of 5G IoT and Private 5G Market Report 2024 – 2030 An ongoing study of IoT hardware and connectivity. The information provided in this report is based on the findings of primary and secondary research conducted by the IoT analytics team between September 2023 and May 2024. The document includes definitions of public 5G, private 5G, 5G network deployment models, components involved in RAN and core deployment, market forecasts, adoption drivers, competitive landscape, key trends and developments, use cases, and case studies.
To ensure accuracy of the market model and forecast, IoT Analytics had in-depth direct exchanges and coordination with over 75 subject matter experts, attended major conferences (such as MWC 2024 and Embedded World 2024) and conducted corresponding interviews. 78 individual data points were analyzed, including 36 IoT module vendors, 16 IoT chipset companies, 21 network operators, and 5 network infrastructure companies. Aggregate estimates for over 50 niche players were also added.
5G IoT and the private 5G market. In 2023, public 5G IoT connections dominated the market, accounting for 95% of global 5G IoT connections. Private 5G is on the rise and is projected to grow at a double-digit CAGR. Public 5G will continue to dominate due to its cost-efficiency and accessibility, while private 5G caters to niche markets such as manufacturing and healthcare. Public 5G revenue is expected to overtake private 5G by 2025. The 5G IoT module market is expected to grow 6.6 times from 2023 to 2027, led by Chinese vendors. Similarly, the 5G IoT chipset market is projected to grow 2.8 times from 2023 to 2027. Quectel and Qualcomm dominate the module and chipset markets, respectively, while Huawei leads the global 5G network infrastructure market. Key players such as Ericsson, Nokia, and Siemens are developing new technologies and strategies to enhance 5G applications and infrastructure.
