5G IoT Market is Expected to Grow from USD 12.96 Billion 2023 to reach USD 136.18 Billion in 2031 | SkyQuest Technology
WESTFORD, Mass., July 1, 2024 /PRNewswire/ -- According to SkyQuest, global 5G IoT Market size was valued at USD 8.53 Billion in 2022 and is poised to grow from USD 12.96 Billion in 2023 to USD 136.18 Billion by 2031, growing at a CAGR of 34.12% in the forecast period (2024-2031).
The use of 5G connectivity technology to connect Internet of Things (IoT) devices refers to the 5G IoT market. The growing deployment of 5G networks around the world and high investments in the development of new 5G infrastructure is setting the tone for 5G IoT market development going forward. The market is still in its nascent stages and investing in the right segment will work wonders for any 5G IoT company looking to make a mark in this market. The global 5G IoT market is segmented into component, network architecture, type, organization size, end user, and region.
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5G IoT Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 12.96 billion |
Estimated Value by 2031 |
$ 136.18 billion |
Growth Rate |
Poised to grow at a CAGR of 34.12% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Components, Type, End-User, Network Architecture, and Organization Size |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Growing demand for Development of smart infrastructure (i.e., smart cities and smart buildings) |
Key Market Drivers |
Increasing Adoption of Wireless Technologies is a driving factor of market expansion |
Segments Covered in the 5G IoT Market are as follows:
- Components
- Hardware, Platform, Services (Professional Services (Consulting, Deployment and Integration, Support and Maintenance), Managed Services)
- Type
- Short-Range IoT Devices (Range up to 100 meter), Wide-Range IoT Devices (Range more than 100 meter)
- End-User
- Manufacturing (Industrial Automation, Predictive Maintenance, Asset Monitoring), Healthcare (Remote Patient Monitoring, Connected Ambulance, Asset Tracking For Medical Devices, Connected Medical Devices), Energy and Utilities (Smart Grid, Smart Meter, Pipeline Management), Automotive and Transportation (Fleet Management/Telematics, Connected Car, Autonomous Vehicle), Supply Chain and Logistics (Asset Tracking, Inventory Management, Logistics and Warehouse Automation), Agriculture (Precision Farming, Livestock Monitoring, Asset Tracking), Government and Public Safety (Smart Parking, Smart Street Lighting, Water and Waste Management, Public Safety and Surveillance, Environment Monitoring), Other End Users (Retail, Smart Building, Education)
- Network Architecture
- 5G Non-Standalone, and 5G Standalone
- Organization Size
- Large Enterprises, Small and Medium-Sized Enterprises
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New Arrival of 5G Network Boosts Demand for Novel Hardware Components
5G is a very new connectivity technology and the infrastructure for this technology is not yet fully built. Any company looking to make a mark in the 5G IoT market should focus on the development of 5G IoT hardware and infrastructure. High investments in the research and development of novel 5G-specific hardware and growing sales of hardware components as companies invest in 5G infrastructure are also helping this segment account for a notable market share.
As 5G technology develops and becomes common, the need for 5G IoT services will also increase over time. This is why 5G IoT companies looking to play the long game should start developing 5G IoT services to get a head start on the competition. Maintenance, support, and security are projected to be key services that 5G IoT market players should target in the future.
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Large Enterprises Take Initiative in 5G Adoption Backed by their Immense Capital Resources
Large enterprises are expected to lead the adoption of 5G IoT devices and services around the world. High spending potential of these establishments allows them to gain access to this relatively new and expensive 5G IoT technology. The growing emphasis of different multinational corporations on incorporating automation in their operations and workflow will help this segment maintain its dominance in the long term.
Increase in affordability of 5G IoT products and services in the future will surely open the doors of small and medium enterprises (SMEs) for market players. Subscription-based 5G IoT models will be highly coveted amongst SMEs over the coming years and new companies have immense scope for growth in this segment.
Trend of Connected Vehicles Makes Automotive Industry Highly Opportune for 5G IoT Companies
The automotive industry is forecasted to be highly opportune for 5G IoT companies as the demand for better connectivity in vehicles increases. Requirement of connectivity for navigation and other applications in a vehicle is what is projected to promote the adoption of 5G IoT in the automotive space. The manufacturing industry will also be greatly impacted by the high adoption of 5G IoT owing to the rise of automation and the adoption of smart manufacturing practices. Increasing demand for smart infrastructure development and growing smart cities are also slated to uplift the sales of 5G IoT products in the long run.
The global 5G IoT market is highly opportune no matter which segment a company invests in. However, new companies should focus on innovation to make a bigger impact and compete with established market players.
Related Reports:
Internet Of Things (IoT) Market
Industrial Internet Of Things (IIoT) Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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