5G IoT Market - Growth, Trends, and Forecast (2022 - 2027)

5G IoT Market - Growth, Trends, and Forecast (2022 - 2027)

The 5G IoT Market was valued at XX billion in 2019, and it is expected to reach USD XX billion by 2025, at a CAGR of XX, over the forecast period 2020-2025. 5G is essential to the Internet of Things because of the need for a faster network with higher capacity that can serve connectivity needs. The 5G spectrum increases the frequencies on which cellular technologies will transfer data. This broader spectrum available for use increases the overall bandwidth of mobile networks, allowing for additional devices to connect.

Key Highlights

• 5G will enable the users to control more devices remotely in applications where real-time network performance is critical, such as remote control of heavy machinery in hazardous environments, thereby improving worker safety, and even remote surgery. One of the most significant impacts for business will be the ability of 5G to handle massive data volumes with high transaction rates from remote and mobile locations.
• The majority of healthcare professionals surveyed (73%) expect next-generation mobile networks (5G) to allow them to implement new services and products that will improve quality of life for the general public, according to the survey conducted by Ericsson in 2019. This resulted mainly in the potential usage of the technology in remote robotic surgery, where it can improve patient outcomes and reduce costs.
• Other use cases of 5G technology in IoT are Industry 4.0 applications for future factory automation, Intelligent Traffic Systems (ITS) for autonomous vehicles, eHealth for smart medicines along with wireless modules, and smart energy with the IoT as the driving technology for communication over complex Smart Grids.
• The first 5G standards release contains many of the critical features that will underpin the industrial IoT segment, including flexible numerology and ultra-low latency. However, while the foundational capabilities are in place, the first commercial 5G networks are being deployed for mobile broadband. They do not support all the advanced features needed for cyber-physical industrial communications networks. To address this, there is an enormous amount of work underway in the next 5G specification release is expected at the end of 2020.
• With the outbreak of COVID-19, almost two million patients are affected as in April 2020, and to prevent the spread of the virus to the medical staff; remote treatments could be conducted from far away, which requires IoT technology with low latency and this where 5G IoT can come into the picture. However, the technology used for the practice is limited as of now, but 5G IoT could play a significant role in the future to conduct remote surgeries and treatments from a distance without the requirement of being close by to the patient.
• In April 2020, AT&T provided Internet of Things (IoT) connectivity for XENEX’s coronavirus-killing robots, which are being deployed in new hospitals daily. The San Antonio-based start-up developed the LightStrike Germ-Zapping Robots that use UV light to automate the cleaning of hospital rooms and increase safety for patients and staff and free up time for overstretched hospital staff. Depolyment of 5G IoT in this scenarios could significantly increase the efficiency of the robots.

Key Market TrendsAutomotive Industry is expected to witness significant growth rate

• Autonomous cars will take some time from widespread deployment, but connected cars are witnessing significant developments. The modern automobile is fast becoming a sensor-driven mobile Internet of Things device, with considerable onboard computing power and communication systems devoted to three broad areas, which include vehicle location, driver behavior, engine diagnostics, and vehicle activity; the surrounding environment; and the vehicle’s occupants. All of these systems use cellular and increasingly 5G technology, among others.
• 3GPP Release 16, which is expected to be finalized by the end of 2020, is an important milestone because it completes phase 2 of the 5G specification, catering for standalone networks that deliver enhanced not only mobile broadband (eMBB) but also ultra-reliable low-latency communication (URLLC) and massive machine-type communication (mMTC). Rel 16 even includes specifications around cellular V2X (C-V2X), covering applications such as platooning, extended sensors, automated and remote driving.
• Major development is underway on Rel 17, which will include enhancements to low-power wide-area connectivity (NB-IoT); a new feature called NR Light, which will cater for low-power/high-bandwidth wearable and IoT devices; support for millimeter-wave spectrum above 52.6GHz; MIMO enhancements; and support for non-terrestrial satellite networks. This is expected to enhance further the development of connected vehicles, which serves as next-generation upgradation to the automotive industry.

North America is expected to hold major share

• North America is expected to hold significant share during the forecast period as the majority of the mobile operates in the United States such as AT&T, Verizon and T-Mobile rolled out 5G technology in the majority of the regions and the companies in the area are even working on mass the deployment of NB-IoT network. In April 2019, AT&T launched the NarrowBand Internet of Things (NB-IoT) network in the United States. This network is expected to provide a wave of IoT connections, and it’s a big step toward massive IoT and 5G.
• In August 2019, T-Mobile opened its new device lab, a 20,000 square foot facility built to test smartphones and any other devices that connect to the Un-carrier’s network using any technology available, which includes 5G, 4G LTE, 3G, LAA, Narrowband IoT and more. In December 2019, Verizon used the AWS Wavelength, which is a platform is designed to let developers build super-low-latency apps for 5G devices where the potential uses include things like smart cars, IoT devices, AR/VR.
• With the outbreak of COVID-19 in the region, everything moved to online, from elementary schools to college classes, from entire company workforces to shareholder meetings. Moreover, the social distancing required to mitigate the spread going to become the business case for more advanced and robust 5G IoT technologies for a future in which business, health care, and human interaction must take place more than an arm’s length.

Competitive Landscape

The 5G IoT market is quite consolidated as is still most of the companies are still continuing to perform various research initiatives, and many countries are yet to witness the adoption of 5G technology. Nokia Corporation, AT&T Inc., and Huawei Technologies Co Ltd some of the major players operating in the low light imaging market. Most of these players in the market continually innovating and developing technologically advanced 5G IoT solutions to be deployed commercially.

• September 2019 - ZTE Corporation, together with China Telecom and Haier AC, has released the industry's first 5G NB-IoT-based shared air-conditioner centralized control standard. This standard specifies the technical requirements of centralized control of shared air-conditioners, setting a benchmark for the centralized control operation of the sharing economy in the home appliance industry.
• March 2020 - Nokia announced that it is evolving its Worldwide IoT Network Grid (WING) managed service with 5G and edge capabilities. The upgrade enables operators in offering 5G IoT services without having to make investment in global infrastructure. WING helps operators capture new IoT market share without having to make investments in infrastructure due to the pay-as-you-go business model that allows the scaling of 5G IoT services faster and cost-effectively.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Nokia Corporation
AT&T Inc.
Huawei Technologies Co Ltd
Telefonaktiebolaget LM Ericsson
ZTE Corporation
Cisco Systems Inc
Deutsche Telekom AG (T
Mobile)
Verizon Communication Inc
Sprint Corp
Vodafone Group PLC

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