The 5G IoT Market size is projected to grow from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The massive 5G IoT ecosystem and critical communication services are driving the growth of the 5G IoT market.
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Professional services segment to lead 5G IoT market during forecast period
Professional services include the assistance provided to companies by external sources. These services support businesses of all sizes and across industries. Vendors offering professional services assess the expense and design of solutions for streamlining communication and improving the efficiency of networks. Professional services enable enterprises to deliver short-term and long-term savings. The professional services segment involves network testing, planning, optimization, orchestration, integration and deployment, support and maintenance, and consulting.
SMEs segment to have higher growth rate during forecast period
SMEs are small independent firms that employ less than 1,000 employees. A digital transformation is expected for SMEs with the 5G network technology. 5G network will not just be a technological connection but will affect different sectors and industries and encourage innovation in small companies. The SMEs segment is the fastest-growing segment. It faces several problems, such as limited capital and knowledge, non-availability of proper technology, ineffective marketing policy, identification of new markets, restraints on modernization and expansions, and non-availability of highly skilled cost-effective labor. Better connectivity, improved product quality, decreased cost of new product introduction, and increased resource utilization are the main reasons encouraging SMEs to adopt 5G IoT solutions and services.
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Unique Features in the 5G IoT Market
Because 5G networks have extremely low latency, real-time communication between IoT devices is made possible, greatly facilitating applications like industrial automation, remote surgery, and driverless cars.
Compared to earlier generations, 5G offers much more bandwidth, which makes it possible to connect a huge number of IoT devices at once and transfer massive amounts of data. This makes bandwidth-intensive applications like augmented reality and high-definition video streaming possible.
Network slicing, which is supported by 5G networks, enables operators to design virtualized network slices that are ideal for certain IoT use cases. This guarantees the best possible performance, dependability, and security for a wide range of IoT services and applications.
A large number of IoT devices may be connected per square kilometre thanks to 5G’s mMTC support, which makes it possible to deploy IoT solutions effectively in industrial and densely populated metropolitan regions.
5G IoT networks and devices are made to be more energy-efficient than their predecessors, which means that they will last longer on batteries and use less power. This makes them appropriate for IoT applications that have limited energy, such wearables and remote sensors.
Major Highlights of the 5G IoT Market
Globally, 5G-enabled IoT products and services are being widely adopted across geographies and industries thanks to telecom operators’ investments in spectrum allocation and infrastructure upgrades to support 5G deployments.
In 5G IoT deployments, security and privacy are receiving more attention due to the growing number of connected devices. This has increased demand for strong security solutions and regulatory compliance procedures to safeguard sensitive data and reduce cyber threats.
The promotion of interoperability and compatibility among 5G IoT devices and networks is facilitated by standardisation efforts by groups like 3GPP and industry alliances. This facilitates the establishment of ecosystems and allows for the smooth integration of various IoT solutions.
In order to create and implement 5G IoT solutions, telecom operators, technology suppliers, and industry stakeholders are increasingly collaborating in an ecosystem that fosters innovation and accelerates market expansion.
Smart manufacturing, connected healthcare, intelligent transportation, precision agriculture, and smart utilities are just a few of the industries that are utilizing 5G IoT to spur innovation and digital transformation.
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Top Companies in the 5G IoT Market
The major vendors covered in the 5G IoT market include China Mobile (China), AT&T (US), Verizon (US), T-Mobile US, INC. (US), Vodafone Group plc (UK), Orange SA (France), Telefónica S.A. (Spain), SK Telecom Co., Ltd (South Korea), Deutsche Telekom AG (Germany), Ericsson (Sweden), Huawei Technologies Co., Ltd. (US), Nokia Corporation (Finland), Samsung Electronics (South Korea), Cisco Systems (US), NEC Corporation (Japan), Semtech Corporation (US), Telit Cinterion (US), Quectel Wireless Solutions Co., Ltd (China), GosuncnWelink Corporation (China), Neoway Technology Co. Ltd. (China), Fibocom Wireless Inc. (China), u-blox AG (Switzerland), Sunsea AIOT Technology Co. Ltd. (China), Omniflow (Portugal), Tri Cascade Inc. (US), Celona (US), and Sequans Communications (France). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches, to expand their presence in the 5G IoT market.
AT&T (US) is one of the largest communication companies globally. It offers telecommunications media and technology services, such as voice and data communications, to consumers, providers, and businesses. The company has two reportable segments, such as Communications and Latin America. Its Communications segment caters to wireless and wireline telecom and broadband services to consumers located in the US and businesses worldwide. And the Latin America segment provides wireless services in Mexico. The company divides its revenue into categories, such as service and equipment. It offers postpaid and prepaid wireless services in Mexico to approximately 22 million subscribers under the AT&T and Unefon brands. The company provides 5G IoT solutions and services, such as IoT Networks, AT&T IoT Console, 5G Security, and Mobility Consulting Services. The solution supports connecting devices with a secure, cost-effective, reliable IoT network. The Low-Power Wide-Area (LPWA) networks, such as LTE-M and NB-IoT, are designed and optimized for IoT connectivity. It extends to network and communications solutions worldwide. It has a regional presence in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Verizon (US) provides communication, technology, information, and entertainment products and services. The clients of the company include individuals, businesses, or government entities. The company caters to video and voice services in their networks and platforms, which meet the need for mobility, reliable network connectivity, security, and control of customers. The company has two reportable segments: Verizon Consumer Group (Consumer) and Verizon Business Group (Business). Its Consumer segment provides consumer-focused wireless and wireline communications services and products. And the Business segment offers wireless and wireline communications services and products, consisting of data, video and conferencing services, security and managed network services, corporate networking solutions, local and long-distance voice services, and network access to deliver various IoT services and products. Also, its Consumer and Business segments provide a wide variety of wireless services accessible on a broad range of devices. It offers solutions for various industries, such as construction, healthcare, education, the federal government, automotive, manufacturing, public safety, retail, state and local government, financial, media and entertainment, and energy and utilities.
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