment accounted for the largest share of the 5G IoT market. The large market share of this segment is mainly attributed to the increasing concerns over public safety and security and the rising need to monitor multiple locations. However, the autonomous vehicles segment is expected to register the highest CAGR during the forecast period.
Based on end user, the global 5G IoT market is segmented into B2B end users (business-to-business) and B2C end users (business-to-consumer). In 2022, the B2B end user segment accounted for the largest share of the 5G IoT market. The growth of this segment is attributed to the increasing demand for connected services and enhanced automation for improved productivity and quality. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Geographic Review:
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the global 5G IoT market. The large market share of this segment is attributed to the increasing investments in 5G IoT devices and the rising deployments of 5G IoT solutions. Additionally, this region is expected to register the highest CAGR during the forecast period
Key Players:
The key players operating in the 5G IoT market are Telefonaktiebolaget LM Ericsson (Sweden), Nokia Corporation (Finland), Qualcomm Incorporated (U.S.), AT&T Inc. (U.S.), Vodafone Limited (U.K.), SK Telecom Co., Ltd. (South Korea), Samsung Electronics Co., Ltd. (South Korea), NEC Corporation (Japan), Telit (U.K.), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), ZTE Corporation (China), IBM Corporation (U.S.), Thales Group (France), Sierra Wireless, Inc. (Canada), T‑Mobile US, Inc. (U.S.), Verizon Communications Inc. (U.S.), Juniper Networks Inc. (U.S.), and Huawei Technologies Co., Ltd. (China).
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Key questions answered in the report:
- Which are the high-growth market segments in terms of component, device range, architecture, application, end-use industry, and countries?
- What is the historical market for 5G IoT across the globe?
- What are the market forecasts and estimates for 2023–2030?
- What are the major drivers, restraints, and opportunities in the global 5G IoT market?
- Who are the major players in the global 5G IoT market, and what shares do they hold?
- Who are the major players in various countries, and what shares do they hold?
- How is the competitive landscape?
- What are the recent developments in the global 5G IoT market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global 5G IoT market, and how do they compete with the other players?
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