Global 5G IoT Market Overview
5G, the fifth generation of mobile networking technology, has been top of the most awaited telecommunications endeavors. With its 10-100 times faster data rates than 4G and LTE speeds, this cellular technology would help improve the connectivity and power new and emerging applications and improve the performances of IoT devices with the increased latency and bandwidth.
Driven by digital transformation, Industry 4.0, IoT, and other megatrends, the use of smart connected devices is anticipated to grow regardless of vertical. 5G and IoT together would offer further revenue opportunities, such as advancement in mmWave technology, autonomous driving, power applications, Edge IoT, and Next-gen data centers. Therefore, 5G Internet of Things markets worldwide are estimated to garner significant traction. According to Market Research Future (MRFR), the global 5G IoT market size is projected to reach USD 7.9 billion by 2026, growing at a massive 53% CAGR during the review period (2020–2026). With advancements in technologies and growing digitization, there is a need to have a 5G IoT system incorporated into every business system.
Many industries right now need highly reliable low-latency wireless links that can power new as well as existing IoT applications. With most manufacturing companies already poised to embrace industry 4.0 regulations and the advent of industry 5.0., 5G IoT technology becomes crucial for manufacturing sectors worldwide.
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5G promises to fuel innovations in the IoT by enabling more data collection and faster processing than ever before while giving businesses and organizations another connectivity option. By combining 5G and IoT, organizations would be able to outfit various technologies, such as M2M, Cloud computing, ML, NLP, and others and devices like smart cameras and sensors to collect more data. This would result in expanding opportunities for solution providers in collecting data and the overall market.
The COVID-19 outbreak has positively impacted the already-competitive telecom markets. While the coronavirus outbreak worldwide delayed the fifth generation (5G) mobile service, factors such as the economical setback, including many lost jobs, downward discretionary income, and the massive leap people took to make a living online, contributed to the market upend.
With increasing transformations in the IT & telecom industry and digital transformation of the economy itself, the cybersecurity risk is rising across industry verticals. Also, the Coronavirus pandemic has fostered digitization and automation across the manufacturing sectors globally. Many organizations digitized their business processes, including supply chain & product management, sales & marketing, and others.
The automation has further increased the need for cloud-based 5G-enabled IoT apps and services, which is, in turn, projected to boot the 5G IoT market share. The 5G IoT market is witnessing a constant uptick over the past few months, and also solution providers are increasing investments to foster R&D activities to develop 5G-enabled IoT solutions.
Smart cities have become a major trend in IoT over recent years as metro areas worldwide enhance indoor and outdoor connectivity, equipping sensors to collect data and gain insights to better manage assets, resources, and services. Existing 4G networks are limited in their support, high power consumption, and high price per bit.
5G, on the other hand, would expedite smart city applications by addressing these issues and harnessing the newly captured data to improve city operations. Therefore, smart cities and connected communities are going to need the 5G technology more.
Conversely, 5G IoT security privacy issues are projected to hamper the market growth. As the 5G implementations increase, the need for good security would become even more critical. Major telecom service providers, such as Verizon, AT&T, T-Mobile, JiO, and Vodafone, have been bolstering their next-generation networks with added encryption and additional defenses.
But 5G, unlike previous iterations of cellular technology, will be made up of a mostly software-based network, so securing 5G is a different kind of endeavor. The applications that can ride on top of the 5G network, such as IoT and smart city apps, would also require additional security layers to the new devices and connections joining the network.
The 5G IoT market is segmented into type, service, technology, vertical, and region. The type segment is sub-segmented into short-range IoT devices and wide-range IoT devices. The service segment is sub-segmented into enhanced mobile broadband [eMBB], ultra-reliable low latency communications [URLLC], and massive machine-type communications [mMTC].
The technology segment is sub-segmented into 5G new radio [NR] standalone architecture and 5G new radio [NR] non-standalone architecture. The vertical segment is sub-segmented into consumer electronics, automotive, railway, mining, utilities, healthcare, agriculture, manufacturing, and others.
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By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
North America is projected to dominate the global 5G IoT market. The presence of a large number of providers of 5G IoT services, 5G and IoT technology, 5G IoT sensors, and 5G IoT security privacy would drive the growth of the market in the region. Besides, increased demand for 5G IoT services across industry verticals and Internet connectivity with high reliability in this region is estimated to boost the market growth.
Europe is expected to acquire the second position in the global 5G IoT market. The market rise is predicted to be driven by the rising adoption of 5G-enabled IoT systems by manufacturing companies. Additionally, the rapid adoption of Internet-connected devices and the presence of key technology providers contribute to the regional market growth. Also, substantial R&D investments made by telcos to advance 5G technology, spectrum licenses, and essential infrastructure for network connectivity propel the regional market growth. Rapid developments in the automotive sector, such as driverless vehicles, driver assistance systems (DAS), boost the market demand.
The Asia Pacific region is anticipated to emerge as a profitable market for 5G IoT solutions globally. Increasing focus on improving internet connectivity and high R&D investment are the major factors projected to influence market growth in the region.
Furthermore, technical expertise, the strong presence of key players, and increased industrialization would foster the growth of the market. Moreover, the rising demand for 5G IoT services in emerging countries such as South Korea and Japan is likely to boost the region’s 5g IoT market share during the assessment period.
The 5G IoT market is expected to witness significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jan. 29, 2021, Cavli Wireless announced its partnership with GCT Semiconductor to license chipsets and industry-grade manufacturing of LPWAN, LTE, and 5G IoT modules in India to power IoT applications in smart cities, automotive, energy & utilities, manufacturing, healthcare, and agriculture sectors across the globe.
Key players involved in the market are Nokia (Finland), Telefonaktiebolaget LM Ericsson (Sweden), Huawei Technologies Co., Ltd. (China), Verizon (US), AT&T (US), T-Mobile USA, Inc. (US), BT (UK), Telefonica S.A (Spain), Vodafone Limited (UK), Etisalat (UAE), Telstra Group (Australia), Qualcomm Technologies, Inc. (US), Bell Canada (Canada), Sierra Wireless (Canada), Rogers Communications Inc. (Canada), and Singtel (Singapore), among others.
Global 5G Technology Market: By Communication Infrastructure (Small Cell, Macro Cell, Radio Access Network and Distributed Antenna System), By Services (Professional Services and Managed Services), By Network Technology (Software-Defined Networking, Network Function, Virtualization, Mobile Edge Computing and Fog Computing), By Chipset Type ( Application-Specific Integrated Circuit (ASIC), Radio Frequency Integrated Circuit (FRIC), Millimeter Wave Technology Chips and Field Programmable Gate Array (FPGA) and By Application (Automotive, Energy and Utilities, Healthcare, Retail, Industrial Automation, Consumer Electronics and Others) – Forecast till 2025
Global 5G Processor Market Research Report: By Spectrum (Gigabit LTE, nature, mmWave) and By End User (Telecommunication, Manufacturing, IoT, Automotive, Consumers, Others) – Forecast to 2025
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