5G IoT Sector to Reach $17.68 Billion by 2030 at a CAGR of 47.6%

The global 5G IoT market is expected to reach $17.68 billion by 2030, growing at a CAGR of 47.6% during the forecast period of 2023-2030.

The growth of this market is attributed to the growing significance of 5G IoT devices in smart city projects and the increasing demand for digital wearable devices. In addition, the high potential for 5G IoT in connected healthcare is expected to offer significant growth opportunities for the growth of this market. High costs for 5G IoT network installation and security & data privacy concerns are creating challenges for market growth.

The solutions segment accounted for the larger share of the overall 5G IoT market. The proliferation of wireless technologies in industry operations is expected to drive market growth.

The short-range segment accounted for the larger share of the overall 5G IoT market. The growth of the segment is attributed to the rising need for improving short-range connectivity and coverage rate.

The 5G NR Non-standalone (NSA) segment is expected to account for the larger share of the overall 5G IoT market. The growth of this segment is attributed to the rising need for reliable communications and increasing delivery efficiency at a low cost.

The security & surveillance segment is expected to account for the largest share of the overall 5G IoT market. Thus, the rising need to monitor multiple locations and facility conditions in real-time drives market growth.

The B2B end-user segment is expected to account for the larger share of the overall 5G IoT market. The growth of this segment is attributed to the rising need for predicting performance to improve efficiency.