The 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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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.
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.
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5G IoT Radio Technology Outlook (Revenue – USD Million, 2020-2027)
- 5G NR Standalone Architecture
- 5G NR Non-Standalone Architecture
5G IoT Range Outlook (Revenue – USD Million, 2020-2027)
- Short Range IoT Devices
- Wide Range IoT Devices
5G IoT Vertical Outlook (Revenue – USD Million, 2020-2027)
- Manufacturing
- Energy and Utilities
- Government
- Healthcare
- Transportation and Logistics
- Mining
- Others
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