The 5G IoT market is expected to expand from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 35.1% over the forecast period. This growth is primarily driven by the expansive 5G IoT ecosystem and the increasing demand for critical communication services.
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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.
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.
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.
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Unique Features in the 5G IoT Market
Compared to earlier generations, the 5G IoT market is distinguished by its ultra-low latency and noticeably faster data transfer rates. These features allow IoT devices to communicate with one other in real time, which is perfect for mission-critical applications like remote healthcare services, smart factories, and autonomous cars, where even the slightest delay can have serious repercussions.
The ability of 5G technology to accommodate a large number of connected devices at once is a crucial component that is revolutionizing IoT ecosystems. This eliminates the possibility of network congestion or poor performance when businesses implement large-scale IoT networks, such as those seen in smart cities, industrial IoT (IIoT) environments, and connected infrastructure. One key benefit of 5G IoT is the seamless management of millions of devices.
A revolutionary feature in the 5G IoT space, network slicing enables the construction of numerous virtual networks on a single physical network. This guarantees guaranteed reliability, bandwidth, and security for particular IoT applications, including emergency response systems or critical infrastructure monitoring. It makes highly customized solutions possible that are suited to the particular requirements of many sectors.
Critical IoT applications like those in manufacturing, transportation, and healthcare that demand precise communication and great dependability are especially well-suited for 5G IoT. Examples of applications that benefit from 5G's reliable, high-performance, low-latency connectivity include autonomous car control, automation in factories, and real-time patient monitoring in telemedicine.
Major Highlights of the 5G IoT Market
The capacity of 5G IoT to accommodate a large number of connected devices at once is one of its main selling points. Large-scale IoT networks, such industrial IoT ecosystems and smart cities, depend on this functionality. Millions of devices will be able to connect with each other without any problems thanks to 5G, which will enable the widespread and more effective deployment of connected solutions without compromising performance.
Critical communication services that demand ultra-reliable, low-latency networks must be supported by 5G IoT. 5G IoT is essential to real-time applications in industries including emergency services, automotive, healthcare, and telemedicine. These applications include driverless vehicles, telemedicine, and emergency response systems. One of the most notable aspects of 5G IoT is its capacity to offer high-performance connectivity for these essential services.
The development of edge computing, which processes data closer to the source to minimize latency and increase efficiency, is directly related to the 5G IoT industry. Businesses may improve real-time data analytics and enable faster decision-making and response times for IoT applications by merging edge computing and 5G. This is especially beneficial for sectors like manufacturing, where automation and in-the-moment monitoring are essential.
Industry 4.0 advancements and smart city solutions are greatly aided by 5G IoT. 5G networks enable smart infrastructure, environmental monitoring, public safety, and intelligent traffic control in smart cities. 5G expands on Industry 4.0's predictive maintenance, networked robotics, and industrial automation—all of which are revolutionizing production and manufacturing procedures.
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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).
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.
China Mobile (China) is a major player in the 5G IoT market, leveraging its extensive telecommunications infrastructure to drive innovation and connectivity. As the largest mobile network operator in China, China Mobile has been at the forefront of deploying 5G networks and integrating IoT solutions. Their 5G IoT services facilitate enhanced connectivity, low latency, and high bandwidth, which are critical for various applications such as smart cities, industrial automation, healthcare, and autonomous vehicles. By offering comprehensive IoT solutions and partnering with numerous industries, China Mobile aims to transform digital ecosystems and foster the growth of a connected, intelligent society.
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