The 5G IoT market is estimated to capture a valuation of USD 3.6 billion in 2023 and is projected to reach USD 55.1 billion by 2033. The market is estimated to secure a CAGR of 31.1% from 2023 to 2033.
Why are 5G IoT Solutions Gaining Significant Traction from Different Industries?
With 5G implementation, automation has shown good results in many industries. The key reason for adopting this technology includes:
The automobile industry is moving toward 5G IoT solutions for vehicle automation. The power of the engine, vehicle location, driver behavior, engine health, and vehicle activity can be monitored using the 5G IoT devices. Especially, these devices are helpful in electric vehicles as the world is moving toward green energy.
5G IoT devices greatly support mobile communication by avoiding network traffic and network failures. Technology is used to expand the infrastructure and convert conventional workstations to automate to ensure high-speed network availability to mobile devices fully. These factors continue to propel the global market in the coming years.
What Opportunities could be for 5G IoT Technology in the Coming Years?
Several industries like healthcare and energy have already started research to digitalize the operation process with the support of 5G IoT solutions.
Network prospective connections have continuously evolved, and technological developments are witnessed daily. In cloud computing, there is significant scope for 5G IoT solutions, as the information generated by the IoT should be stored in the cloud platform to access it remotely.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 31.3% |
| Market Valuation (2023) | USD 3.6 billion |
| Market Valuation (2033) | USD 55.1 billion |
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As per the 5G IoT industry research by Future Market Insights, the market value of the 5G IoT industry increased at around 71.9% CAGR historically, from 2019 to 2021.
Countries such as the United States, China, South Korea, and Japan held a significant global market share. The market captured a valuation of USD 998.5 million in 2018 and USD 2,786.5 million in 2022, with a CAGR of 29.2% between 2018 and 2022.
5G technology is not only confined to smartphones, but its application is present in various industries to increase workflow, business efficiency, and profitability. These industries include manufacturing, healthcare, energy, utilities, the automobile sector, government, public safety, and the agriculture sector
5G network technology collaboration with the Internet of Things has improved the reliability and performance of IoT devices. Due to their efficient performance, the market has witnessed a huge demand for 5G IoT devices.
5G network has tremendous capability to handle the vast number of static and mobile IoT devices with different speeds, data transmission, and appreciable service quality. The 5G IoT market is projected to expand at a CAGR of 33.5% over the coming 10 years.
The non-Standalone segment is securing a share of 55.4% in the global market during the forecast period. Non-Standalone plays a vital role as they are responsible for developing the telecommunication & manufacturing sector.
5G networks have focused on non-standalone, especially in the telecommunication sector, for better connectivity. The non-standalone category has a wide range of applications that provide high-speed broadband with good data bandwidth and reliable connectivity.
NSA is the first to launch 5G, and customers and enterprises are interested in the segment. It enables good video streaming without buffering, improving the user experience.
The key reason for good market performance by the 5G non-standalone segment is low capital and operating expenditure for operators as it delivers better performance. Overall, non-standalone is estimated to dominate the global market by 2033.
The manufacturing segment shows the maximum potential for growth in the 5G IoT industry in the end-user segment. Revenue through manufacturing is expected to grow at a positive rate during the next ten years.
Manufacturing industries are evolving toward technological advancement and are moving toward 5G IoT solutions. While the world is embracing Industry 4.0, 5G IOT has huge scope to accelerate and develop digitalized factories and implement technological development.
Manufacturers are taking steps toward improvement in technology as it is cutting down production costs and improving quality. 5 G IoT devices can drive machinery used in manufacturing industries for better efficiency and profitability with proper safety measures. It is estimated to increase productivity. 5G IoT solutions are deployed in the value chain and are used to monitor business developments.
| Countries | Current Market Share 2022 |
|---|---|
| The United States | 15.4% |
| Germany | 10.2% |
| Japan | 5.4% |
| Australia | 2.2% |
The market in North America is projected to register a share of 29.4% during the forecast period owing to the growing need for fast connectivity in the region. The evolution of technology and the fast implementation, mainly in the telecommunication and energy sectors in the United States and Canada, has amplified regional market growth.
Other countries such as Japan and Australia are also securing a relevant share of 5.4% and 2.2% respectively during the forecast period.
The United States dominated the market by securing a share of 15.4% during the forecast period. It is due to increased research and development investment and the local presence of global players. The United States has played a vital role in implementing technology advancements in the telecommunication sector.
Huge development is going on with 5G IoT solutions. For the first time in the United States and Canada, 5G IoT solutions were implemented in the satellite network. The satellite has good coverage and enables network connectivity for millions of mobile devices. Due to these technological advancements, there is a good attraction to 5G IoT solutions in the region, so the market is growing positively.
| Countries | Current CAGR Market Values 2023 |
|---|---|
| China | 32.1% |
| India | 29.6% |
| The United Kingdom | 28.3% |
China is one of the significant countries in the global market that secures a share of 32.1% during the forecast period. Telecommunication companies in China such as ZTE, China Mobile, and Huawei are notably growing the market by increasing the adoption of 5G IoT.
The end-user industries such as transportation, manufacturing, agriculture, smart cities, and healthcare fuel the global market. These infrastructures in China are significantly increasing the demand for 5G IoT for remote monitoring, connected vehicles, and precision agriculture.
The government of China created favorable policies to support advanced technologies by investing heavily. The key companies in China innovate and promote advanced manufacturing services with the adoption of 5G IoT by investing in research and development activities. These advanced technologies, huge infrastructure, and present key vendors are estimated to propel China market by 2033.
India is estimated to secure a share of 29.6% in the global market during the forecast period. The increasing demand for high-speed data in end-use industries such as healthcare, telecommunications, and automobiles drives the global market.
Government of India and other departments’ initiatives and several programs to support advanced technology to enhance consumers' experiences. Department of Telecommunications promotes 5G technology by implementing the Internet of Things.
Telecommunication companies in India are surging the market by significantly increasing the adoption of 5G IoT. These companies include Bharti Airtel, Vodafone Idea, and Reliance Jio.
These companies collaborate and invest huge amounts in developing advanced technology network connections for their customers. These factors are estimated to drive India’s market during the forecast period.
The key players, such as China Mobile; AT&T; Verizon; T-Mobile; Vodafone, have adopted several technological strategies to enhance their revenue and market standings. The market is highly competitive by the present key players. These players are vital in surging the global market by innovating advanced products.
Key players focus on consumers' requirements and develop products to satisfy their desire. They are adopting various marketing tactics to drive the global market such as mergers, collaborations, acquisitions, product launches, and agreements.
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Some of the Recent Developments by Key 5G IoT Providers:
Similarly, recent developments related to companies offering 5G IoT have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, The United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Component, Network Type, End User, Region |
| Key Companies Profiled | China Mobile; AT&T; Verizon; T-Mobile; Vodafone; Orange; Telefonica; Deutsche Telekom; Ericsson; Huawei |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The 5G IoT market CAGR for 2033 is 31.3%.
The market is estimated to reach USD 55.1 billion by 2033.
Key players in the 5G IoT market are developing it by collaborating with other companies.
The market is estimated to secure a valuation of USD 3.6 billion in 2023.
Ericsson, Huawei, and Nokia are the three key 5G IoT market players.
| Market Size (2023) | USD 48,100 million |
|---|---|
| Market Revenue Forecast (2033) | USD 99,441.1 million |
| Market Growth Rate (2023 to 2033) | 7.5% |
| Estimated Market Share in 2023 | USD 774.8 million |
|---|---|
| Forecasted Market Size by 2033 | USD 2,167.1 million |
| Projected Market Growth Rate (2023 to 2033) | 10.8% CAGR |
| Market Share (2023) | USD 1,421.8 million |
|---|---|
| Market Share (2033) | USD 17,094.9 million |
| CAGR (2023 to 2033) | 28.2% |
| Market Estimated Value (2023) | USD 7.3 Billion |
|---|---|
| Projected Market Value (2033) | USD 34.7 Billion |
| Value-based CAGR (2023 to 2033) | 16.9% |
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