5G IoT Market Research Report Outlook, Strategies, Industry Analysis, Future Scope, Key Drivers and Forecast To 2027
Market Overview
The global 5G IoT market is not just growing but proliferating rapidly. Market growth attributes to the rising demand for Internet connectivity with high reliability. Besides, the growing use of Internet-connected devices and government initiatives for smart cities drive the market demand. Moreover, the continually rising demand for connectivity with low latency and higher download & upload speeds over the mobile network escalate market growth.
According to Market Research Future (MRFR), the global 5G IoT market is projected to garner a valuation of approximately USD 7.9 BN by 2027 at a massive CAGR of 53% throughout the assessment period (2020 – 2027). The rising adoption of cloud-based services and demand for expanded access to 5G IoT ultra wideband service performance is growing rapidly.
Due to the recent coronavirus outbreak, the global telecom industry reportedly has faced major delays in the launch of fifth-generation mobile services. Additionally, the regulatory timelines lag and delayed issuance of spectrum and auctions have increased the market demand exponentially. Furthermore, lockdowns and movement restrictions have affected the business operations of equipment manufacturers leading to a shortage of components.
Most countries have postponed their expenditure plans for later, which, in turn, affect the consumers and business organizations, presenting limited/unavailability of network service challenges. Additionally, the high cost associated with the implementation of the 5G infrastructure acts as a major headwind for the growth of the market.
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Segmental Analysis
The report is segmented into five dynamics;
By Service: Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency Communications (URLLC), and Massive Machine-Type Communications (mMTC).
By Technology: 5G New Radio (NR) Standalone Architecture and 5G New Radio (NR) Non-Standalone Architecture.
By Type: Short-Range IoT Devices and Wide-Range IoT Devices.
By Vertical: Consumer Electronics, Automotive, Railway, Mining, Utilities, Healthcare, Agriculture, Manufacturing, and others.
By Regions : Europe, Americas, APAC, and Rest of the World.
Regional Analysis
North America dominates the global 5G IoT technology market. The largest market share attributes to the increase in the demand for 5G IoT services across industry verticals in this region. Besides, the rising demand for Internet connectivity with high reliability and the rapid adoption of Internet-connected devices drive the regional market's growth. Moreover, the presence of key technology providers, such as AT&T (US), T-Mobile USA, Verizon (US), and others, contributes to the regional market growth.
Substantial R&D investments by key players to advance 5G technology, spectrum licenses, and essential infrastructure for network connectivity in the region further propel the market growth. The US, followed by Canada and Mexico, hold considerable shares in the regional market. Also, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate market growth.
Europe stands second in the global 5G IoT technology market. Market growth is driven by the increasing adoption of IoT technologies in the manufacturing sector. Additionally, rapid developments in the automotive sector, such as trials being conducted for driverless vehicles, boost the market demand. Rigorous R & D activities in the region and ongoing customer trials in countries such as the UK, Germany, and France positively contribute to market growth.
The Asia Pacific region is a promising market for 5G IoT services. Factors such as the increasing focus on improving connectivity and high R&D investment in the region influence market growth. Furthermore, technical expertise, strong presence of key players, and increased industrialization foster the growth of the market. Moreover, the rising demand for 5G IoT services in emerging countries such as South Korea and Japan propels the growth of the regional market.
Key Players
Highly competitive, the global 5G IoT technology market appears fragmented due to the presence of several major technology providers. To gain a substantially larger market share, 5G IoT technology providers adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launch. Technology providers make substantial investments in transforming the consumer and business landscape in the future.
Major Players:
Players leading the global 5G IoT market include Nokia (Finland), Telefonaktiebolaget LM Ericsson (Sweden), Huawei Technologies Co., Ltd. (China), T-Mobile USA, INC (US), AT&T (US), Verizon (US), Telefónica S.A (Spain), Vodafone Limited (UK), BT (UK), Telstra Group (Australia), Sierra Wireless (Canada), Etisalat (UAE), Qualcomm Technologies, Inc. (US), Bell Canada (Canada), Singtel (Singapore), and Rogers Communications Inc. (Canada), among others.
Industry/ Innovation/ Related News
November 14, 2020 ---- Oman ministry of finance (MoF) announced its partnership with Swedish telecommunications company Ericsson to develop the 5G IoT Center. MoF, in partnership with Ericsson, would open a center of excellence (CoE) to explore the full potential of telecoms technologies and facilitate 5G and IoT in the country. The MoF also signed a cooperation program with the Ministry of Higher Education, Research and Innovation, and operator Omantel to establish the CoE to diversify its economy.
Ericsson would give technical support and conduct training & mentoring programs for telecom community members, university students, and researchers & innovators. It would also support the research project developments with5G and IoT applications, keeping pace with global developments in telecommunications technology and IoT.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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