The global 5G IoT market is predicted to develop at a healthy CAGR during the forecast period
(2020- 2027), states the latest Market Research Future (MRFR) report.
By service, the global 5G IoT market is segmented into massive machine-type communication (mMTC), ultra-reliable low latency communications (URLLC), and enhanced mobile broadband (eMBB).
By technology, the 5G new radio (NR) standalone architecture will lead the market over the forecast period as this allows mobile network operators in using their existing core network rather than deploying new set of technologies for the 5G services.
By type, the wide-range IoT devices will dominate the market over the forecast period for the increasing use of smart wearable devices, asset tracking applications, smart manufacturing, smart metering, and increasing initiatives in smart city projects from governments.
By vertical, the consumer electronics and manufacturing verticals will spearhead the market over the forecast period for the increasing adoption among manufacturing organizations and increasing adoption of connected devices.
Increased Need of IoT in Autonomous Sector to Boost Market Growth
The increased need of IoT in the autonomous sector is predicted to boost market growth over the forecast period. As autonomous vehicles, progress from testing to commercial deployment, the demand for 5G IoT devices will add to the market growth. Simultaneously, incumbents in the utility and energy industries are eager in embracing the latest technologies in simplifying energy generation and distribution processes that is likely to drive demand for IoT devices which support next-generation frequencies to offer improved performance. Besides, the low latency 5G networks and high reliability networks may also add market growth.
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Growing Demand for New Emerging Use Cases to offer Robust Opportunities
The growing need for new emerging use cases like industrial automation, connected cars, telemedicine, and smart grid to offer robust opportunities for the market over the forecast period.
Lack of Standardization to act as Market Restraint
The lack of standardization in IoT protocols to act as a market restraint over the forecast period.
Concerns over Security to act as Market Challenge
The increase in concerns over data security and privacy, risk of uncertainty in terms of Rois, and delay in spectrum harmonization across geographies may act as market challenges over the forecast period.
COVID-19 has affected every segment of society, including businesses and individuals. During this crisis, the telecom sector is playing a crucial role across the globe for supporting the digital infrastructure of countries. Every government and individual regardless of provinces, local, central, state, and federal has been in constant touch with each other in the society for offering and getting real-time information on COVID-19. All this is adding to the market growth.
North America to Have Lions Share in 5G IoT Market
North America will have lions share in the market over the forecast period. Increasing adoption in the US, rising demand for internet connectivity with high reliability, rapid adoption of internet-connected devices, the presence of major players, and increasing investments in RD are adding to the global 5G IoT market growth in the region.
Eminent players profiled in the global 5G IoT market report include Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co., Ltd. (China), ATT (US), Verizon (US), T-Mobile USA, INC (US), Telefónica S.A (Spain), BT (UK), Vodafone Limited (UK), Telstra Group (Australia), Etisalat (UAE), Qualcomm Technologies, Inc. (US), Sierra Wireless (Canada), Bell Canada (Canada), Singtel (Singapore), and Rogers Communications Inc. (Canada).
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5G IoT Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East Africa, and South America)—Forecast till 2030
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