5G IoT Market Size

5G Internet of Things (IoT) Market Analysis

The 5G IoT Market was valued at USD 9.54 billion in the current year. The market is expected to reach USD 55.86 billion in five years, registering a CAGR of 34.08% during the forecast period. 5G is essential to the Internet of Things because of the need for a faster network with higher capacity that can serve connectivity needs. The 5G spectrum increases the frequencies on which cellular technologies will transfer data. This broader spectrum for use increases the overall bandwidth of mobile networks, allowing additional devices to connect.

• 5G IoT networks are designed to support many connected devices simultaneously. This capability is critical in IoT applications, where many sensors, cameras, and other devices need to communicate and exchange data efficiently. According to Cisco Systems, the number of connected wearable devices in North America is expected to reach 439 million by 2022 from 378.8 million in 2021. Moreover, Ericsson says the number of smartphone mobile network subscriptions globally reached almost 6.6 billion in 2022 and is forecast to exceed 7.8 billion by 2028. this is expected to drive the market further.
• As the Internet of Things expands and more devices become interconnected, there is a growing need for reliable and robust communication infrastructure to support this massive scale of connectivity. As a result, the 5G IoT market is expected to experience substantial growth, with an increasing number of industries and sectors leveraging the potential of 5G to realize their IoT ambitions.
• The advantage of 5G over LTE for low latency and critical applications makes it a compelling choice for industries and sectors that require real-time data processing and reliable connectivity. As the demand for low latency and critical IoT applications increases, the adoption of 5G for such use cases will drive the growth of the 5G IoT market, transforming various industries and enabling new innovative services and solutions.
• The cost of upgrading infrastructure from LTE to 5G restrains the market growth. While 5G offers numerous advantages for IoT applications, including low latency, increased capacity, and higher data speeds, the expenses associated with deploying 5G networks and upgrading existing infrastructure can pose challenges, especially for certain industries and regions.
• The COVID-19 pandemic underscored the importance of smart city solutions for public safety and urban management. 5G IoT applications like contact tracing, crowd monitoring, and smart infrastructure gained attention. Many businesses accelerated digital transformation initiatives during the pandemic to adapt to the new normal. This includes adopting IoT solutions enabled by 5G for improved efficiency, productivity, and automation.