The global 5G Internet of Things (IoT) market is expected to witness significant growth from 2021 to 2028. The growth can be attributed to the strong emphasis enterprises are putting on implementing Industry 4.0 as part of the efforts to increase the efficiency of the industrial sector.
5G industrial IoT devices ensure seamless connectivity between machines, automated guided vehicles (AGVs), and other sensing devices. As of 2018, there were around 7 billion active IoT devices deployed worldwide. The number is estimated to reach approximately 9 billion by 2020 and surpass 25 billion by 2027 in line with the growing IT industry and the continued rollout of smart city projects in various parts of the world. Seamless and uninterrupted data connectivity would be of paramount importance as the aggressive adoption of IoT technology by incumbents of various industries and industry verticals continue to trigger the volumes of data being exchanged and subsequently the data traffic.
The demand for 5G IoT devices is expected to increase over the forecast period as autonomous vehicles move on from the testing phase to commercial implementation. At the same time, incumbents of the energy & utility industry remain keen on adopting the latest technologies to automate the energy generation and distribution processes, which is expected to trigger the need for IoT devices supporting the next-generation frequencies to deliver improved performance.
The 5G IoT market has been segmented based on component type, use cases, vertical, and region.
Component Type: IoT Devices, Software Platform and Services: Integration and Installation, Network Connectivity Services, Training, Support, and Maintenance
Use Cases: Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency (uRLLC), Massive Machine Type Communication (mMTC)
Vertical: Manufacturing, Smart Cities, Energy & Utilities, Transportation & Logistics, Enterprises/Corporates, Smart Homes, Healthcare, Oil & Gas, Mining, and others.
Region: North America: - U.S., Canada; Europe: - Germany, U.K., France, Italy; Asia Pacific: - China, India, Japan, South Korea; Latin America: - Brazil, Mexico; and Middle East & Africa (MEA)
Based on component type, the IoT devices segment is expected to gain a robust market share in the global market over the forecast period. The growth can be attributed to the spiraling demand for IoT device modules across several industries and industry verticals, including manufacturing, energy & utilities, transportation & logistics, and smart cities, among others.
Based on vertical, the manufacturing industry is expected to exhibit significant adoption of 5G IoT devices in line with the growing preference for digital manufacturing and industrial automation across the globe.
North America is expected to dominate the global 5G IoT market in 2021. North America is home to several large IoT device and module manufacturers, software platform providers, and 5G network providers. On the other hand, as advances in technology are prompting the incumbents of various industries and industry verticals, including manufacturing, energy & utilities, and oil & gas, among others to invest aggressively in the latest technologies, several governments in the region are contemplating smart cities projects, which bodes well for the growth of the regional market over the forecast period. At the same time, the Asia Pacific and Europe regional markets are also expected to exhibit significant growth in terms of the adoption of 5G IoT over the forecast period.
Some of the prominent players in the global 5G IoT market include Nokia Corporation; Telefonaktiebolaget LM Ericsson; ZTE Corporation; Huawei Technologies Co., Ltd.; Qualcomm Technologies, Inc.; AT&T Inc.; Verizon Communications; Samsung Electronics Co., Ltd.; T-Mobile US, Inc.; China Mobile Limited, Amazon Web Services, Inc.; Microsoft Corp; Mavenir; BT Group plc; Google Inc.; and Vodafone Group; among others. Key market players are striking strategic partnerships and agreements to deploy 5G network infrastructure for industrial use cases. For instance, in December 2020, Nokia Corporation extended its partnership with AT&T Inc. to provide enhanced IoT connectivity to enterprise customers globally on the next generation 5G network. Prior to that, in November 2020, Nokia Corporation installed a private 5G network for MyOmega Systems GmbH (MYNXG) to enhance and secure the performance of MYNXG’s end-to-end industrial IoT applications.
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