5G IoT Market to be Worth $89.42 Billion by 2030: Grand View Research, Inc.

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May 15, 2023, 04:00 ET

SAN FRANCISCO, May 15, 2023 /PRNewswire/ -- The global 5G internet of things market size is expected to reach USD 89.42 billion by 2030, registering a CAGR of 50.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be ascribed to improved dependability, decreased latency, expanded capacity, and network speeds of 5G internet of things (IoT). It may also automate corporate operations and enable end-to-end communication. Manufacturers are aggressively adopting novel technologies such as IoT, AI & machine learning, and cloud computing & analytics into their manufacturing facilities and operations as part of this revolution. This has increased the demand for 5G technology with low latency and greater speeds for the successful use of wearables, autonomous robotics, and virtual reality (VR) headsets.

Key Industry Insights & Findings from the report:

The hardware segment dominated the market in 2022 owing to the growing demand for 5G connectivity for industrial IoT applications and the aggressive investments by module or component manufacturers in the research and development of 5G-enabled devices.
The massive IoT segment dominated the market in 2022 as it facilitates connectivity between a large number of low-power IoT devices that require lower data rates and long battery life.
The 5G standalone segment is projected to grow at the highest CAGR over the forecast period owing to several benefits over 5G non-standalone (NSA) networks, including better network performance, lower latency, and improved security.
The smart cities segment is expected to grow significantly over the forecast period owing to the increasing deployment of connected sensors and devices, including smart lighting, traffic sensors, and waste management systems in smart cities.
Asia Pacific dominated the regional market in 2022. The spread of 5G mobile connections throughout the region is anticipated to significantly contribute to driving the growth.

Read full market research report, "5G Internet of Things (IoT) Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By IoT Connectivity, By Network Architecture, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

5G Internet of Things Market Growth & Trends

Private 5G networks are expected to play a significant role in the growth of the 5G IoT industry. These networks provide dedicated high-speed connectivity, offering greater reliability, security, and control compared to public networks. In particular, private 5G networks will be critical for industries such as manufacturing, logistics, and healthcare, where high-bandwidth, low-latency connectivity is essential for real-time applications and services. Moreover, private 5G networks can enable automation and robotics, allowing for more efficient and cost-effective operations.

The increasing proliferation of 5G networks which are being deployed by telecommunication companies across the globe is a significant factor driving the market growth. As 5G networks become more widely available, businesses and consumers will increasingly adopt 5G-enabled IoT devices, leading to further investment in this market. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) with 5G IoT devices is expected to fuel investment, as these technologies can enable predictive analytics and automated decision-making, further enhancing the capabilities of IoT systems.

The outbreak of the COVID-19 pandemic positively impacted the market. The pandemic has highlighted the importance of connectivity and the need for robust and reliable networks. As more countries begin to emerge from the pandemic and the rollout of 5G infrastructure resumes, demand for IoT devices is expected to increase. Additionally, the development of new 5G-enabled applications, such as remote healthcare and autonomous vehicles, could further drive the market's growth.

5G Internet of Things Market Segmentation

Grand View Research has segmented the global 5G internet of things market based on component, IoT connectivity, network architecture, vertical, and region

5G IoT Market - Component Outlook (Revenue, USD Billion, 2020 - 2030)

Hardware
Software
Services

Integration & Installation
Network Connectivity Services
Training & Consulting
Support & Maintenance

5G IoT Market - Connectivity Outlook (Revenue, USD Billion, 2020 - 2030)

Sub-Massive IoT
Broadband IoT
Critical IoT
Industrial Automation IoT

5G IoT Market - Network Architecture Outlook (Revenue, USD Billion, 2020 - 2030)

5G Non-Standalone
5G Standalone

5G IoT Market - Vertical Outlook (Revenue, USD Billion, 2020 - 2030)

Manufacturing
Smart Cities
Energy & Utilities
Transportation & Logistics
Enterprises/Corporates
Healthcare
Oil & Gas
Others

5G IoT Market - Regional Outlook (Revenue, USD Billion, 2020 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France

Asia Pacific

China
India
Japan
South Korea
Australia

Latin America

Brazil
Mexico

Middle East & Africa

Kingdom of Saudi Arabia
UAE
South Africa

List of Key Players in 5G Internet of Things (IoT) Market

Nokia Corporation
TELEFONAKTIEBOLAGET LM ERICSSON
ZTE Corporation
AT&T INC.
Huawei Technologies Co., Ltd.
Verizon Communications Inc.
Thales Group
Vodafone Group Plc.
China Mobile Limited
Microsoft Corporation

Check out more related studies published by Grand View Research:

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Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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