January 12, 2021
According to the research report titled ‘Global 5G in IoT Market Size study, by Radio Technology (5G NR Standalone and 5G NR Non-Standalone Architecture), by Range (Short- and Wide-Range IoT Devices), by Vertical (Manufacturing, Energy & Utilities, Healthcare, Government, Transportation, Mining) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global 5G in IoT market was remunerated at USD 0.7 billion in 2019 and is expected to grow with a CAGR of 52.53% during 2020-2027.
Growing adoption of connected devices in several applications including smart meters, industrial manufacturing, automation, and others is primarily driving the growth of global 5G in IoT market. As per report findings, companies such as ABB, Nokia, and Kalmar demonstrated Ultra-Reliable Low Latency Communication (URLLC) based on 5G for smart electricity grids.
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Notably, macro and small cell base stations with edge computing capabilities make up the 5G infrastructure. In 5G, the network functions that usually run on hardware are virtualized, running as software. It involves a wireless high-frequency technology band for uninterrupted communication and networking. 5G reduces latency, enhances flexibility of wireless services, and increases the network speed. Hence, IoT devices rely on fast communication and data transfer that is offered by 5G technology.
Increasing research to develop new variations in order to expand the product portfolio is further augmenting the industry share. Despite the favorable business scenario, availability on online stores is anticipated to hamper the remuneration scale of worldwide 5G in IoT industry over the forecast timespan.
Speaking of the regional landscape, worldwide 5G in IoT market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market forecast presently, on account of rising adoption of connected IoT devices in the region. Citing an instance, Verizon intended to roll out 5G services across 30 cities in the United States by the end of 2020, whereas AT&T Inc. has established 5G services in 12 cities already.
On the other hand, Asia Pacific 5G in IoT industry is poised to gain momentum through 2027, creditable to increased demand for high speed internet connection, and rising disposable income.
Renowned firms in global 5G in IoT market are Telstra Corporation Ltd., Vodafone Group plc, BT Group plc, Telefonica Brasil S.A., Sprint Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Nokia Corporation, and Telefonaktiebolaget LM Ericsson.