5G IoT Market is Expected to Reach $11.35 Billion By 2027 | CAGR: 45.8%
5G IoT market size is expected to reach USD 11.35 billion by 2027 according to a new study by Polaris Market Research. The report “5G IoT Market Share, Size, Trends, Industry Analysis Report, By Radio Technology (5G NR Standalone Architecture and 5G NR Non-Standalone Architecture); By Range (Short Range IoT Devices and Wide Range IoT Devices); By Vertical (Manufacturing, Energy & Utilities, Government, Healthcare, Transportation & Logistics, Mining and Others); By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
5G network provides a smooth communication and networking functions and works under a wireless high-frequency technology. In addition, the technology provides an advanced, improved flexibility of wireless services, higher network speed, and reduced latency. IoT devices such as wireless sensors, computer devices, software, actuators, and others largely depend on prompt communication and data transfer services, which is provided through this technology.
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Moreover, it offers improved flexibility of wireless services and are largely dependent on instant communication & data transfer provided through 5G technology. It plays a vital role in the evolution of communication as well as in the businesses and society in the market. For instance, in order to obtain measurements from a boiler or other equipment in manufacturing industry, 5G IoT offers ultra-reliable communications for several time-sensitive communications processes.
Increased demand for manufacturing & adoption of this technology will not only provide reliable networks but also deliver fantastic secure connection for Industrial IoT by assimilating security into the network architecture. Moreover, factors such as rise in demand for processing of collected data via sensors, analyzing, and real-time tracking of business operations & other activities across several industrial sectors are some of the other factors fueling the market growth. Furthermore, with providing backing operations that require real-time access to data changes instantly and increased demand for ultra-low latency from numerous sectors are some of the factors driving the market growth.
However, lack of research and innovation and high upfront costs for infrastructural establishment are limiting the market growth. On the contrary, consumer landscape and changing business environment are expected to provide lucrative opportunities to the global market in the upcoming years. For instance, in 2019, Microsoft has announced a partnership with AT&T, which is a multinational conglomerate holding company in order to unlock 5G scenarios via its Azure Edge Zones. In addition, the partnership aimed at operating and extending its service using 5G and LTE networks. The Azure Private Edge Zones solutions helps in providing high-security applications such as factory IoT & robotics management, private smart grid for hospitals, among others.
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Market participants such as Anritsu, AT&T, Bell Canada, BT Group, Ericsson, Etisalat, Huawei, Juniper Networks, Inc., Nokia, Palo Alto Networks, Inc., Qualcomm Technologies, Inc., Rogers, Sierra Wireless, Singtel, Sprint, Syniverse Technologies LLC, Telefónica, Telenor Group, Telstra, Telus, Verizon, and Vodafone, among others. are some of the key players operating in the global market.
Key players in the market are focusing on launching new products & developing existing offering and have adopted various strategies to expand their foothold in the market. Also, governments in countries such as U.S., South Korea, China, Japan, among others are expected to largely adopt & implement 5G IoT technology in the coming years. For instance, Nokia and Korea Telecom (KT) has collaborated to conduct trails of 5G NFV and network slicing which will allow to provide innovative services, including virtual reality, smart factory, IoT use cases and connected cars. Qualcomm Technologies, Inc. recently announced 212 LTE IoT modem, single mode, NB2 IoT chipset which allows for less power consumption.
Polaris Market Research has segmented the 5G IoT market report on the basis of radio technology, range, vertical, and region
5G IoT Radio Technology Outlook (Revenue – USD Million)
- 5G NR Standalone Architecture
- 5G NR Non-Standalone Architecture
5G IoT Range Outlook (Revenue – USD Million)
- Short Range IoT Devices
- Wide Range IoT Devices
5G IoT Vertical Outlook (Revenue – USD Million)
- Manufacturing
- Energy and Utilities
- Government
- Healthcare
- Transportation and Logistics
- Mining
- Others
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