5G IoT market size is set to grow by USD 77,586.17 million from 2022 to 2027; Rising adoption of 5G to boost the market - Technavio
NEW YORK, June 19, 2023 /PRNewswire/ -- The global 5G IOT market size is estimated to grow by USD 77,586.17 million from 2022 to 2027. The market is estimated to grow at a CAGR of 106.67%, during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
5G IoT Market ? Vendor Analysis Vendor Landscape - The global 5G IoT market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer 5g IoTin the market are Anritsu Corp., AT and T Inc., Cavalier Wireless Inc., Celona Inc., China Mobile Ltd., Deutsche Telekom AG, Nokia Corp., Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Reliance Industries Ltd., SATELIO IoTSERVICES, S.L., Semtech Corp., Sequans Communications SA, Shenzhen ThinkWill Communication Technology Co., Ltd., Telefonaktiebolaget LM Ericsson, Telenor Group, Telit IoTPlatforms LLC, Thales Group, Verizon Communications Inc., and Vodafone Group Plc and others.
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Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Vendor Offerings -
AT and T Inc. - The company offers 5G IoT such as AT and T 5G plus.
Cavalier Wireless Inc. - The company offers 5G IoT such as Cavli P series modules.
China Mobile Ltd. - The company offers 5G IoT such as CMHK 5G IoT.
5G IoT Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on Type (5G non-standalone and 5G standalone), Component (Hardware, Services, Platform, and Connectivity), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
The market share growth by the 5G non-standalone segment will be significant for market growth during the forecast period. Non-SA 5G is the first phase of 5G that uses a new 5G radio (or 5G NR) access network on top of the existing 4G LTE network core. As autonomous vehicles move from trials to commercial deployments, demand for 5G IoT devices is expected to increase during the forecast period. At the same time, established companies in the energy and utilities industry continue to have an interest in using the latest technologies to automate their power generation and distribution processes. Thus, with the growing demand for high-speed data, the global 5G IoT market is anticipated to witness high growth during the forecast period.
Geography Overview By geography, the global 5g IoT market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global 5g IoT market.
APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Growing demand for high-speed connectivity and telecommunications is one of the key factors driving the market in this region. Developing countries such as China, India, Malaysia, and Singapore, and developed markets such as Japan, Australia, and South Korea will boost the growth of the 5G IoT market in the region due to the improvement in the telecommunications sector. Furthermore, the company continues to launch 5G-enabled smartphones, which should also advance the demand for 5G IoT solutions. As a result, the number of mobile phone subscribers with Internet access has increased. Therefore, the deployment of 5G networks will improve the development of various technologies such as self-driving cars and support various smart city initiatives during the forecast period.
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5G IoT Market ? Market Dynamics Leading Drivers -
Increasing adoption of 5G is the major factor notably driving the growth of the global 5G Internet of Things market. By offering consumers a variety of use cases and business models, 5G will enable a fully mobile and connected environment. Further, the high data speed and extremely low latency of 5G technology will improve the user experience. With the inclusion of the 5G network with the IoT system in a potent digital strategy, smart manufacturers will be able to plan, operate with extreme flexibility, and accelerate the path toward an agile ecosystem of suppliers and customers, with the business at its center. However, the integration of 5G and IoT in transformation strategies has immensely accelerated the realization of the goal. For instance, in smart factories, connected hospitals, connected transportation facilities, and other locations, businesses use 5G to interact with IoT sensors. Fixed wireless access and customer premises equipment (CPE), which are common infrastructure elements in smart cities, is currently functional with fast 5G connections. Thus, the growing demand for higher data speeds is estimated to drive the growth of the market during the forecast period.
Key Trends -
Robust demand from the healthcare industry is the emerging trend in the global 5G Internet of Things market. The digitization of healthcare is transforming the way people interact with healthcare professionals, share medical data, and make decisions. Further, many healthcare providers are using 5G IoT sensors to monitor inventory and key patients. From ambulances to medical supplies, sensors can provide live feedback identifying the location and inventory of critical medical equipment. Integrating this technology with automation enables healthcare providers to request orders when inventory is running low or send alerts directly to doctors if needed. In addition, devices such as smart screens, ventilators, and hemodialysis machines can be equipped to work with 5G LAN within the hospital system. Therefore, with the growing use of IoT in the healthcare industry, the global 5G IoT market will witness high growth during the forecast period.
Major challenges -
The major challenge to the growth of the global 5G Internet of Things market is the lack of awareness about IoT. Most consumers are still unaware of the advantages and benefits of using IoT networks and IoT devices. Foremost electronics suppliers such as Samsung, Apple, LG, and Motorola invest heavily to raise awareness of their technology through marketing and advertising. Some consumer groups are aware of this technology, but low-value products influence the interest generated. However, the market is still in its infancy and in the early stages of development. The lack of standardization in various products such as smart locks, smart wearables, smart thermostats, and smart appliances complicates consumer purchasing decisions. Both vendors and developers are unaware of customer needs and preferences, creating a huge gap in the market. Hence, all these factors will adversely influence the growth of the global 5g IoT market during the forecast period.
The 5G equipment market is estimated to grow at a CAGR of 66.5% between 2022 and 2027. The size of the market is forecast to increase by USD 56,716.75 million. This report extensively covers market segmentation by product (macrocell, small cell, and others), end-user (non-retail sector and retail sector), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The size of the market is forecast to increase by USD 56,716.75 million. The adoption of 5G networks for smart cities is one of the key factors driving the growth of the global 5G equipment market.
The cellular Internet of Things (IoT) market is estimated to grow at a CAGR of 23% between 2022 and 2027. This report extensively covers market segmentation by component (hardware and software), type (3G, 2G, 4G, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The rising adoption of 5G is the key factor driving the growth of the global 5G Internet of Things market.
5G IoT Market Scope
Report Coverage
Details
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 106.67%
Market growth 2023-2027
USD 77,586.17 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
51.38
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 48%
Key countries
US, China, South Korea, and the UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Anritsu Corp., AT and T Inc., Cavalier Wireless Inc., Celona Inc., China Mobile Ltd., Deutsche Telekom AG, Nokia Corp., Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Reliance Industries Ltd., SATELIO IoT services, S.L., Semtech Corp., Sequans Communications SA, Shenzhen ThinkWill Communication Technology Co., Ltd., Telefonaktiebolaget LM Ericsson, Telenor Group, Telit IoTPlatforms LLC, Thales Group, Verizon Communications Inc., and Vodafone Group Plc
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Component
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 156: Sequans Communications SA - Product / Service
Exhibit 157: Sequans Communications SA - Key offerings
12.13 Telefonaktiebolaget LM Ericsson
Exhibit 158: Telefonaktiebolaget LM Ericsson - Overview
Exhibit 159: Telefonaktiebolaget LM Ericsson - Business segments
Exhibit 160: Telefonaktiebolaget LM Ericsson - Key news
Exhibit 161: Telefonaktiebolaget LM Ericsson - Key offerings
Exhibit 162: Telefonaktiebolaget LM Ericsson - Segment focus
12.14 Telenor Group
Exhibit 163: Telenor Group - Overview
Exhibit 164: Telenor Group - Business segments
Exhibit 165: Telenor Group - Key offerings
Exhibit 166: Telenor Group - Segment focus
12.15 Thales Group
Exhibit 167: Thales Group - Overview
Exhibit 168: Thales Group - Business segments
Exhibit 169: Thales Group - Key news
Exhibit 170: Thales Group - Key offerings
Exhibit 171: Thales Group - Segment focus
12.16 Verizon Communications Inc.
Exhibit 172: Verizon Communications Inc. - Overview
Exhibit 173: Verizon Communications Inc. - Business segments
Exhibit 174: Verizon Communications Inc. - Key offerings
Exhibit 175: Verizon Communications Inc. - Segment focus
12.17 Vodafone Group Plc
Exhibit 176: Vodafone Group Plc - Overview
Exhibit 177: Vodafone Group Plc - Business segments
Exhibit 178: Vodafone Group Plc - Key offerings
Exhibit 179: Vodafone Group Plc - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 180: Inclusions checklist
Exhibit 181: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 182: Currency conversion rates for US$
13.4 Research methodology
Exhibit 183: Research methodology
Exhibit 184: Validation techniques employed for market sizing
Exhibit 185: Information sources
13.5 List of abbreviations
Exhibit 186: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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