5G IoT Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028

April 06 05:53 2023
5G IoT Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028
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), and Sequans Communications (France).
5G IoT Market by Component (Hardware, Platform, Connectivity, and Services), Network Type (5G Standalone and 5G Non-Standalone), Organization Size, Type (Short-range IoT Devices, Wide-range IoT Devices), End Users and Region – Global Forecast to 2028

The 5G IoT market size is projected to grow from USD 13.2 billion in 2023 to USD 59.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The massive 5G IoT ecosystem and critical communication services are driving the growth of the 5G IoT market.

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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.

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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). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches, to expand their presence in the 5G IoT market.

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.

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