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The 5G internet of things market size is forecast to increase by USD 253.27 billion at a CAGR of 140.31% between 2023 and 2028. The automotive industry is undergoing a significant transformation with the integration of 5G technology and the Internet of Things. The adoption of 5G networks is set to revolutionize the way vehicles communicate with each other and their surroundings, enabling real-time data exchange and advanced driver assistance systems. IoT devices, on the other hand, are being integrated into vehicles to provide a range of benefits, from predictive maintenance to optimized fuel consumption and enhanced safety features. The large-scale implementation of IoT in the automotive sector is expected to lead to improved efficiency, reduced downtime, and a more connected and personalized driving experience for consumers. Overall, the combination of 5G and IoT is poised to disrupt the automotive industry, offering numerous opportunities for innovation and growth.
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The market is experiencing significant growth as businesses and industries embrace high-speed network technology to connect an increasing number of IoT devices. Cisco Systems and Ericsson are leading the charge with their advanced 5G solutions, offering high reliability and low latency networks for various line of businesses and enterprises in industrial sectors. V2X communication, a key feature of 5G, is revolutionizing industries such as transportation and logistics, enabling real-time data exchange between vehicles and infrastructure. 5G is expected to support an unprecedented number of M2M connections, from actuators and robots in manufacturing to drones and tablets in consumer applications. Artificial Intelligence and Machine Learning are also being integrated into 5G IoT networks, enabling advanced data analysis and predictive maintenance. The CTIA predicts that 5G will generate massive data traffic, requiring wireless technologies to be more efficient than ever before. Overall, the market is poised for exponential growth, with applications spanning from industrial IoT to consumer devices. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising adoption of 5G is notably driving market growth. The integration of 5G technology and the Internet of Things (IoT) is revolutionizing various industries by enabling high-speed, low-latency networks for M2M connections and real-time data exchange. Cisco Systems, Ericsson, NEC, and other key players are at the forefront of this transformation, providing 5G modules, gateways, sensors, chips, and IoT module providers with advanced chipsets for monitoring, security, and regulatory compliance. In industrial sectors, 5G's high reliability and real-time asset data capabilities are essential for line of businesses and enterprises.
Furthermore, Smart factories, connected hospitals, and transportation facilities leverage 5G for quality checks, production line optimization, and actionable insights based on Artificial Intelligence and Machine Learning. For consumers, 5G's ultra-low latency and high-speed network capabilities enhance the user experience in various applications, including V2X communication and LTE networks. The inclusion of 5G in digital strategies enables businesses to interact with IoT devices in real-time, fostering flexibility, agility, and productivity. Service-Level Agreements (SLAs) and Managed Service Providers play a crucial role in ensuring data integrity, security, and regulatory compliance for large enterprises adopting 5G and IoT technologies. As 5G continues to evolve, it will further propel the growth of the IoT market, offering new opportunities for innovation and growth across various industries. Thus, such factors are driving the growth of the market during the forecast period.
Growth in industrial automation is the key trend in the market. The Internet of Things (IoT) is revolutionizing industrial automation by enabling high-reliability, low-latency networks for M2M connections. Cisco Systems and Ericsson are leading the charge with advanced LTE and V2X communication technologies. The Industrial IoT sector is experiencing significant growth, with large enterprises and line of businesses in industrial sectors adopting IoT devices for real-time asset data monitoring and actionable insights. Artificial Intelligence and Machine Learning are integral to IoT, providing quality checks, threshold monitoring, and predictive maintenance on production lines.
Furthermore, the 5G era is set to further transform the IoT landscape, with high-speed networks enabling faster data traffic and real-time communication between IoT devices. Hardware segment players, including NEC, are providing 5G modules, gateways, sensors, chips, and IoT module providers with chipsets for seamless integration. As the number of IoT devices grows, so do the security requirements and regulatory compliances. Managed Service Providers are offering comprehensive solutions to ensure data integrity and Service-Level Agreements. Overall, the adoption of IoT in industries is driving productivity, data integrity, and profitability, making it a crucial investment for enterprises. Thus, such trends will shape the growth of the market during the forecast period.
High cost of 5G installation is the major challenge that affects the growth of the market. The market, encompassing industries such as Industrial IoT and consumer applications, is witnessing significant advancements with the emergence of 5G technology. Cisco Systems and Ericsson are among the key players driving this transition, focusing on high reliability, low latency networks for M2M connections and real-time asset data. The 5G IoT ecosystem includes a range of components like 5G modules, gateways, sensors, chips, and IoT module providers, all contributing to the growth of this high-speed network.
Furthermore, large enterprises and industrial sectors are adopting 5G IoT for productivity gains, data integrity, and actionable insights. V2X communication is another application area, enabling quality checks and threshold monitoring on production lines. However, the high cost of installing small cell networks and securing remotely located outdoor power systems poses a challenge to market growth. Regulatory compliances and security requirements are crucial considerations for businesses in this sector. Managed Service Providers are stepping in to help with the implementation and maintenance of these complex systems. Despite the high investment required, the potential benefits of 5G IoT, including high-speed connectivity and Artificial Intelligence/Machine Learning capabilities, make it an attractive proposition for line of businesses and enterprises. Service-Level Agreements and partnerships with chipset manufacturers play a crucial role in ensuring network performance and data security. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AT and T Inc. - The company offers 5G IoT such as AT and T 5G plus.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the 5G non-standalone (SA) segment will be significant during the forecast period. The Internet of Things (IoT) market is experiencing significant growth, particularly in the realm of 5G technology. Cisco Systems and Ericsson are leading the charge with their advanced LTE and V2X communication solutions. The Industrial IoT sector is a major contributor to this trend, with large enterprises and industrial sectors demanding high reliability and low latency networks for M2M connections and real-time asset data monitoring.
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The 5G non-standalone (SA) segment was valued at USD 2.01 billion in 2021. The consumer market is also experiencing a surge in IoT device adoption, leading to an increase in data traffic. To meet these demands, IoT module providers are developing 5G modules, gateways, sensors, and chips with advanced hardware and chipsets. Artificial Intelligence and Machine Learning technologies are being integrated into these solutions to provide actionable insights and improve productivity. The IoT market is subject to stringent security requirements and regulatory compliances. Service-Level Agreements (SLAs) and Managed Service Providers (MSPs) are becoming essential for ensuring data integrity and maintaining quality checks within line of businesses. NEC is another key player in the market, offering solutions for both consumer and industrial applications. Overall, the 5G IoT market is poised for growth, with high-speed networks and advanced technologies driving innovation in various industries.
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APAC is estimated to contribute 89% 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.
The market is experiencing significant growth, particularly in various organization size segments, including Small and Medium Enterprises (SMEs). The affordability and economies of scale offered by 5G network technology are driving the adoption of IoT solutions in workplaces for workforce management and automation. Sectors such as automobiles, furniture, toys, and smartphones are integrating IoT technologies to enhance operational efficiency. Actuators, robots, drones, tablets, computer programs, and wireless technologies are integral components of the 5G IoT ecosystem. The transition from 4G LTE technology to 5G is expected to revolutionize smart infrastructure solutions, enabling real-time data processing and communication. Competition in the 5G IoT market is intensifying as organizations race to capitalize on the benefits of this advanced network type. Key players are focusing on developing innovative applications for various industries, including transportation, manufacturing, healthcare, and energy. The integration of IoT technologies in airplanes and other industries is set to transform the way businesses operate, making them more agile and responsive to market demands.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
5G IoT Roaming Market by End-user and Geography Forecast and Analysis
5G Non-Terrestrial Networks (NTN) Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, India, UK, Germany - Size and Forecast
5G Equipment Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, UK, South Korea, Japan - Size and Forecast
The market is witnessing significant growth, driven by the increasing adoption of IoT devices and the need for high-speed, low latency networks. Cisco Systems and Ericsson are among the key players in this space, providing solutions for IoT connectivity and communication using technologies like LTE and V2X communication. Industrial IoT is a major application area, with enterprises and industrial sectors relying on IoT for real-time asset data, actionable insights, and productivity improvements. 5G is set to revolutionize the IoT market with its high-speed network capabilities, enabling M2M connections to grow exponentially.
Furthermore, artificial Intelligence and Machine Learning are also playing a crucial role in IoT, providing advanced monitoring, security requirements, and regulatory compliances. The Hardware segment of the IoT market includes 5G modules, gateways, sensors, chips, and IoT module providers. These components are essential for building IoT solutions and are in high demand due to the increasing number of line of businesses and consumer applications. The need for high reliability, data traffic management, and real-time data processing is driving the demand for 5G modules and chips. Service-Level Agreements (SLAs) and Managed Service Providers (MSPs) are also becoming crucial in the IoT market, ensuring data integrity, security, and productivity. Large enterprises are increasingly investing in IoT solutions to improve their operations, with a focus on quality checks, thresholds, production lines, and other critical areas. The IoT market is expected to continue its growth trajectory, with the demand for 5G modules, gateways, and sensors driving the market forward.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 140.31% |
Market growth 2024-2028 |
USD 253.27 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
78.13 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 89% |
Key countries |
South Korea, China, Spain, UK, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, Thales Group, Verizon Communications Inc., and Vodafone Group Plc |
Market dynamics |
Parent market analysis, Market forecasting, 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 market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Component
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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