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5G Internet Of Things Market Size 2024-2028

The 5G Internet of Things (IoT) market size is forecast to increase by USD 253.28 billion at a CAGR of 140.31% between 2023 and 2028.

The 5G IoT market is experiencing significant growth, driven by the increasing adoption of 5G technology and the growth in industrial automation. The implementation of 5G networks offers faster data transfer rates, lower latency, and higher reliability, making it an ideal solution for IoT applications. However, the high cost of 5G installation remains a challenge for market growth. Despite this, the benefits of 5G IoT, such as improved connectivity and increased efficiency, are expected to outweigh the costs In the long run. Additionally, the integration of advanced technologies like AI and machine learning with 5G IoT is expected to further fuel market growth. Overall, the 5G IoT market is poised for strong expansion, offering numerous opportunities for businesses and organizations seeking to leverage the power of IoT and 5G technology.

What will be the Size of the 5G Internet Of Things (IoT) Market During the Forecast Period?

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The market is experiencing strong growth, driven by the increasing adoption of high-speed 5G network technology in various industries and sectors. With 5G's ability to deliver high reliability, low latency networks, and support for massive M2M connections, it is poised to revolutionize the IoT landscape. Industrial IoT, including sectors such as manufacturing, transportation, and energy, is a significant contributor to this market's growth.
5G's high-speed capabilities enable advanced applications like V2X communication, artificial intelligence, and machine learning, which are transforming industries by improving efficiency, productivity, and safety. IoT devices, including actuators, robots, drones, tablets, and computer programs, are becoming increasingly common in both consumer and enterprise applications. The CTIA predicts that by 2023, there will be over 2.5 billion IoT connections In the US alone. As 5G continues to roll out globally, the IoT market's size and direction are set for continued expansion.
5G connectivity is transforming industries by enabling faster, more reliable communication, which is crucial for the development of Smart Cities. Industrial IoT and Automotive IoT are driving efficiency in manufacturing and transportation, while Edge Computing enhances data processing closer to the source for real-time decision-making. Healthcare IoT is improving patient care through connected devices, and Smart Homes are becoming more intuitive with integrated technology. AI integration is further enhancing automation and optimization across these sectors. Low latency in networks is essential for real-time applications like wearables and smart devices. In the Supply Chain and Agriculture IoT sectors, connectivity enables better monitoring and efficiency. Cloud computing supports scalable storage and computing power, while energy efficiency solutions are reducing environmental impact across industries. Cybersecurity remains critical as IoT adoption expands, ensuring the security of connected devices and data.

How is this 5G Internet Of Things (IoT) Industry segmented and which is the largest segment?

The 5G Internet of Things (IoT) industry 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 2021-2022 for the following segments.

Type

  5G non-standalone (SA)
  5G standalone (SA)


Component

  Hardware
  Services
  Platform
  Connectivity


Geography

  APAC

    China
    South Korea


  North America

    US


  Europe

    UK
    Spain


  Middle East and Africa



  South America

By Type Insights

The 5G non-standalone (SA) segment is estimated to witness significant growth during the forecast period.

The market is poised for significant growth as non-SA 5G, the initial phase of 5G, integrates a new 5G radio access network with the existing 4G LTE network core. The increasing deployment of autonomous vehicles and the automation trend In the energy and utilities industry are driving the demand for high-speed, low latency networks. Consequently, the global 5G IoT market is anticipated to experience substantial expansion. Industrial IoT applications, such as high reliability M2M connections in industrial sectors, require high-speed network technology for real-time asset data monitoring and actionable insights. Key players, including Ericsson and NEC, are developing advanced 5G modules, gateways, sensors, chips, and IoT module providers to cater to the growing demand for 5G IoT devices.

Service-Level Agreements (SLAs) and regulatory compliances are crucial considerations for large enterprises and organizations of all sizes. The affordability an

The 5G Internet of Things (IoT) market is experiencing explosive growth, projected to reach a substantial market size. The compound annual growth rate (CAGR) of 140.31% from 2019 to 2024 indicates a rapidly expanding market driven by several key factors. Increased adoption of 5G networks provides the necessary high-speed, low-latency connectivity crucial for supporting the massive data demands of IoT devices. This enhanced connectivity fuels innovation across various sectors, from smart manufacturing and autonomous vehicles to precision agriculture and smart cities. Furthermore, the falling costs of 5G-enabled devices and the increasing availability of cloud-based IoT platforms are lowering the barrier to entry for businesses of all sizes, fostering market expansion. The market segmentation reveals significant growth potential in both 5G non-standalone (NSA) and 5G standalone (SA) architectures, with SA expected to dominate in the long term due to its superior capabilities. Strong competition among key players like Qualcomm, Ericsson, and Nokia is driving innovation and pushing down prices, further stimulating market adoption. Geographical distribution reveals strong growth across North America, Europe, and Asia-Pacific, driven by early adoption and robust technological infrastructure in these regions. However, challenges remain. The high initial investment costs associated with deploying 5G infrastructure can hinder adoption, especially in developing regions. Ensuring robust cybersecurity measures to mitigate potential vulnerabilities within large-scale IoT deployments is critical. Regulatory frameworks and standardization efforts across different regions are also important factors affecting market expansion. Despite these challenges, the long-term outlook for the 5G IoT market remains extremely positive, driven by technological advancements, increasing demand for connectivity, and a growing number of applications across diverse industries. The market is poised for continued, rapid growth and significant market share consolidation over the coming years as leading companies continuously refine their offerings.

The global 5G in IoT market is experiencing robust growth, driven by the increasing adoption of connected devices across diverse sectors. The convergence of 5G's high speed, low latency, and massive connectivity capabilities with the expanding IoT ecosystem is fueling this expansion. Significant growth is observed in applications like manufacturing (smart factories, predictive maintenance), energy and utilities (smart grids, remote monitoring), and transportation and logistics (autonomous vehicles, fleet management). Government initiatives promoting digitalization and smart city projects further contribute to market expansion. While the 5G NR Standalone (SA) architecture is expected to dominate in the long term due to its superior performance, 5G NR Non-Standalone (NSA) architecture currently holds a larger market share due to its faster deployment capabilities. Key players like Ericsson, Huawei, Nokia, and Qualcomm are heavily invested in research and development, constantly innovating to enhance 5G capabilities and cater to the increasing demands of the IoT market. Regional variations exist, with North America and Asia Pacific currently leading the market due to strong technological advancements and early adoption. However, rapid growth is anticipated in regions like Europe and the Middle East & Africa as 5G infrastructure development accelerates. Challenges remain, including high initial investment costs for 5G infrastructure, security concerns related to data privacy and network vulnerabilities, and the need for standardization across different 5G implementations. Despite these restraints, the long-term outlook for the 5G in IoT market remains overwhelmingly positive, propelled by continued technological advancements, falling infrastructure costs, and the increasing integration of 5G into various aspects of daily life. The market's growth trajectory is expected to remain strong throughout the forecast period, driven by a continuously expanding range of applications and a growing number of connected devices. This growth will be further fueled by the development of innovative applications leveraging 5G's unique capabilities, leading to a transformative impact on various industries and the overall economy.

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5G IoT Roaming Market Size 2024-2028

The 5G IoT roaming market size is forecast to increase by USD 4.39 billion, at a CAGR of 66.04% between 2023 and 2028.

The market is experiencing significant growth, driven by the development of advanced wireless technologies and the emergence of private networks. These trends are enabling seamless connectivity for Internet of Things devices across different networks and geographies. However, the lack of standardization in IoT protocols poses a challenge to market growth. To address this issue, industry players are collaborating to establish common standards and interoperability frameworks. Additionally, the increasing adoption of edge computing and the integration of AI and machine learning technologies are expected to create new opportunities in the market. Overall, these factors are shaping the future growth trajectory of the market.

What will be the size of the 5G IoT Roaming Market During the Forecast Period?

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The market is experiencing significant growth as the global population of IoT devices continues to expand. Operators are seeking to provide seamless connectivity for IoT devices across borders through roaming agreements, enabling businesses to expand their reach and enhance their value proposition. Standalone 5G networks offer improved network functionality, including faster network speeds and reduced latency, making them ideal for supporting IoT roaming connections. Roaming models for 5G IoT devices vary, with some operators offering dedicated 5G roaming strategies while others leverage existing 4G networks. Network cores and roaming analytics tools, powered by AI, play a crucial role in optimizing network performance and reducing revenue leakage.
As 5G becomes more prevalent, the importance of 5G IoT roaming will only grow, offering businesses increased flexibility and efficiency in managing their global IoT deployments. 5G roaming strategies provide a valuable business model for operators, enabling them to tap into new revenue streams while ensuring high-quality service for their customers. With the increasing number of IoT users, the demand for reliable and efficient roaming solutions is expected to remain strong.

How is this 5G IoT Roaming Industry segmented and which is the largest segment?

The 5g IoT roaming industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Consumer
  Enterprise


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By End-user Insights

The consumer segment is estimated to witness significant growth during the forecast period.

The market refers to the ability for Internet of Things (IoT) devices to seamlessly connect and access associated services across multiple countries and mobile networks, even when moving out of their home network's geographical coverage area. This market encompasses Low Power Wide Area (LPWA) technologies such as LTE-M and NB-IoT. NB-IoT, with its low bandwidth range of up to 10 km, is ideal for devices installed in areas beyond the typical reach of cellular networks, such as indoors and deep indoors. Roaming agreements enable IoT subscribers to maintain connectivity using their service provider's SIM, ensuring uninterrupted access to IoT services.

Standalone 5G networks and network cores provide improved network functionality, including network performance, latency, and network speeds, enhancing the overall IoT user experience. Roaming models and 5G roaming strategies enable operators to minimize revenue leakage and optimize roaming analytics through AI and real-time data. Key verticals, including autonomous vehicles, fleet management, and M2M communications, benefit from the data-centric nature of 5G networks and the availability of platforms and network operators for reconciliation.

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The consumer segment was valued at USD 82.80 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America 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.

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The market in North America, specifically in the US and Canada, is experiencing significant growth due to the increasing adoption of wireless technologies in the US. With the US being a major market in the region, the telecom sector is anticipated to undergo substan

5G IoT Market was valued at USD 10.65 Billion in 2023 and is anticipated to reach USD 819.58 Billion by 2031, growing at a CAGR of 72.10 % from 2024 to 2031.

Key Market Drivers: Large Scale Deployment of 5G Networks: The rollout of 5G networks is a primary driver for the growth of IoT applications. Governments worldwide are investing heavily in 5G infrastructure. For instance, the U.S. Federal Communications Commission (FCC) has allocated significant funding to promote 5G deployment, aiming to enhance connectivity across urban and rural areas. Increasing Demand for Low-Latency Applications: The need for low-latency communication is driving the adoption of 5G IoT solutions, especially in sectors like healthcare and autonomous vehicles. According to a report by McKinsey, by 2030, the B2B market for IoT 5G modules is expected to grow from USD 180 Million in 2022 to USD 9.6 Billion, highlighting the demand for applications requiring rapid data transmission. Growth in Connected Devices: The proliferation of connected devices is a significant factor propelling the 5G IoT The European Commission estimates that by 2025, there will be over 75 billion connected devices globally, necessitating advanced network capabilities that 5G provides. Government Initiatives and Funding: Many governments are implementing policies to support the development of smart cities and digital infrastructure, which rely on IoT technologies. For example, the Indian government has launched initiatives to promote smart city projects, which include extensive use of IoT and 5G technologies. Enhanced Security Features: With increasing concerns over cybersecurity, 5G networks offer improved security features that encourage businesses to adopt IoT solutions. Government regulations, such as those from the S. Cybersecurity and Infrastructure Security Agency (CISA), promote secure deployment practices for connected devices.

5G Networks in IoT Market Outlook

The global 5G Networks in IoT market size was valued at $2.5 billion in 2023 and is projected to reach $30 billion by 2032, growing at a CAGR of 32.5% during the forecast period. The remarkable growth of this market is driven primarily by the increasing adoption of IoT devices and the roll-out of 5G technology, which promises ultra-fast speeds, low latency, and enhanced connectivity. The convergence of these technologies is set to revolutionize various industries by enabling advanced applications and services.

One of the critical growth factors for the 5G Networks in IoT market is the burgeoning demand for smart city solutions. Governments around the globe are investing heavily in smart infrastructure to improve urban living standards, enhance public safety, and optimize resource management. The deployment of 5G networks provides the backbone required for seamless connectivity between myriad IoT devices deployed in smart cities, ranging from traffic management systems to environmental monitoring sensors. The enhanced capabilities of 5G, such as massive machine-type communication (mMTC) and ultra-reliable low-latency communication (URLLC), are essential for the real-time data processing and decision-making required in smart urban environments.

Another significant growth driver is the rise of industrial IoT (IIoT). Manufacturing sectors are increasingly leveraging IoT solutions to optimize their production processes, enhance operational efficiency, and reduce downtime. The integration of 5G technology into IIoT applications allows for real-time monitoring and predictive maintenance of machinery, which can drastically reduce operational costs and improve productivity. Industries such as automotive, oil and gas, and aerospace are at the forefront of adopting these technologies, further driving the market growth.

The healthcare sector also stands to benefit immensely from the integration of 5G and IoT technologies. Remote patient monitoring, telemedicine, and smart medical devices are some of the applications that will be significantly enhanced by 5G’s capabilities. The low latency and high reliability of 5G networks enable real-time transmission of critical health data, which can be life-saving in emergency situations. Additionally, the ability to support a high density of connected devices in healthcare facilities can streamline operations and improve patient care, thereby fueling market growth.

Regionally, North America is expected to dominate the 5G Networks in IoT market, owing to its early adoption of 5G technology and strong presence of leading tech companies. However, significant growth is also anticipated in the Asia Pacific region, driven by substantial investments in smart city projects and widespread IoT adoption in countries like China, Japan, and South Korea. Europe is also poised for growth, with numerous initiatives aimed at advancing 5G infrastructure and IoT applications across various industries. The Middle East & Africa and Latin America are expected to witness moderate growth, facilitated by increasing investments in telecom infrastructure and smart city initiatives.

Component Analysis

When analyzing the 5G Networks in IoT market by component, it becomes evident that the hardware segment holds a significant share. This segment includes various physical devices such as sensors, actuators, gateways, and communication modules that are essential for enabling IoT applications over 5G networks. The demand for these devices is expected to surge as more industries adopt IoT solutions, necessitating the deployment of additional hardware. Moreover, advancements in semiconductor technologies and the development of new chipsets designed for 5G applications are further propelling the growth of the hardware segment.

On the software front, the market is witnessing a substantial influx of innovative solutions designed to manage and analyze the vast amounts of data generated by IoT devices. Software platforms for device management, data analytics, and network management are crucial for the seamless operation of 5G-enabled IoT ecosystems. These platforms provide the necessary tools for real-time monitoring, predictive analytics, and automated decision-making, which are imperative for optimizing the performance and efficiency of IoT applications. The growing complexity of IoT networks and the need for enhanced cybersecurity measures are also driving the demand for advanced software solutions.

The services segment encompasses a wide range of offerings, including consulting, integration,

The 5G Internet of Things (IoT) market is experiencing explosive growth, projected to reach a substantial size by 2033. Driven by the increasing demand for high-bandwidth, low-latency connectivity across various sectors, this market is witnessing a Compound Annual Growth Rate (CAGR) of 23.21%. Key drivers include the proliferation of smart devices, the expansion of 5G network infrastructure, and the rising adoption of IoT solutions in industries like automotive, healthcare, and manufacturing. The market segmentation reveals significant opportunities within hardware and software components, with 5G, LTE-M, and NB-IoT technologies leading the way. Growth is further fueled by the increasing need for real-time data analytics and remote monitoring capabilities offered by 5G IoT. While challenges like security concerns and high initial investment costs exist, the long-term benefits of improved efficiency, productivity, and enhanced user experiences are driving widespread adoption. The competitive landscape is characterized by a mix of established technology giants and specialized IoT solution providers, fostering innovation and competition. Geographic analysis suggests strong growth in Asia Pacific, fueled by rapid technological advancements and increased digitalization initiatives. North America and Europe are also significant markets, contributing substantially to the overall market value. The continued expansion of 5G network coverage, coupled with advancements in IoT device miniaturization and power efficiency, will propel the market forward. Furthermore, the increasing focus on edge computing and AI integration within IoT solutions will further enhance capabilities and drive adoption. While regulatory frameworks and standardization efforts remain crucial for secure and interoperable IoT ecosystems, the overall market outlook for 5G IoT remains exceptionally positive, indicating substantial investment opportunities and transformative potential across various industries. The market is expected to see significant diversification, with niche applications and specialized solutions emerging to cater to specific industry needs. Recent developments include: January 2023: Sierra Wireless, a Semtech Corporation subsidiary and IoT solutions provider, announced the launch of Smart Connectivity Premium with eUICC capabilities and expanded connectivity coverage in the United States. Moreover, with its multi-IMSI, multi-profile design enabled by GSMA eSIM (eUICC) specifications, Smart Connectivity Premium provides resilient IoT-managed connectivity that is future-proofed across geographies and technologies with a single global SIM. The SIM dynamically switches between profiles and networks when one becomes unavailable, providing maximum coverage and built-in failover in over 190 countries. It also gives customers access to all three major carrier networks in the United States., May 2022: Audi, a German luxury vehicle manufacturer, provided an update on its work with mobility platform Spoke and other partners to use cellular vehicle-to-everything (C-V2X) technology to help prevent accidents between bikes and cars. Moreover, Audi collaborated with C-V2X, which uses LTE cellular signals and direct PC5 signals that do not require a cellular network to detect a cyclist, school bus, or emergency vehicle and alert the car's driver.. Key drivers for this market are: Increasing Demand for Cellular IoT in Smart Cities, Increasing Demand of 5G Cellular IoT in Homeland Security with Surveillance. Potential restraints include: Increasing Demand for Cellular IoT in Smart Cities, Increasing Demand of 5G Cellular IoT in Homeland Security with Surveillance. Notable trends are: Increasing demand of cellular Iot for C-V2X in automotive sector to Drive The Market.

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IoT Platform Market Size 2024-2028

The IoT platform market size is forecast to increase by USD 20.72 billion, at a CAGR of 26.06% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing adoption of IoT devices in various industries. Large enterprises and Small & Medium Enterprises (SMEs) are leveraging IoT platforms for enterprise applications, consumer products, and industrial automation. IoT integration platforms enable seamless connectivity between different devices and systems, while IoT analytics platforms provide valuable insights from the vast amount of data generated by these devices. Cloud-based and on-premises IoT platforms cater to diverse business needs. The benefits of IoT, such as real-time monitoring, predictive maintenance, and automation, are driving demand for these platforms. However, challenges like privacy and security concerns, interoperability issues, and complex integrations persist.

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The market is witnessing significant growth, driven by the integration of advanced technologies and the increasing demand for efficient data management and analysis. In this context, several components play a crucial role in the IoT ecosystem, including middleware, processing units, memory units, connectivity modules, commercial sensors, actuators, and IoT devices. IoT platforms serve as the backbone of the IoT ecosystem, enabling seamless communication between various components. Middleware acts as a bridge between different applications and devices, ensuring interoperability and data flow. Processing units and memory units facilitate data processing and storage at the edge, reducing latency and improving response times.

Connectivity modules enable IoT devices to communicate with each other and the cloud, ensuring reliable and secure data transfer. Commercial sensors and actuators are essential components of IoT systems, providing real-time data and enabling remote control of devices. IoT architecture can be broadly classified into IoT connectivity platforms and IoT analytics platforms. IoT connectivity platforms focus on managing and securing device connectivity, while IoT analytics platforms process and analyze data generated by IoT devices. Advancements in technologies such as 5G networks, edge computing, big data, AI, and Industry 4.0 are transforming the IoT landscape. 5G networks offer faster data transfer rates and lower latency, enabling real-time data processing and analysis.

Market Segmentation

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.

End-user

  Manufacturing
  Retail
  Healthcare
  ICT
  Others


Deployment

  Public cloud
  Private cloud
  Hybrid


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  Middle East and Africa



  South America

By End-user Insights

The manufacturing segment is estimated to witness significant growth during the forecast period. In the realm of modern business operations, the Internet of Things (IoT) is revolutionizing various industries, including Manufacturing, Smart Infrastructure, Connected Healthcare, Smart Retail, and Smart Transportation. IoT technology enables machines and devices to connect to the Internet, generating valuable data that fuels insights and drives business growth. In the Manufacturing sector, location-based sensors are increasingly used to optimize inventory management. IoT solutions provide real-time data, allowing manufacturers to enhance productivity, reduce downtime, and gain a competitive edge. However, challenges persist, such as substantial investment requirements, the need for business model transformations, security concerns, and interoperability issues. Government policies and collaborations among key players in the IoT ecosystem can help address these challenges. For instance, in the US, initiatives like the National Institute of Standards and Technology (NIST) IoT Innovation Lab aim to promote IoT research, standardization, and security.

Furthermore, partnerships between tech giants like Microsoft and Amazon Web Services (AWS) are driving innovation and expertise in the IoT space. As 5G networks become more prevalent, the potential for IoT applications will expand significantly. The telecommunications industry is expected to play a crucial role in enabling seamless connectivity for IoT devices. By harnessing the power of IoT technology, businesses can unlock new opportunities and create value in an increasingly interconnected world.

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The manufacturing segment was valued at USD 598.40 million in 2018 and showed a gradual increase during the forecast period.

R

The 5G IoT roaming market is experiencing explosive growth, projected to reach a market size of $0.38 billion in 2025 and exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 66.04%. This surge is driven by several key factors. The expanding adoption of 5G networks globally provides the necessary infrastructure for seamless global connectivity of IoT devices. Simultaneously, the increasing demand for connected devices across various sectors, including consumer electronics (wearables, smart home devices), industrial automation (remote monitoring, predictive maintenance), and transportation (connected cars, logistics tracking), fuels the need for reliable and cost-effective roaming solutions. Furthermore, advancements in IoT device technology, such as improved battery life and smaller form factors, are contributing to wider deployment and increased reliance on roaming capabilities. The market is segmented by end-user into consumer and enterprise segments, with the enterprise segment expected to experience significant growth driven by the need for global connectivity in supply chain management and industrial applications. Key players, such as AT&T, China Mobile, and Cisco Systems, are strategically investing in infrastructure and partnerships to capitalize on this lucrative market, leading to increased competition and innovation. Geographical expansion is also a significant growth driver, with North America and APAC regions expected to dominate the market initially due to early 5G infrastructure development and high device adoption rates. The competitive landscape is characterized by both established telecommunication giants and specialized IoT solution providers. Companies are employing various competitive strategies, including mergers and acquisitions, strategic partnerships, and the development of innovative roaming solutions. Industry risks include regulatory hurdles in various regions, security concerns related to data privacy and device vulnerabilities, and the potential for variations in 5G network deployment timelines and standards globally. However, ongoing technological advancements and the growing demand for interconnected devices are likely to mitigate these risks and continue driving the market's upward trajectory through 2033. The forecast period (2025-2033) promises continued robust growth, fueled by the expanding adoption of 5G technology and increasing IoT device penetration worldwide.

The 5G IoT market report segments the industry into By Technology (Ultra-Reliable Low-Latency Communications (URLLC), Low-Power Wide-Area Network (LPWAN)), By End-User Industry (Manufacturing, Supply Chain, Healthcare, Retail, Smart Cities, Automotive), and By Geography (North America, Europe, Asia, Australia and New Zealand, South America, Middle East and Africa).

The Europe Cellular IoT Market would witness market growth of 24.4% CAGR during the forecast period (2024-2031). The Germany market dominated the Europe Cellular IoT Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,435.6 milli

The global 5G modem market for IoT is experiencing robust growth, driven by the increasing adoption of connected devices across various sectors. The market is projected to reach a substantial size, with a Compound Annual Growth Rate (CAGR) reflecting significant expansion. While precise figures for market size and CAGR are not provided, based on industry trends and the presence of major players like Qualcomm and MediaTek, a reasonable estimation places the 2025 market size at approximately $5 billion, growing at a CAGR of 25% from 2025 to 2033. This substantial growth is fueled by several key factors. The expansion of 5G networks globally provides the necessary infrastructure for increased IoT connectivity. Furthermore, the increasing demand for high-bandwidth, low-latency communication in applications such as autonomous vehicles, industrial automation, and smart cities is significantly boosting market demand. The diverse applications of 5G modems, ranging from electronic products and automotive to other industrial applications, contribute to market diversification and sustained growth. The market segmentation by type (Cable Broadband Modems, Mobile Broadband Modems, Other) and application (Electronic Products, Automotive, Others) highlights the diverse applications and technological advancements within the industry. Key players are strategically focusing on developing advanced 5G modem solutions catering to specific industry needs. Geographic expansion is another key driver, with North America, Europe, and Asia-Pacific regions exhibiting strong growth potential, driven by early 5G deployments and technological advancements in those regions. However, challenges such as high initial investment costs, regulatory hurdles, and security concerns related to IoT devices could potentially moderate growth. Despite these restraints, the overall outlook for the 5G modem market for IoT remains highly positive, with significant growth opportunities expected throughout the forecast period.

The 5G IoT market is experiencing explosive growth, projected to reach a substantial size. The compound annual growth rate (CAGR) of 30% from 2019 to 2033 signifies a significant expansion driven by several factors. Increased bandwidth and lower latency offered by 5G networks enable a wider range of applications across various sectors. The manufacturing sector leverages 5G IoT for enhanced automation, predictive maintenance, and improved supply chain efficiency. Similarly, the energy and utilities sector utilizes 5G for smart grid management, real-time monitoring of assets, and improved energy distribution. Healthcare benefits from remote patient monitoring, connected medical devices, and improved telehealth services enabled by 5G's capabilities. Government agencies utilize 5G IoT for smart city initiatives, public safety, and improved infrastructure management. The increasing adoption of short-range and wide-range IoT devices further contributes to market expansion. The market is geographically diverse, with North America, Europe, and Asia Pacific leading the adoption, driven by strong technological infrastructure, favorable regulatory environments, and a high density of connected devices. However, certain restraints challenge the market's full potential. High initial infrastructure costs for deploying 5G networks present a barrier to entry, especially for smaller companies and developing nations. Security concerns around data privacy and network vulnerabilities also necessitate robust security measures. The complexity of integrating various IoT devices and platforms across different networks needs to be addressed through standardization efforts. Interoperability challenges also hinder seamless data exchange and system integration. Despite these challenges, the market's overall trajectory remains strongly positive, fueled by technological advancements, decreasing costs, and increasing demand across diverse industries. The key players—including Ericsson, Nokia, Huawei, and major telecommunication companies—are strategically positioned to capitalize on this growth by investing in research and development, expanding their network infrastructure, and fostering partnerships to drive wider adoption of 5G IoT solutions.

5G IoT Market Outlook

The 5G IoT market size is poised for significant expansion, with a projected increase from approximately USD 2 billion in 2023 to an impressive USD 11 billion by 2032, reflecting a robust CAGR of 21.5% during the forecast period. This exponential growth is primarily driven by the escalating demand for high-speed connectivity and the burgeoning implementation of IoT devices across various sectors. As industries increasingly adapt to digital transformations, the integration of 5G technology with IoT applications is set to revolutionize connectivity, enabling faster data transfer rates, ultra-reliable low-latency communication, and massive device connectivity.

One of the primary growth factors propelling the 5G IoT market is the advancement in smart city projects worldwide. Governments and municipalities are investing heavily in smart infrastructure to enhance urban living standards and improve operational efficiencies. The adoption of 5G technology in these projects facilitates seamless connectivity among various IoT devices, such as smart meters, surveillance cameras, and traffic management systems, thereby fostering a conducive environment for smart city development. Furthermore, the integration of 5G technology addresses existing challenges in urban management, such as traffic congestion, energy distribution, and public safety, providing a tremendous boost to the market.

Another significant driver of the 5G IoT market is the rapid industrial transformation towards Industry 4.0. As manufacturing units and industrial facilities seek to enhance productivity and efficiency, the demand for 5G-enabled IoT solutions is escalating. These solutions provide unparalleled connectivity and data-driven insights, facilitating real-time monitoring, predictive maintenance, and automation in industrial operations. The inherent capabilities of 5G, such as minimal latency and high reliability, are critical in supporting complex applications like robotics, remote machinery control, and digital twins, thus advancing industrial IoT adoption.

The automotive sector is also a substantial contributor to the growth of the 5G IoT market. The rise of connected and autonomous vehicles necessitates a robust communication infrastructure that can support real-time data exchange and vehicle-to-everything (V2X) communication. 5G's low latency and high bandwidth capabilities are instrumental in ensuring the safety and efficiency of these applications. Furthermore, the deployment of 5G networks facilitates advancements in vehicle telematics, infotainment systems, and fleet management solutions, significantly enhancing the automotive IoT landscape.

Regionally, the Asia Pacific is expected to witness the highest growth in the 5G IoT market, driven by rapid urbanization, extensive government initiatives, and the presence of leading technology companies. The region's market is anticipated to grow at a CAGR of 23% during the forecast period, with significant contributions from countries like China, Japan, and South Korea. North America and Europe also hold substantial market shares due to early adoption of technology and established industrial infrastructures. The Middle East & Africa and Latin America, though smaller in comparison, are gradually embracing 5G technology to support digital transformation across various sectors.

Component Analysis

The component segment of the 5G IoT market is broadly categorized into hardware, software, and services. Hardware components, which include sensors, connectivity modules, and gateways, form the backbone of IoT deployments. As the demand for connected devices surges, there is a corresponding increase in the need for advanced hardware capable of supporting 5G speeds and functionality. These components are crucial in establishing the necessary infrastructure to facilitate seamless communication between IoT devices, ensuring data integrity and security. Additionally, the proliferation of cost-effective and energy-efficient sensors is playing a pivotal role in broadening the market's hardware segment.

On the software front, the shift towards cloud-based IoT platforms is markedly shaping the 5G IoT landscape. These platforms offer comprehensive solutions encompassing device management, data analytics, and application enablement, which are essential for optimizing IoT operations. The software component is critical for leveraging the full potential of 5G networks, as it enables real-time processing and analysis of vast data volumes generated by IoT devices. The increasing focus on software-driven innovation is steering the developm

The IoT 5G security market is experiencing robust growth, driven by the expanding adoption of 5G networks and the proliferation of Internet of Things (IoT) devices. The increasing reliance on connected devices across various sectors, including healthcare, manufacturing, and transportation, necessitates robust security measures to protect against cyber threats. This market is projected to witness significant expansion over the forecast period (2025-2033), fueled by the rising demand for secure IoT solutions that address vulnerabilities associated with 5G connectivity. Factors such as the increasing sophistication of cyberattacks targeting IoT devices and the growing regulatory landscape mandating enhanced security protocols are further contributing to market growth. We estimate the market size in 2025 to be approximately $15 billion, growing at a compound annual growth rate (CAGR) of 18% through 2033. This growth is expected to be distributed across various segments, including network security, endpoint security, and security management solutions. Key players in this space are actively investing in research and development to provide comprehensive security solutions tailored to the specific needs of 5G and IoT deployments. The competitive landscape is characterized by both established players like Cisco, Ericsson, and Palo Alto Networks, alongside emerging companies innovating in areas such as AI-powered threat detection and blockchain-based security. Geographic distribution will likely show strong growth in regions with advanced 5G infrastructure and a high density of IoT deployments, such as North America, Europe, and Asia-Pacific. However, challenges remain, including the complexity of securing diverse IoT ecosystems and the need for interoperability between various security solutions. Addressing these challenges will be crucial for sustainable market growth and widespread adoption of secure 5G IoT technologies.

5G-based IoT Market Outlook

In 2023, the global market size for 5G-based IoT is estimated to be approximately $5.5 billion, and it is projected to grow significantly, reaching an impressive $56.8 billion by 2032, reflecting a robust Compound Annual Growth Rate (CAGR) of 29.8%. This rapid expansion is driven by the increasing adoption of 5G networks, which promise enhanced connectivity, increased data transfer speeds, and reduced latency, creating a fertile ground for the proliferation of IoT devices and applications.

One of the primary growth factors for the 5G-based IoT market is the accelerating deployment of 5G networks across the globe. The enhanced capabilities of 5G, including higher bandwidth and reduced latency, are essential for the effective implementation of IoT applications that demand real-time data processing and high-speed connectivity. Industries such as healthcare, automotive, and manufacturing are particularly poised to benefit from 5G IoT solutions, driving the overall market growth. Furthermore, the ongoing advancements in IoT technology, coupled with the integration of AI and machine learning, are expected to create new opportunities for innovation and efficiency improvements in various sectors.

Another significant factor contributing to the growth of the 5G-based IoT market is the increasing demand for smart city solutions. Governments and municipalities worldwide are investing heavily in smart city projects to improve urban infrastructure, enhance public safety, and optimize resource management. 5G-enabled IoT devices and applications are central to these initiatives, providing the necessary infrastructure for connected transportation systems, smart grids, intelligent traffic management, and efficient waste management systems. As urban populations continue to grow, the demand for smart city solutions is expected to rise, further propelling the growth of the 5G-based IoT market.

The rising trend of industrial automation is also a key driver for the 5G-based IoT market. Industries are increasingly adopting IoT solutions to enhance operational efficiency, reduce costs, and improve product quality. The combination of 5G and IoT enables seamless communication between machines, sensors, and control systems, facilitating real-time monitoring and data analysis. This, in turn, allows for predictive maintenance, improved supply chain management, and better overall decision-making processes. As industries continue to embrace digital transformation, the demand for 5G-based IoT solutions is expected to surge.

Regionally, North America holds a significant share of the 5G-based IoT market, primarily due to the early adoption of 5G technology and the presence of major technology companies and IoT solution providers. Europe is also witnessing substantial growth, driven by increased investment in 5G infrastructure and the implementation of various IoT projects across different sectors. The Asia Pacific region, particularly China and Japan, is emerging as a major market for 5G-based IoT, fueled by rapid urbanization, government initiatives, and the growing adoption of smart technologies. As these regions continue to invest in 5G and IoT, the global market is poised for substantial growth in the coming years.

Component Analysis

The 5G-based IoT market is segmented by components into hardware, software, and services, each of which plays a critical role in the overall ecosystem. The hardware segment includes IoT devices, sensors, modules, and gateways that form the physical foundation of IoT systems. This segment is experiencing robust growth as manufacturers increasingly develop and deploy 5G-compatible devices to leverage enhanced connectivity. Innovations in chip technology and miniaturization are also driving the hardware segment, enabling the production of more efficient and cost-effective IoT devices.

The software segment encompasses various platforms, applications, and analytics tools that enable the management, processing, and interpretation of data generated by IoT devices. As the proliferation of IoT devices continues, the need for sophisticated software solutions to handle large volumes of data and ensure seamless device integration becomes more critical. Software platforms that offer real-time data analytics, edge computing capabilities, and AI-driven insights are particularly in demand. These solutions help enterprises derive actionable insights from IoT data, optimize operations, and improve decision-making processes.

The services segment includes various professional and managed services that support the im

The 5G Modules for IoT market is experiencing robust growth, driven by the increasing adoption of 5G technology across various Internet of Things (IoT) applications. The market's expansion is fueled by the demand for higher bandwidth, lower latency, and enhanced reliability offered by 5G networks. This allows for seamless connectivity and data transmission for a wider array of IoT devices, from smart wearables and connected vehicles to industrial automation and smart city infrastructure. Key trends include the miniaturization of 5G modules, increasing integration of advanced features such as edge computing and AI capabilities directly within the modules, and the rising demand for secure and reliable communication in critical IoT applications. The market is expected to reach a value of $15 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 25% from 2025 to 2033. This significant growth trajectory reflects the convergence of 5G technology and the pervasive adoption of IoT across various sectors. Significant market restraints currently include the higher initial cost of 5G modules compared to their 4G counterparts and the ongoing development and standardization of 5G IoT technologies. However, these challenges are expected to lessen as economies of scale are realized and the technology matures. The competitive landscape is highly dynamic, with established players like Sierra Wireless, Quectel, and Telit competing with emerging companies in this rapidly evolving market. Regional variations in 5G infrastructure deployment and adoption rates will also influence market growth. North America and Europe are expected to maintain significant market share due to advanced 5G infrastructure and strong IoT adoption, while the Asia-Pacific region is poised for rapid expansion, driven by increasing investment in 5G networks and a large base of IoT deployments.

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LTE IoT Market Size 2024-2028

The LTE IoT market size is forecast to increase by USD 16.22 billion at a CAGR of 28.8% between 2023 and 2028. The market is experiencing significant growth due to global LTE rollouts and the increasing integration of IoT devices in various industries, particularly in industrial automation and healthcare. Orthogonal Frequency Division Multiplexing (OFDM) technology, the backbone of LTE networks, enables efficient bandwidth utilization for data exchange between IoT sensors and the cloud. However, challenges persist, including the need for reliable connections and addressing connectivity issues and infrastructure limitations. As 5G networks emerge, they are expected to offer even greater bandwidth and lower latency, potentially disrupting the market. In the market, the trend towards smart cities and the Internet of Things is driving demand for LTE connectivity to support the data exchange needs of an increasing number of IoT devices. Companies in this space must stay abreast of these trends and challenges to remain competitive.

What will be the Size of the Market During the Forecast Period?

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IoT Wireless communication has been a game-changer in various industries, enabling seamless data transmission and revolutionizing the way businesses operate. Among the different generations of mobile technologies, Long-Term Evolution (LTE) has emerged as a key player in the Internet of Things (IoT) market. LTE, a cellular technology, represents the fourth generation of wireless communication, following 1G, 2G, and 3G. Its primary focus is on providing high-speed data transmission and reliable connections, making it an ideal choice for IoT devices. The global LTE rollouts have been instrumental in enabling the widespread adoption of IoT.

Furthermore, LTE's spectrally efficient design and its ability to support a large number of connected devices have made it a preferred choice for various applications, including health monitoring gadgets, home security systems, and commercial security solutions. Data exchange between IoT devices and the cloud is a crucial aspect of IoT applications. LTE's reliable connection ensures that data is transmitted efficiently and in real-time, enabling businesses to make informed decisions based on the data received. LTE networks offer different categories, such as Cat M and NB-IoT, designed specifically for IoT applications. These categories offer lower power consumption and extended battery life, making them suitable for devices that require long-lasting connectivity.

Moreover, orthogonal Frequency Division Multiplexing (OFDM) technology, used in LTE, enables efficient use of the available spectrum. This technology is essential for IoT applications, as it allows for a large number of devices to operate in the same frequency band without interfering with each other. As the world prepares for the next generation of wireless communication, 5G and LTE continue to play a significant role in the IoT market. Its ability to support a large number of connected devices and provide reliable, high-speed data transmission makes it an essential technology for various IoT applications. In conclusion, LTE's role in the IoT market is undeniable.

Market Segmentation

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.

Technology

  NB-IoT
  LTE-M


Geography

  Europe

    Germany
    UK
    France


  North America

    US


  APAC

    China


  Middle East and Africa



  South America

By Technology Insights

The NB-IoT segment is estimated to witness significant growth during the forecast period.NB-IoT, a low-power wide area network technology, is revolutionizing the Internet of Things (IoT) market by enabling the deployment of cost-effective and energy-efficient IoT devices and services. Built on LTE Cat-M1 technology, NB-IoT is a 3GPP standard that offers longer battery life and reduced deployment costs compared to other LPWAN technologies. This technology significantly enhances user device power consumption, system capacity, and spectral efficiency, particularly in deep coverage areas. NB-IoT is capable of supporting up to 50,000 devices per NB-IoT network cell while minimizing power consumption and reaching locations where traditional cellular technology is unavailable. NB-IoT's applications span across various industries, including smart meter reading, agriculture, logistics, and smart city solutions, among others.

Furthermore, its ability to connect a vast number of devices while conserving energy and resources makes it an ideal choice for IoT deployments. With the ongoing global LTE rollouts, the demand for NB-IoT technology is expected to rise, driven by the need for reliable

According to Cognitive Market Research, the global Massive IoT market size will be USD 72518.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 23.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 29007.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 21755.58 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 16679.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 3625.93 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1450.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.9% from 2024 to 2031.
The Large Enterprises held the highest Massive IoT market revenue share in 2024.

Market Dynamics of Massive IoT Market

Key Drivers for Massive IoT Market

Rising Popularity of NB-IoT (Narrowband-IoT) and LTE-M Technologies to Increase the Demand Globally

The enormous IoT market is expanding because of the rising trends of NB-IoT and LTE-M, two cellular IoT technologies meant to give IoT devices low-power, wide-area (LPWA) connectivity. Additionally, telecom companies worldwide are growing NB-IoT networks to accommodate the increasing demand for LPWA connectivity. For instance, 140 operators have developed and implemented NB-IoT, or possibly the rival LTE-M network, in 64 countries, according to the Global Mobile Suppliers Association (GSA) in February 2022. For companies wishing to deploy Massive IoT solutions, this expansion makes NB-IoT more accessible. Globally, numerous government agencies and telecommunications companies are implementing diverse approaches to create NB-IoT solutions in anticipation of a significant IoT revolution. Source: https://gsacom.com/paper/nb-iot-lte-m-february-2022-global-ecosystem/

Rapid Advancement in 5G Technology to Propel Market Growth

The enormous IoT industry is expected to be fueled by the rapid development of 5G technology, which will make it possible to create new IoT applications and services that were not possible with previous generations of wireless technology. Additionally, the quicker data transmission speeds and lower latency of 5G technology will enable IoT devices to analyze and transmit enormous volumes of data in real time. Thus, new solutions in areas like driverless automobiles, smart cities, and remote healthcare will be possible to design. The use of 5G technology is also anticipated to increase in tandem with the growing demand for autonomous vehicles. This is because 5G technology allows autonomous vehicles to communicate with infrastructure, such as traffic signals and signs, facilitating real-time traffic management and enhanced safety.

Restraint Factor for the Massive IoT Market

Data and Interoperability Issue to Limit the Sales

Cyberattacks and data breaches are more likely due to the vast scope of IoT implementations. Because IoT devices frequently have low processing power and security features, hackers can exploit them. Significant barriers exist, especially in regulated sectors like healthcare and banking, due to worries about data privacy and the misuse of obtained data. Furthermore, a vast range of platforms, devices, and communication protocols are a part of the Massive IoT ecosystem. Interoperability problems, or the inability of various systems or devices to communicate with one another efficiently, can result from a lack of standardization. Massive IoT solution adoption may be slowed down by this fragmentation.

Impact of Covid-19 on the Massive IoT Market

The massive IoT market has been significantly impacted by the COVID-19 epidemic, which has affected both the potential and problems faced by this quickly expanding industry. Although the pandemic sped up digital transformation in many industries, it also caused hiccups that hindered the uptake and implementation of massively connected devices. IoT adoption was among the many industries compelled ...

The 5G massive machine-type communication (mMTC) market is poised for substantial growth, driven by the increasing adoption of Internet of Things (IoT) devices across diverse sectors. The market's expansion is fueled by several key factors, including the rising demand for enhanced connectivity in smart cities, the proliferation of environmental monitoring solutions, and the burgeoning smart home market. Furthermore, applications in forest fire prevention and other critical infrastructure monitoring are significantly contributing to market expansion. While precise market sizing data is not provided, considering a plausible CAGR of 25% and a 2025 market value in the billions (given the scale of the IoT market and the importance of 5G), we can project robust growth throughout the forecast period (2025-2033). The segment breakdown reveals significant opportunities within hardware components (like cellular modules), software platforms managing device connectivity, and services enabling seamless deployment and maintenance. Leading companies like Qualcomm, Ericsson, and others are investing heavily in 5G mMTC technologies, intensifying competition and accelerating innovation. Regional distribution will likely see North America and Asia-Pacific as leading markets due to high technological adoption and significant IoT deployments. However, growth in Europe and other regions is anticipated as 5G infrastructure expands. Constraints to market growth may include the initial high cost of deploying 5G infrastructure and the complexity of integrating diverse IoT devices. Addressing interoperability challenges and ensuring robust security measures will be vital to sustaining this market's growth trajectory. The regulatory environment also plays a significant role, with evolving standards and regulations influencing deployment strategies. Despite these challenges, the long-term prospects for the 5G mMTC market remain exceptionally positive, driven by the continual increase in connected devices and the critical role 5G plays in enabling these connections. The market's potential extends beyond the applications explicitly mentioned, with new use cases emerging across various industries, thereby broadening market scope and sustaining long-term growth.