The 5G IoT Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 5G IoT Global Market Report 2024, The 5G IoT market size has grown exponentially in recent years. It will grow from $7.4 billion in 2023 to $12.31 billion in 2024 at a compound annual growth rate (CAGR) of 66.3%. The growth in the historic period can be attributed to mobile network evolution, rise of smart devices, surge in data generation, governmental support and initiatives, global economic conditions.
The 5G IoT market size is expected to see exponential growth in the next few years. It will grow to $95.4 billion in 2028 at a compound annual growth rate (CAGR) of 66.9%. The growth in the forecast period can be attributed to increased IoT adoption, smart manufacturing, global connectivity demand, digital transformation initiatives, 5G network infrastructure investments. Major trends in the forecast period include integrating artificial intelligence, customized virtual networks, 5G-enabled smart cities, integrating blockchain technology, ecosystem collaboration.
A surge in mobile network data traffic is expected to propel the growth of the 5G IoT market going forward. 5G IoT helps to support large volumes of mobile network data traffic and large numbers of users, including IoT devices. Large volumes of mobile network data traffic aid in the expansion of the 5G IoT by providing fast, dependable, low-latency, and secure connections. For instance, according to a report by Ericsson, a Sweden-based telecommunications company, between Q1 2021 and Q1 2022, the global data traffic on mobile networks increased by 40%. Also, between Q4 2021 and Q1 2022, the growth in mobile network data traffic was about 10% quarter over quarter. Therefore, the surge in mobile network data traffic is driving the growth of the 5G IoT market.
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The 5G IoT market covered in this report is segmented –
1) By Component: Solution, Hardware, Software and Platform, Services
2) By Network Type: 5G Standalone (SA), 5G Non-Standalone (NSA)
3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
4) By End User: Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, Other End Users
Major companies operating in the 5G IoT market are focusing on innovative products, such as RAN software, to better meet the needs of their existing consumers. The term RAN software refers to the software components that regulate and manage radio communications connecting mobile devices (such as smartphones) and the cell phone network. For instance, in June 2023, Telefonaktiebolaget LM Ericsson, a Sweden-based telecommunications company that offers 5G IoT services, launched Ericsson Reduced Capability (RedCap). Ericsson’s reduced capability will help to build an ecosystem for new sorts of devices that can connect to 5G networks. An expanding additional radio (NR) device ecosystem with additional capabilities will drive the expansion of even more 5G use cases. Ericsson RedCap will enable wearables that are available with only LTE devices and will promote leaner techniques for minimizing device energy usage. Ericsson RedCap will handle low-complexity devices such as augmented reality (AR) smartwatches, video surveillance devices, industrial sensors, and smart energy systems. The innovative method uses less energy than conventional LTE low categories and has already piqued the interest of the wearable OEM (original equipment manufacturer) business.
The 5g iot market report table of contents includes:
1. Executive Summary
2. 5G IoT Market Characteristics
3. 5G IoT Market Trends And Strategies
4. 5G IoT Market – Macro Economic Scenario
5. Global 5G IoT Market Size and Growth
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26. South America 5G IoT Market
27. Brazil 5G IoT Market
28. Middle East 5G IoT Market
29. Africa 5G IoT Market
30. 5G IoT Market Competitive Landscape And Company Profiles
Top Major Players:
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