5G IoT Market: Trends, Growth Factors & Forecast to 2030

Meticulous Research®, a renowned global market research firm, recently released a comprehensive 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.'* This report forecasts significant growth in the 5G IoT market, projecting a compound annual growth rate (CAGR) of 47.6% from 2023 to 2030, with the market reaching an estimated value of $17.68 billion by 2030. The key drivers fueling this rapid expansion include the growing role of 5G IoT devices in smart city initiatives and the demand for low-latency IoT solutions in industrial applications associated with Industry 4.0. Additionally, the integration of 5G IoT in autonomous vehicles is expected to provide robust growth opportunities. However, the uneven global rollout of 5G networks could pose a challenge to the market's development.

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Market Segmentation and Analysis

The report categorizes the global 5G IoT market based on component, device range, architecture, application, and end-user industry. This segmentation allows for a comprehensive understanding of the market dynamics at both regional and country levels, along with an in-depth analysis of the competitive landscape.

By Component

The 5G IoT market is segmented into solutions and connectivity services, with the solutions segment holding the largest share of the market as of 2022. This dominance is largely driven by the increased adoption of cloud-based solutions and the integration of wireless technology in industrial settings, enabling greater connectivity and flexibility. Furthermore, this segment is expected to continue its rapid growth, registering the highest CAGR during the forecast period. The rising demand for cloud solutions and the need for real-time data processing are anticipated to propel the solutions segment, supporting enhanced IoT connectivity in various sectors.

By Device Range

Device range segmentation divides the market into short-range and wide/long-range devices. In 2022, short-range devices captured the largest share of the 5G IoT market, a trend attributed to the rising demand for improved short-range connectivity. Applications such as security and surveillance, asset tracking, and consumer electronics benefit from short-range connections, where minimal latency and high-speed data transfer are essential. This segment is also projected to witness the highest CAGR over the forecast period, as the need for low-latency IoT connections increases across multiple industries, further solidifying short-range devices' role in supporting 5G IoT infrastructure.

By Architecture

The architecture segment divides the market into 5G New Radio (NR) Standalone (SA) and 5G NR Non-standalone (NSA) configurations. In 2022, the 5G NR Non-standalone segment dominated the market, primarily due to the demand for faster data speeds and dependable communication capabilities. The NSA configuration, which allows for initial 5G deployments over existing LTE infrastructure, is appealing to telecom providers as it facilitates faster deployment at a lower cost. This segment is expected to continue growing rapidly, given the global demand for higher data transfer rates and reliable connections, particularly in urban and industrial areas where data demands are surging.

By Application

The report segments the market by application into areas such as autonomous vehicles, connected cars, Industry 4.0, smart energy and utilities, smart farming, security and surveillance, smart healthcare, asset tracking, smart logistics and supply chains, smart consumer electronics, and other applications. In 2022, the security and surveillance segment accounted for the largest market share, driven by increasing public safety concerns and the need to monitor and manage multiple locations efficiently. However, autonomous vehicles are projected to experience the fastest growth over the coming years. The growing adoption of self-driving technologies is anticipated to increase the demand for 5G-enabled IoT systems that support real-time data processing and low-latency communication, crucial for safe and effective autonomous vehicle operations.

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By End User

The 5G IoT market is also segmented by end users into B2B (business-to-business) and B2C (business-to-consumer) categories. In 2022, the B2B segment dominated the market, owing to the increased adoption of connected services and automation solutions across industries. Enhanced automation in manufacturing and logistics is leading to greater productivity and improved quality, making the B2B segment a significant contributor to market growth. This segment is expected to register the highest CAGR during the forecast period, as companies continue to integrate IoT and 5G technology to streamline operations, enhance productivity, and deliver high-quality products.

Geographic Analysis

The report provides a regional breakdown of the market, covering North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2022, the Asia-Pacific region held the largest share of the global 5G IoT market, primarily driven by substantial investments in 5G IoT devices and expanding deployment of 5G infrastructure. The region is expected to continue leading the market over the forecast period, benefiting from favorable government policies, an extensive manufacturing base, and growing smart city projects. Rapid technological advancements and rising consumer demand in countries like China, Japan, and South Korea are key drivers of growth in the Asia-Pacific 5G IoT market.

In North America, the United States remains a major contributor to the 5G IoT market, backed by substantial investments in smart city projects, autonomous vehicle initiatives, and industrial automation. Europe, with its established industrial sector, is also witnessing an increase in 5G IoT adoption, especially in manufacturing and automotive applications. Latin America and the Middle East & Africa are expected to witness steady growth as they gradually expand 5G infrastructure and invest in IoT solutions for sectors like healthcare, agriculture, and logistics.

Key Market Drivers and Challenges

Drivers

1. **Growing Importance of 5G IoT in Smart Cities**: The deployment of 5G-enabled IoT devices is accelerating in smart city projects, where high-speed data transfer, real-time monitoring, and seamless connectivity are essential. These applications require the low-latency and high-bandwidth capabilities that 5G provides, driving demand for IoT-enabled smart city solutions.

2. **Demand for Low-Latency IoT in Industrial 4.0**: Industry 4.0 emphasizes automation and smart manufacturing, both of which depend on low-latency communication to optimize processes and ensure safety. 5G IoT is instrumental in connecting devices, sensors, and machinery, enabling real-time data collection and analysis that facilitates efficient and responsive industrial operations.

3. **Growing Potential in Autonomous Vehicles**: The emergence of autonomous vehicles is creating demand for advanced IoT systems that can support vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. 5G IoT, with its rapid data processing and low latency, is ideal for enabling these applications, further driving the market.

Challenges

1. **Limited 5G Network Availability**: While 5G adoption is growing, there are still regions with limited access to 5G infrastructure. This challenge may restrict the market's growth potential, particularly in developing countries where network coverage is less extensive.

2. **High Costs of 5G Deployment**: The financial investment required to establish and maintain 5G networks is substantial, posing a barrier for smaller organizations or regions with constrained budgets. The high costs may hinder market expansion, especially in areas where the return on investment in 5G infrastructure remains uncertain.

Future Outlook

The global 5G IoT market is poised for substantial growth through 2030, fueled by the increasing demand for real-time, data-driven applications across diverse sectors. As 5G networks expand and new applications emerge, industries such as automotive, healthcare, manufacturing, and logistics are expected to benefit from enhanced connectivity and automation capabilities. Despite certain challenges, such as limited 5G availability and high infrastructure costs, the potential for 5G IoT to transform industries and improve efficiencies is likely to drive continued investment and innovation in the market.

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).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/5g-iot-market-5436

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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