5G IoT Market Size, Share & Industry Analysis, By Technology (5G New Radio Standalone Architecture, 5G New Radio Non-Standalone Architecture), By Type (Short-Range IoT devices, Wide-Range IoT devices), By Industry (Manufacturing, Government, Energy and Utilities, Transportation and Logistics, Aviation, Others (Mining)) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
5G IoT will be adopted rapidly in order improved connectivity, high latency among others. The combination IoT and 5G will help overcome all the obstacles in every industrial sector.
Manufacturing sector is expected to undergo an evolution post adoption of 5G IoT. Rising adoption of Industry 4.0 in manufacturing to improve operation cycle and production process, connectivity is major thing for continuous workflow integrated with technology. The connectivity issue will resolve with the emerging 5G network solution. For instance-
Key Market Driver -
• Increased investments in IoT and 5G deployments drives the market growth. • Increased adoption of Industry 4.0, rises demand for high internet connectivity infrastructure supporting market growth.
Key Market Restraint -
• High implementation costs for 5G infrastructure will hinder market growth.
There is continuous requirement of proper bandwidth for data generation through devices and sensors connected in industry. Further, for real time communications between machines in manufacturing ultra-low latency communication is very important. Therefore, requirement of improved connectivity in manufacturing industry is expected to drive 5G IoT market in coming years.
Key Players Covered:
Some of the key players in the 5G IoT market are Telefonaktiebolaget LM Ericsson, Nokia, Huawei Technologies Co., Ltd, Qualcomm Technologies, Inc., BT, AT&T Intellectual Property, Juniper Networks, Inc., Bell Canada and others.
Nokia has announced a strategic partnership to introduce 5G and IoT in Japan. Nokia’s partnership with key industrial leaders to deliver industrial grade private wireless solutions will ensure a digital transformation of enterprises. Nokia partnership ecosystem include leading companies of five industries from multiple segments - NS Solutions Corporation for factory IoT, Marubeni Corporation for global IOT, Equinix, Inc. for global data centers and multi clouds, Internet Initiative Japan Inc. for full MVNO and Hitachi Kokusai Electric Inc. for smart cities and smart infrastructure with video solutions. This will expand enterprise’s footprint to support and embrace Industry 4.0.
BT and Telefonaktiebolaget LM Ericsson has partnered to deliver cloud native dual-mode 5G core. Telefonaktiebolaget LM Ericsson will deploy cloud native, Mobile Packet core, container based 4G and 5G Standalone and Non-Standalone Services with BT. This 5G services will be deployed on BT’s Cloud. This partnership will open opportunities for new use cases with industry partners and enterprise for BT and meet the increasing demand of mobile broadband to its customers.
Regional Analysis
North America is expected to lead in 5G IoT market. According to report published in 2019 – 5G – The future of IoT the United States has spent US$192 billion in 2019 on IoT supporting market growth. Additionally, according to the same white paper America is global leader in undertaking the Smart Projects in 2018 in area of connected help with 55 percent. Furthermore, it is projected that North America will have 24% of the connections on 5G by 2022 which will be expected to rise up to 46% by 2025 i.e. approx. 200 million 5G connections. This shows America is dominant in this market.
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Asia Pacific is anticipated to shows a tremendous growth in the market. China has invested around US$182 billion on IoT, followed by Japan (US$65 billion) as stated in the white paper 5G – the future of IoT in 2019. Additionally, as stated by the reports of GSMA 2019, mobile operators will invest USD 570 billion on 5G deployments. Furthermore, around 370 million new mobile subscribers will be added from Asia Pacific which will contribute half the mobile subscribers worldwide. Asia Pacific, rapid developing region has been adopting Industry 4.0 on larger extent. This increases the demand of high-internet connectivity infrastructure which lead to adoption of 5G IoT in various industrial sectors.
Segmentation
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Key Industry Developments
- January 2020 - Inseego Corp. announced its next-generation 5G Product portfolio CES 2020. Inseego Corp. leverages new Qualcomm Snapdragon X55 5G modem. The product portfolio includes new industrial IoT, fixed wireless access and mobile broadband product lines. Inseego Corp. will build faster, smarter, innovative, smaller solutions and devices that deliver industry-leading 5G performance.
- February 2020 – Cisco Sytems Inc. has made advancements in IoT portfolio and innovates in cellular IoT Connectivity Management with machine learning and 5G readiness. Latest cellular IoT offerings include new wireless technologies such 5G and Wi-fi 6 leading to more devices and new advanced industrial IoT use cases. The cellular IoT offerings will be deployed in utilities and transportation industries, connected cars with Wi-Fi 6 and 5G on the IoT adoption will grow faster.
- Ongoing
- 2023
- 2019-2022
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