Redding, California, March 16, 2023 (GLOBE NEWSWIRE) -- According to a new market 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 Forecasts to 2030,’ the global 5G IoT market is expected to reach $17.68 billion by 2030, growing at a CAGR of 47.6% during the forecast period 2023–2030.
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The growth of this market is attributed to the increasing demand for low-latency IoT devices for Industrial 4.0 and the increasing demand for digital wearable devices. Additionally, the high potential for 5G IoT in connected healthcare is expected to offer significant growth opportunities for this market. High costs for 5G IoT network installation and security & data privacy concerns are creating challenges for market growth. In addition, the use of IoT for connected transportation and IoT-enabled security solutions are new market trends in the 5G IoT market during the forecast period.
Impact of COVID-19 on the 5G IoT Market
The COVID-19 pandemic adversely hit many economies around the globe. Government bodies worldwide imposed restrictions during the COVID-19 pandemic, encouraging employees to work from home. Combat measures such as lockdowns, social distancing, and quarantines to fight COVID-19 adversely impacted many industries worldwide.
The outbreak delayed the 5G rollout, causing large-scale closure of 5G projects and implementation of IoT devices across industry verticals. For instance, in 2020, 3GPP (France), a global association developing the 5G technology, announced a three-month delay in completing 5G specifications due to COVID-19. Amidst the pandemic, the surge in demand for remote monitoring solutions, increased adoption of digital technologies for automation, increased demand for low-latency IoT devices for industry 4.0, and the growing significance of 5G IoT solutions in smart city projects impacted the market growth. For instance, in 2022, QUALCOMM Incorporated (U.S.) partnered with SB Technology Corp. (Japan) and Cybertrust Japan Co. (Japan) to support the deployment of smart cities and 5G IoT Solutions.
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Several organizations are focusing on new strategic developments to advance their product portfolio and market share in 5G IoT technology. Also, companies have started trials and rollouts of 5G networks in industries to enhance operational efficiency and support critical healthcare applications. For instance, in 2022, Verizon Communications Inc. (U.S.) partnered with Atos SE (France) to provide intelligent IoT solutions with private 5G multi-access edge computing for businesses, governments, and communities to improve operational efficiency and mitigate risk, and increase revenue. In 2021, the U.K. government partnered with QUALCOMM Incorporated (U.S.) for DCMS 5G Testbeds and Trials Programme. This partnership focus on smart agriculture for remote farms in the Dorset region. Also, in 2020, SK Telecom Co., Limited (South Korea) launched a 5G-powered autonomous robot to enable a systematic and efficient response to the COVID-19 outbreak. Such developments and favorable government policies, including financial packages, are further expected to contribute to the 5G IoT market post-pandemic growth.
The global 5G IoT market is segmented by component (solutions (platforms, hardware, business services (professional services, managed services)), connectivity services), device range (short-range, wide/long-range), architecture (5G NR standalone (SA) and 5G NR non-standalone (NSA)), application (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), and end user (B2B end-user (automotive, energy & utilities, government & public safety, transportation & logistics, healthcare, agriculture, food & beverage, and other end users), B2C end user (home automation, building automation)). 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 2023, the solutions segment is estimated to account for the largest share of the overall 5G IoT market. The proliferation of wireless technologies in industry operations and the increasing demand to enhance network capacity and coverage area are expected to drive the growth of this market.
Based on device range, the global 5G IoT market is segmented into short-range and wide/long-range. In 2023, the short-range segment is estimated to account for the largest share of the 5G IoT market. The growth of this segment is attributed to the rising need for improving short-range connectivity and coverage rate and deploying smart technologies.
Based on architecture, the market is segmented into 5G NR Standalone (SA) and 5G NR Non-standalone (NSA). In 2023, the 5G NR Non-standalone (NSA) segment is estimated to account for the largest share of the 5G IoT market. The growth of this segment is attributed to the rising need for higher data transfer speeds, reliable communications, and increasing delivery efficiency at a low cost.
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Based on application, the 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 2023, the security & surveillance segment is estimated to account for the largest share of the 5G IoT market. The growth of this segment is attributed to the increasing need to monitor facility conditions in real-time and the growing demand for the integration of IoT in surveillance cameras.
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). The B2B end user segment is further sub-segmented into automotive, energy & utilities, government & public safety, transportation & logistics, healthcare, agriculture, food & beverage, and other end users. The B2C end-user segment is further sub-segmented into home and building automation. In 2023, the B2B end users segment is expected to account for the largest share of the overall 5G IoT market. Thus, the enhanced automation for improved productivity and quality and the need for predicting performance to improve efficiency are the factors driving the market growth.
Based on geography, the global 5G IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is estimated to account for the largest share of the global 5G IoT market. Factors such as rising deployments of 5G IoT solutions and increasing collaborations for deploying smart solutions across the region are supporting the market growth in this region.
The key players operating in the global 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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Scope of the Report:
5G IoT Market by Component
- Solutions
- Platforms
- Hardware
- Business Services
- Professional Services
- Managed Services
- Connectivity Services
5G IoT Market by Device Range
- Short-range
- Wide/Long-range
5G IoT Market by Architecture
- 5G NR Standalone (SA)
- 5G NR Non-Standalone (NSA)
5G IoT Market by Application
- Autonomous Vehicles
- Connected Cars
- Industry 4.0
- Smart Energy & Utilities
- Smart Farming
- Smart Healthcare
- Security & Surveillance
- Smart Logistics & Supply Chains
- Smart Consumer Electronics
- Asset Tracking
- Other Applications
5G IoT Market by End User
- B2B End Users
- Automotive
- Healthcare
- Agriculture
- Energy & Utilities
- Transportation & Logistics
- Government & Public Safety
- Food & Beverage
- Other B2B End Users
- B2C End Users
- Home Automation
- Building Automation
5G IoT Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- India
- Japan
- Taiwan
- Singapore
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- Israel
- UAE
- Rest of MEA
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