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Global 5G Iot Market Size, Share, Growth, Trends, Forecast: By Component: Hardware, Platform, Connectivity, Services; By Technology: Ultra-Reliable Low-Latency Communications (URLLC), Low-Power Wide-Area Network (LPWAN); By End-User: Manufacturing, Smart Cities, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global 5G IoT Market Outlook
The global 5G IoT market size attained a value of approximately USD 9.74 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 75.5% reaching a value of around USD 1,538.38 billion by 2032.
IoT or the Internet of Things technology refers to the extension of internet connectivity to physical objects for daily use. It is an advanced digital technology that connects and delivers data across different devices through wireless technology like 5G. The term 5G refers to the 5th generation of wireless technology with reduced latency to allow for real-time communication and improved data transfer.
The market is a rapidly expanding sector characterised by the integration of 5G technology with the Internet of Things (IoT). This market encompasses a wide range of applications and services, leveraging the high-speed, low-latency, and large-capacity features of 5G networks to enhance IoT functionalities.
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Factors like technological advancements, increasing demand for high-speed internet, and the proliferation of smart devices are some of the key 5G IoT market trends driving the market growth. 5G IoT finds applications across various sectors, including smart cities, healthcare, manufacturing, automotive, and agriculture. These applications range from industrial automation and smart home devices to remote healthcare and intelligent transportation systems. Different regions exhibit varying growth trends based on factors like infrastructure development, government policies, and technological adoption rates. Regions like North America, Europe, and Asia Pacific are at the forefront of 5G IoT deployment, with Asia Pacific showing particularly rapid growth.
5G IoT Market Segmentation
The market segments, on the basis of component, are:
- Hardware
- Platform
- Connectivity
- Services
- Professional Services
- Managed Services
The demand for services in the market is driven by several key factors. The deployment of 5G IoT technologies involves complex integration with existing systems and infrastructure. This complexity creates a demand for specialised services that can manage and streamline the process. As 5G technology is relatively new and evolving, there is a significant demand for expert knowledge and skills. Companies often rely on external service providers for their expertise in 5G technology to ensure efficient and effective implementation.
Businesses often need guidance on how best to integrate 5G IoT into their operations. Consulting services help in formulating strategies, assessing the technological needs, and planning the deployment to maximise the benefits of 5G IoT.
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Based on technology, the market is bifurcated into:
- Ultra-Reliable Low-Latency Communications (URLLC)
- Low-Power Wide-Area Network (LPWAN)
In the market, both Ultra-Reliable Low-Latency Communications (URLLC) and Low-Power Wide-Area Network (LPWAN) technologies are significant, but they serve different purposes and have varying levels of demand based on specific applications and industrial requirements.
URLLC is particularly important for applications that require extremely reliable and low-latency communication. This includes critical communications, industrial automation, autonomous vehicles, and certain types of smart city applications.
On the other hand, LPWAN is designed for scenarios where devices need to communicate small amounts of data over long distances while consuming very little power. This makes it ideal for a wide range of IoT applications, such as smart meters, agricultural sensors, and asset tracking, where devices are often battery-powered and need to operate for long periods without recharging.
On the basis of end-user, the market is categorised into:
- Manufacturing
- Smart Cities
- Energy and Utilities
- Transportation and Logistics
- Enterprises/Corporates
- Smart Homes
- Healthcare
- Oil and Gas
- Mining
- Others
Increasing applications of 5G IoT technology in the healthcare sector is providing impetus to the 5G IoT market growth. This can be attributed to the increasing amalgamation of IoT and MedTech devices to increase the efficiency of diagnostics, bolster the treatment process, and improve the operational efficiency of healthcare units. Over the forecast period, increasing innovations and sophistication of medical devices by major manufacturers are expected to fuel the market growth for 5G IoT.
Moreover, technological advancements in the manufacturing sector are expected to play a pivotal role in the market for 5G IoT. In line with this, the rapid development of smart factories is likely to aid the market in the coming years.
The report also covers the regional markets for 5G IoT, which are as follows:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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5G IoT Market Analysis
The 5G IoT market demand is expected to be strengthened by the rise in the adoption of smart home infrastructure and smart cities. Rapid urbanisation and investments of various governments into the development of a digital ecosystem is expected to generate healthy market revenue in the coming years.
IoT-connected devices supported by unprecedented 5G wireless technology can remotely monitor real-time metrics such as air quality, traffic congestion, number of residents, and manage utilities, along with many more advantages, thus holding a strong future for the market. Furthermore, in the wake of the global climate crisis, the rapid development of smart cities in emerging economies is further expected to have a positive influence on the growth of the market.
The market is further anticipated to be supported by the increasing adoption of smart homes with IoT-connected devices like air conditioners, smart speakers, HVAC systems, and security systems, among others. Advancements in technology, coupled with inflating disposable incomes and increased purchasing power are invigorating the demand for advanced wireless technology to streamline remote operations. Hence, the revolution in smart home infrastructure is predicted to have a promising influence over the market growth of 5G IoT over the forecast period.
Increasing usage of wireless technology is stimulating the market growth
The market is being expanded by the rising market penetration of IoT-connected devices in numerous end-use industries, including retail, construction, transportation, and manufacturing, among others. The ability of IoT devices to communicate with each other independently has been a prime factor contributing to the growth of advanced wireless technology such as 5G, LPWAN, and Internet Protocol version 6 (IPv6), among others, leading to an expansion of the 5G industrial IoT market.
The 5G connectivity is emerging to be a promising internet facility to support IoT-connected services owing to its ability to support a massive number of devices, low latency, and high speed and bandwidth, among others. In addition to this, the rising usage of wireless technology, enormous data transfers, and cloud storage, and increasing adoption of smart devices are invigorating the demand for increased capacity, high data rate, and fast connectivity, which is another factor adding to the growth of the market for 5G IoT.
Regional Insights
The Asia Pacific accounts for a substantial 5G IoT market share. The market in Asia Pacific is characterised by rapid growth and innovation, driven by several key factors. Asia Pacific is known for its rapid adoption of new technologies. The region's enthusiasm for embracing advanced technologies like 5G and IoT has significantly contributed to the growth of the market.
With populous countries like China and India, Asia Pacific has a vast consumer base. This large population, coupled with increasing urbanisation and digitisation, creates a substantial market for 5G IoT applications in various sectors, including consumer electronics, automotive, and healthcare. Several governments in the region are actively supporting the deployment of 5G networks and IoT technologies. For instance, countries like South Korea, China, and Japan are front-runners in 5G deployment, with significant investments in infrastructure and research and development.
Key Players in the Market
The report presents a detailed analysis of the following key players in the global 5G IoT market, looking into their capacity, market share, and latest developments like capacity expansions, and mergers and acquisitions:
- Nokia Corporation
- AT&T Inc.
- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- Verizon Communications Inc.
- Vodafone Limited
- Qualcomm Technologies, Inc
- Samsung Electronics Co., Ltd.
- ZTE Corporation
- Microsoft Corporation
- T-Mobile US, Inc.
- Sierra Wireless S.A.
- Bell Canada
- u-blox Holding AG
- Quectel Wireless Solutions Co., Ltd.
- Deutsche Telekom IoT GmbH
- SIMCom Wireless Solutions Limited
- Intel Corporation
- Mavenir Systems, Inc.
- Sequans Communications
- Others
The comprehensive report looks at the micro and macro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Technology |
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Breakup by End-User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global 5G IoT Market Analysis
8.1 Key Industry Highlights
8.2 Global 5G IoT Historical Market (2018-2023)
8.3 Global 5G IoT Market Forecast (2024-2032)
8.4 Global 5G IoT Market by Component
8.4.1 Hardware
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Platform
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Connectivity
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Services
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.4.2.1 Professional Services
8.4.4.2.2 Managed Services
8.5 Global 5G IoT Market by Technology
8.5.1 Ultra-Reliable Low-Latency Communications (URLLC)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Low-Power Wide-Area Network (LPWAN)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global 5G IoT Market by End-User
8.6.1 Manufacturing
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Smart Cities
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Energy and Utilities
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Transportation and Logistics
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Enterprises/Corporates
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Smart Homes
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Healthcare
8.6.7.1 Historical Trend (2018-2023)
8.6.7.2 Forecast Trend (2024-2032)
8.6.8 Oil and Gas
8.6.8.1 Historical Trend (2018-2023)
8.6.8.2 Forecast Trend (2024-2032)
8.6.9 Mining
8.6.9.1 Historical Trend (2018-2023)
8.6.9.2 Forecast Trend (2024-2032)
8.6.10 Others
8.7 Global 5G IoT Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America 5G IoT Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe 5G IoT Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific 5G IoT Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America 5G IoT Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa 5G IoT Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Nokia Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 AT&T Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Cisco Systems, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Telefonaktiebolaget LM Ericsson
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Verizon Communications Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Vodafone Limited
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Qualcomm Technologies, Inc
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Samsung Electronics Co., Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 ZTE Corporation
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Microsoft Corporation
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 T-Mobile US, Inc.
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Sierra Wireless S.A.
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Certifications
16.2.13 Bell Canada
16.2.13.1 Company Overview
16.2.13.2 Product Portfolio
16.2.13.3 Demographic Reach and Achievements
16.2.13.4 Certifications
16.2.14 u-blox Holding AG
16.2.14.1 Company Overview
16.2.14.2 Product Portfolio
16.2.14.3 Demographic Reach and Achievements
16.2.14.4 Certifications
16.2.15 Quectel Wireless Solutions Co., Ltd.
16.2.15.1 Company Overview
16.2.15.2 Product Portfolio
16.2.15.3 Demographic Reach and Achievements
16.2.15.4 Certifications
16.2.16 Deutsche Telekom IoT GmbH
16.2.16.1 Company Overview
16.2.16.2 Product Portfolio
16.2.16.3 Demographic Reach and Achievements
16.2.16.4 Certifications
16.2.17 SIMCom Wireless Solutions Limited
16.2.17.1 Company Overview
16.2.17.2 Product Portfolio
16.2.17.3 Demographic Reach and Achievements
16.2.17.4 Certifications
16.2.18 Intel Corporation
16.2.18.1 Company Overview
16.2.18.2 Product Portfolio
16.2.18.3 Demographic Reach and Achievements
16.2.18.4 Certifications
16.2.19 Mavenir Systems, Inc.
16.2.19.1 Company Overview
16.2.19.2 Product Portfolio
16.2.19.4 Certifications
16.2.19.3 Demographic Reach and Achievements
16.2.20 Sequans Communications
16.2.20.1 Company Overview
16.2.20.2 Product Portfolio
16.2.20.4 Certifications
16.2.20.3 Demographic Reach and Achievements
16.2.21 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global 5G IoT Market: Key Industry Highlights, 2018 and 2032
2. Global 5G IoT Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global 5G IoT Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global 5G IoT Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global 5G IoT Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global 5G IoT Historical Market: Breakup by End-User (USD Billion), 2018-2023
7. Global 5G IoT Market Forecast: Breakup by End-User (USD Billion), 2024-2032
8. Global 5G IoT Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global 5G IoT Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America 5G IoT Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America 5G IoT Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe 5G IoT Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe 5G IoT Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific 5G IoT Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific 5G IoT Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America 5G IoT Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America 5G IoT Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa 5G IoT Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa 5G IoT Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global 5G IoT Market Structure
Key Questions Answered in the Report
The global market for 5G IoT attained a value of approximately USD 9.74 billion in 2023.
The market is projected to grow at a CAGR of 75.5% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 1,538.38 billion by 2032.
The major market drivers include the growing adoption of IoT connected devices in various end-use sectors and the ability of 5G technology to provide high speed and improved communication with low latency.
The key trends fuelling the market growth are the rising adoption of smart home infrastructure, the rising dependency on wireless technology, and the increasing development of smart cities.
The major regional markets for 5G IoT are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The major components of 5G IoT are hardware, platform, connectivity, and services.
The significant technologies considered in the market report are ultra-reliable low-latency communications (URLLC) and low-power wide-area network (LPWAN).
The major end-users of 5G IoT are manufacturing, smart cities, energy and utilities, transportation and logistics, enterprises/corporates, smart homes, healthcare, oil and gas, and mining, among others.
The major players in the market are Nokia Corporation, AT&T Inc., Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Vodafone Limited, Qualcomm Technologies, Inc, Samsung Electronics Co., Ltd., ZTE Corporation, Microsoft Corporation, T-Mobile US, Inc., Sierra Wireless S.A., Bell Canada, u-blox Holding AG, Quectel Wireless Solutions Co., Ltd., Deutsche Telekom IoT GmbH, SIMCom Wireless Solutions Limited, Intel Corporation, Mavenir Systems, Inc., and Sequans Communications, among others.
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