Global IoT subscriptions at 3.4B; forecast to reach 5.2B in 2029
Overall 5G global connections add 192M to reach 2.1B in Q2 2024; projected to reach 8.6B by 2029
North America: added 23M new 5G connections in Q2 2024; projected to reach 761M in 2029; 5G is 34% of all wireless cellular connections
The wireless telecommunications industry experienced continued strong wireless cellular expansion in the second quarter of 2024, powered by continuing growth in the Internet-of-Things (IoT) ecosystem, said 5G Americas, the voice of 5G and beyond for the Americas.
According to data from 5G Americas and Omdia, global IoT subscriptions currently stand at 3.4 billion, complemented by 6.7 billion smartphone subscriptions. As 4G LTE-connected IoT devices are upgraded to flexible 5G-enabled IoT technologies, such as 5G RedCap (Reduced Capability), new enhancements offer network operators benefits such as improved energy and network efficiency. Due to these improvements, global forecasts suggest IoT subscriptions will reach 5.2 billion, while smartphone subscriptions will surge to 8.2 billion by 2029.
Viet Nguyen, Vice President of PR and Technology at 5G Americas, stated,
“The market is realizing 5G networks are more than just smartphones. Enterprise and business cases are emerging that showcase 5G’s versatility across a range of uses, utilizing Internet of Things-connected devices like sensors, cameras, and many more solutions in both public and private 5G networks.”
Overall, in Q2 2024, the global adoption of 5G connections exceeded two billion with an addition of 192 million new global connections. Looking ahead, Omdia data suggests global 5G connections will reach 8.6 billion by 2029. As a share of all wireless cellular technologies, 5G is expected to be 59 percent of global access networks by 2029.
In the last quarter, 5G connections in North America totaled 242 million, comprising 34 percent of all wireless cellular connections. The addition of 23 million new 5G connections represents 11 percent growth quarter over quarter. By 2029, North American 5G connections are forecast to surge to 761 million, representing 84 percent of all wireless cellular access technologies.
Omdia principal analyst Kristin Paulin points out, “As 5G adoption continues to grow in North America, operators continue to enhance their 5G networks. This includes expanding coverage with mid-band spectrum and shifting to 5G standalone, the latter of which allows operators to do more like provide network slices and is the base for 5G RedCap.”
Latin America also witnessed solid growth in 4G LTE and 5G connections, adding three million new LTE connections for a total of 592 million across the region, representing 74% of all wireless cellular access technologies in Q2 2024. Additionally, the region continues to embrace the 5G revolution with ten million new 5G connections added, to reach a total of 57 million 5G connections that reflects a steady 21% growth rate.
“4G LTE continues to grow throughout the region as an affordable and reliable option for most consumers. 5G is starting to make inroads in urban areas as handsets are becoming available and operators expand their coverage,” said Jose Otero, Vice President of Latin America and the Caribbean for 5G Americas.
From a network deployment standpoint, the global number of deployed 5G networks has now exceeded the pace of 4G LTE network deployments at the equivalent time in the technology cycle. Currently, there are 329 commercial 5G networks worldwide, a number that is expected to grow alongside continued significant investments in 5G infrastructure worldwide.
The number of 5G and 4G LTE network deployments as of September 16, 2024, are summarized below:
5G:
Global: 329
North America: 17
Latin America and Caribbean: 47
4G LTE:
Global: 710
North America: 18
Latin America and Caribbean: 133
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