(MENAFN - GetNews) 5G IoT Market by Component (Hardware, Platform, Connectivity, and Services (Professional and Managed)), Network Type, End User (Manufacturing, Healthcare, Energy and Utilities, and Automotive and Transportation), and Region - Global Forecast to 2026
MarketsandMarkets forecasts the global 5G IoT Market size to grow from USD 2.6 billion in 2021 to USD 40.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 73.0% during the forecast period. A large number of developed countries have successfully laid the test beds for 5G and are expected to roll out 5G within one year. The monetization of 5G is expected to take a couple of years more, as the offloading to 5G connectivity platforms is expected to take some more time. The 5G network would have a dramatic impact on the IoT connectivity network. Currently, Communication Service Providers (CSPs) are delivering IoT connectivity via Cat-M1 and NB-IoT. These technologies enable CSPs to cater to a wide range of application areas across manufacturing, energy and utilities, transportation and logistics, smart city, and healthcare industries. With the growth in application areas, connected IoT devices are expected to burgeon across industries. CSPs are striving to provide improved network coverage for widening the IoT ecosystem. Currently, service providers are deploying cellular IoT networks across the globe.
Connectivity segment to grow at the highest CAGR during the forecast period
5G is the next-generation connectivity technology that would enable a wide range of IoT devices to communicate in short- and long-range distances. It promises higher speed, wider coverage, greater security, and lower latency. It significantly improves the power consumption of IoT devices and supports connectivity for millions of connected devices. 5G has a wide range of use cases across manufacturing, energy and utilities, healthcare, government, automotive, retail, and agriculture. NB-IoT and LTE-M have already started gaining traction, building a strong framework for cellular IoT to support a broad range of IoT use cases such as telemedicine, smart meters, connected cars, fleet management, and smart cities.
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Healthcare is expected to grow at the highest CAGR during the forecast period
5G opportunities in healthcare rely on a combination of massive IoT and enhanced broadband to support telemedicine. 5G IoT improves diagnoses requiring multiple connections at a remote site (patient dialysis at home or remote control of medical equipment). Telemedicine and connected equipment inside hospitals would be possible using 5G. Massive IoT strides were witnessed in 2020. For Instance, Saratoga Hospital in Saratoga Springs, New York, US, was bogged down with administrative tasks such as taking patients vital signs every few hours and manually logging results. To improve clinical outcomes and enhance patient safety, the organization turned to Philips for the IoT-enabled patient monitoring technology.
The key and emerging market players in the 5G IoT market market include China Mobile (China), AT & T (US), Verizon (US), T-Mobile (US), Vodafone (UK), Orange S.A (France), Telefonica (Spain), SK Telecom (South Korea), Deutsche Telekom (Germany),Ericsson(Sweden), Huawei(China), Nokia(Finland), Samsung (South Korea), Cisco(US),NEC(Japan), Sierra Wireless (Canada), Thales(France), Telit(UK), Quectel(China), SIMCom(China), GosuncnWelink(China), Neoway(China), Fibocom(China), u-blox(Switzerland), and Sequans(France).These players have adopted various strategies to grow in the global 5G IoT market market.
China Mobile focuses on Customer, Home, Business, and New (CHBN) markets The organization aims at enabling China with cyber power, digitalization, and smart society by implementing 5G services, which were launched in June 2019, thus connecting all industries and enterprises. China Mobile had launched exclusive plans for 5G customers and feature services, such as ultra-high-definition videos, cloud-based games, and full-screen video connecting tones. CMIoT is a subsidiary of China Mobile Communications Group. It provides IoT-specific solutions and services, such as IoT modules, chips, platforms, and related applications, to a wide range of customers CMIoT designs and operates IoT networks for businesses to connect various applications, including connected cars, smart homes, smart water, and smart meters. The company has developed OneLink, an IIoT card connection management platform, and OneNET, an IoT application open platform.
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AT & T is one of the prominent companies in the communication and entertainment service industry. The company offers products and their related services for voice, video, and broadband connections in domestic and global markets. AT & T offers an end-to-end IoT portfolio. The portfolio comprises network connectivity, platforms, and associated services. The company also offers an extensive range of IoT solutions and services for fleet management, asset tracking, smart cities, connected health, and the industrial sector. It provides advanced connectivity options, such as 5G, 4G, and LTE-M networks. It also provides a control center platform that enables the monitoring of many IoT devices on 5G networks. Its global eSIM works as a connectivity medium for all devices on any cellular network.
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