The 5G IoT market is poised for remarkable growth, with a predicted compound annual growth rate (CAGR) of 70.6% from 2024 to 2034. By the end of this period, the global market size is projected to reach an impressive USD 816.85 billion, reflecting a significant increase from an estimated revenue of USD 6.72 billion in 2024. 

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This rapid expansion is largely driven by the increasing adoption of smart city technologies aimed at enhancing urban infrastructure, resource management, and overall quality of life for residents. The term "5G IoT market" encompasses the utilization of Internet of Things (IoT) technologies and solutions designed to improve urban environments through the integration of connected devices, sensors, software, and communication technologies. These elements work together to gather and analyze data from various urban systems in real-time, enabling cities to make intelligent decisions that enhance efficiency, sustainability, safety, and livability. 

Key applications within the 5G IoT landscape include traffic management systems that optimize vehicle flow; energy consumption monitoring tools that promote sustainability; waste management solutions that streamline operations; public safety enhancements through surveillance and emergency response systems; healthcare innovations such as remote patient monitoring; environmental monitoring for air quality control; and improvements in municipal services. 

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Market Overview 

Market Size (2024): USD 145.72 Billion 
Projected Market Size (2034): USD 585.43 Billion 
Compound Annual Growth Rate (CAGR) 2024-2034: 19.6% 

Base Year: 2023 
Historic Data: 2019-2023 
Forecast Period: 2024-2034 

Report Highlights 

Key Insights: Includes analysis of production, consumption, market share by company, company heatmaps, production capacity, growth drivers, and more. 

Market Segmentation 

By Component 

Hardware 

Software 

Services 

By Connectivity Technology: 

Cellular Networks (4G, 5G) 

Low Power Wide Area Networks (LPWAN) 

Narrowband IoT (NB-IoT) 

Radio Frequency Identification (RFID) 

Near Field Communication (NFC) 

Bluetooth and Bluetooth Low Energy (BLE) 

Wi-Fi 

Zigbee 

Others 

By Application: 

Transportation 

Building 

Utilities 

Education 

Healthcare 

Public Safety 

By Region: 

North America 

Europe 

APAC 

South America 

Middle East and Africa