5g Internet of Things Market Size Projected to Reach $285.28 billion by 2030, Registering a CAGR of 69.8%
The global 5G Internet of Things market size was valued at $1.45 billion in 2020, and is projected to reach $285.28 billion by 2030, registering a CAGR of 69.8% from 2021 to 2030. A 5G network is an innovative technology that offers significantly faster speed and a more reliable connection solution to the Internet of Things applications than any networks before it. The emergence of 5G network technology in the Internet of Things enables next-generation IoT to use cases that will leverage edge computing to make the Internet of Things more efficient and effective. Furthermore, as the telecoms sector globally begins to build 5th generation mobile communication technology, the growth in dynamic and powerful computing infrastructure is beginning to take shape, which will accelerate the acceptance of IoT devices and services across multiple sectors. Moreover, the rise of the need for Internet of Things applications across agriculture, healthcare, hospitality, and other sectors is creating complexities for prime enterprises to adopt faster communication network solutions, which is propelling the need for 5G network solutions.
Surge in mobile network data traffic and unleashing a massive 5G internet of Things ecosystem and critical communication services are the key factors that notably contribute toward the growth of the global 5G Internet of Things market. However, lack of standardization in IoT protocols coupled with 4G LTE technology is sufficient for certain IoT use cases is anticipated to restrain the market. On the contrary, rise in development in wireless technologies paired with rise in demand for smart infrastructure solutions is expected to drive the need for the 5G Internet of Things, which is anticipated to offer potential growth opportunities for the market during the forecast period.
On the basis of industry vertical, the manufacturing segment dominated the 5G IoT market share in 2020, and is expected to maintain its dominance in the upcoming years, owing to rise in the shift toward sustainable networking solutions across the commercial sector, which is driving the need for 5G Internet of Things market. However, the healthcare segment is expected to witness highest growth rate in the upcoming years, owing to surge in the adoption of the 5G Internet of Things, primarily to manage and deploy Internet of Things-based applications to boost smart infrastructure across the healthcare sector, which is expected to propel the growth of the 5G Internet of Things market during the forecast period. Moreover, the short range IoT devices have been gaining traction in the healthcare sector due to numerous initiatives by prime vendors to propel the growth opportunities for the market growth.
Region wise, the 5G Internet of Things market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. This is attributed to the presence of prime vendors in the region and availability of advanced technological solutions. However, Europe is expected to witness the highest growth rate during the forecast period, owing to growing deployment of 5G technology across Germany and UK and rise in additional initiatives by a prime player in this region to promote Internet of Things solutions is anticipated to drive the market growth.
According to 5G IoT market trends, the solution segment was the highest contributor to the market in 2020. The manufacturing and transportation & logistics segments collectively accounted for around 51.1% market share in 2020. Rise in smart infrastructure solution across commercial sectors has driven the growth of solution segment.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞
𝐂𝐈𝐒𝐂𝐎., 𝐓𝐞𝐥𝐞𝐟𝐨𝐧𝐚𝐤𝐭𝐢𝐞𝐛𝐨𝐥𝐚𝐠𝐞𝐭 𝐋𝐌 𝐄𝐑𝐈𝐂𝐒𝐒𝐎𝐍, 𝐍𝐄𝐂 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍, 𝐀𝐓&𝐓 𝐈𝐧𝐭𝐞𝐥𝐥𝐞𝐜𝐭𝐮𝐚𝐥 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲., 𝐙𝐓𝐄 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍, 𝐈𝐍𝐓𝐄𝐋 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲, 𝐒𝐀𝐌𝐒𝐔𝐍𝐆 𝐄𝐋𝐄𝐂𝐓𝐑𝐎𝐍𝐈𝐂𝐒 𝐂𝐎. 𝐋𝐓𝐃. (𝐒𝐀𝐌𝐒𝐔𝐍𝐆), 𝐍𝐎𝐊𝐈𝐀, 𝐐𝐔𝐀𝐋𝐂𝐎𝐌𝐌 𝐓𝐄𝐂𝐇𝐍𝐎𝐋𝐎𝐆𝐈𝐄𝐒, 𝐈𝐍𝐂., 𝐇𝐔𝐀𝐖𝐄𝐈 𝐓𝐄𝐂𝐇𝐍𝐎𝐋𝐎𝐆𝐈𝐄𝐒 𝐂𝐎. 𝐋𝐓𝐃.
The outbreak of the COVID-19 has significantly impacted the global 5G IoT industry, owing to delay in deployment and construction of 5G base station across prime enterprises and regions, which has significantly declined the 5G IoT market growth during the pandemic. However, rise in demand for smart infrastructure solutions propel the need for liquid cooling systems. Furthermore, the healthcare sector exhibited high growth potential in the deployment of 5G Internet of Things, owing to rise in demand for Internet of Things-based medical application rooms with 5G networks is projected to drive the 5G IoT market analysis post-pandemic.
Internet of Things technologies such as machine-to-machine communications with intelligent data analytics in the era of 5G network technology is drastically changing the landscape of various industries. In addition, the global 5G IoT market is witnessing a surge, owing to the rise in high-speed network supply enabling IoT devices to communicate and share data faster, which is forecast to fuel the 5G IoT market growth in the coming years.
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲
In 2020, the solution segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 68.3% during the forecast period.
The healthcare segment is projected to witness growth at a CAGR of 77.9% during the forecast period.
Asia-Pacific contributed for the major share in 5G Internet of Things market, accounting for more than 35.1% share in 2020.
