5G IoT Sector Poised to Reach $59.7 Billion by 2028

 The global 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. Heavy IoT investments are driving the growth of the 5G IoT market.

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.

Manufacturing segment to emerge as largest market during forecast period

Manufacturing organizations increasingly deploy IoT solutions to connect various value chain functions for integrating their business operations. The 5G smart factory of the future promises to create a fully connected experience, thus helping manufacturing companies realize major benefits, such as performance improvements, operational efficiencies, and increased safety.

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.

 

Asia Pacific to grow at highest growth rate during forecast period

Asia Pacific is the fastest-growing region in the 5G IoT market. The leading countries in the region are China, Japan, India, and Australia and New Zealand. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to developing the 5G IoT market.

Market Players

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).

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