5G IoT Market Size, Share And Drivers Report Analysis 2024 To 2033

The 5G IoT market size has grown exponentially in recent years. It will grow from $7.4 billion in 2023 to $12.31 billion in 2024 at a compound annual growth rate (CAGR) of 66.3%. The growth in the historic period can be attributed to mobile network evolution, rise of smart devices, surge in data generation, governmental support and initiatives, global economic conditions.

The 5G IoT market size is expected to see exponential growth in the next few years. It will grow to $95.4 billion in 2028 at a compound annual growth rate (CAGR) of 66.9%. The growth in the forecast period can be attributed to increased IoT adoption, smart manufacturing, global connectivity demand, digital transformation initiatives, 5G network infrastructure investments. Major trends in the forecast period include integrating artificial intelligence, customized virtual networks, 5G-enabled smart cities, integrating blockchain technology, ecosystem collaboration.

Market Overview -
5G IoT refers to a service that communicates across all bands with both the local area network and the wide area network (WAN) with the proper speed, latency, and cost trade-offs. The 5G IoT is used for faster, more stable, and more secure connectivity, advancing everything from self-driving cars to smart grids for renewable energy to AI-enabled robots on factory floors.

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The Role Of Surging Mobile Data Traffic In Driving 5G IoT Market Expansion
A surge in mobile network data traffic is expected to propel the growth of the 5G IoT market going forward. 5G IoT helps to support large volumes of mobile network data traffic and large numbers of users, including IoT devices. Large volumes of mobile network data traffic aid in the expansion of the 5G IoT by providing fast, dependable, low-latency, and secure connections. For instance, according to a report by Ericsson, a Sweden-based telecommunications company, between Q1 2021 and Q1 2022, the global data traffic on mobile networks increased by 40%. Also, between Q4 2021 and Q1 2022, the growth in mobile network data traffic was about 10% quarter over quarter. Therefore, the surge in mobile network data traffic is driving the growth of the 5G IoT market.

Competitive Landscape -
Major companies operating in the 5G IoT market report are Samsung Electronics Co. Ltd., China Mobile Ltd., Verizon Communications Inc., Deutsche Telekom AG, AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile International AG, China Telecom Corporation Limited, LG Electronics Inc., Intel Technology Corporation, Cisco Systems Inc., NTT Docomo Inc., China Unicom Limited, Vodafone Group plc, Orange S.A., Telefonica S.A, Qualcomm Technologies Inc., Fujitsu Ltd., BT Group plc, Ericsson AB, Nokia Corporation, NEC Corporation, Telstra Corporation Limited, Thales Group, KT Corporation, TIM S.p.A., ZTE Corporation, SK Telecom Co. Ltd., Swisscom AG, Singtel Optus Pty Limited

Key Players Unveils Software Stack To Redefining Technological Frontiers In The Market
Technological advancements are a key trend gaining popularity in the 5G IoT market. Major companies operating in the market are developing advanced technologies and software to sustain their position in the market. For instance, in February 2022, Radisys Corporation, a US-based company that provides open telecom solutions, launched the Connect RAN 5G IoT software stack, which provides an exhaustive list of 5G RAN technology. Connect radio access network (RAN) software for 5G IoT includes unique features such as technologies for a wide range of IoT use cases, metering and asset tracking, ultra-low latency, time-sensitive industrial deployments, video surveillance, and wearable deployments. With less initial CAPEX investment, Radisys' Connect RAN 5G IoT software provides a quick time-to-market for new use cases.

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Key Segments -

The 5G IoT market covered in this report is segmented -

1) By Component: Solution, Hardware, Software and Platform, Services
2) By Network Type: 5G Standalone (SA), 5G Non-Standalone (NSA)
3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
4) By End User: Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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