5G IoT Module Market - Forecasts from 2024 to 2029

5G IoT Module Market - Forecasts from 2024 to 2029

The 5G IoT module market is expected to grow at a CAGR of 35.56% during the projected period, accounting for a total market size of US$82.321 billion by 2029, up from US$17.985 billion in 2024.

The 5G IoT module market is witnessing rapid growth primarily due to increasing demand for faster connectivity. The increased speed, wide capacity for scaling up to WAN environments, improved reliability, and network availability are fuelling this market’s growth globally in the coming years. 5G-compatible speeds in IoT devices can stream data much more quickly than previous-generation modules.

Moreover, the reduced latency enables real-time applications and mission-critical control systems, like autonomous vehicles and industrial automation. 5G allows more simultaneous connections of devices, which is great with high-density applications like IoT due to its optimized communication. This is facilitated by defining virtual networks with customized QoS requirements using network slicing to securely and reliably communicate critical IoT applications. 5G supports smart cities, industrial IoT, healthcare, and autonomous vehicles, enabling connectivity and low latency in self-driving cars. This is expected to fuel the demand for 5G IoT modules during the forecasted period.

5G IOT MODULE MARKET DRIVERS:

Increasing integration of IoT in 5G networks is expected to increase the global demand for 5G IoT modules.

This new technological integration of 5G tech with IoT devices is the backbone of the aspiration in the IoT era. It assists gadgets with improving their performance and reliability and provides them with global coverage. IoT hardware can integrate with these wireless networks to create high bandwidth, low latency, and fast data transfer devices. Hence, the demand for 5G IoT and its modules continues to grow vigorously, making it one of the major variables in the market expansion.

Moreover, key players are collaborating to develop and advance this technological innovation, contributing to a rise in demand for 5G IoT modules. For instance, in August 2023, Renesas Electronics Corporation collaborated with Sequans Communications S.A., a leading provider of 5G/4G chips and modules for IoT, to develop an integrated module based on Renesas series MCUs. This indicates Renesas's ambitions to buy Sequans to expand its product lineup and deliver a full IoT solution.

5G IoT Module Market Geographical Outlook:

The North American region is expected to hold a substantial 5G IoT module market share.

The North American region is estimated to dominate the 5G IoT modules market as it has developed a very strong infrastructure, with telecommunication companies having deployed 5G networks in significant numbers throughout the region. Smart cities, manufacturing, healthcare, and logistics are some of the diverse industries that drive the demand for 5G IoT modules in the region due to its well-established infrastructure. In addition, the region's strong technological ecosystem and various industry verticals enable the quick adoption of IoT modules.

For instance, in June 2023, Fibocom announced that its MediaTek-based 5G module FG360 was certified by a top US carrier to enter the US nationwide 5G network lineup and officially deliver wireless services. The module supports uninterrupted high-speed broadband connectivity that can stream data-intensive applications, including Fixed Wireless Access (FWA), Industrial IoT (IIoT), autonomous robotics, and telemedicine within the North American market. The module is based on the MediaTek T750 chipset and was designed to provide an outstanding 5G network experience for FWA applications that require high-speed broadband wireless connectivity in homes, enterprises, and manufacturing.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The 5G IoT Module Market is segmented and analyzed as below:

By Type

Standard
Special-Purpose
LPWA Standalone

By Component

Active
Passive
Others

By Application

Healthcare
Manufacturing
Energy
Others

By Geography

Americas
United States
Others
Europe, Middle East, and Africa
United Kingdom
Germany
Others
Asia Pacific
China
Japan
South Korea
Others