5G in IOT Market - Forecasts from 2023 to 2028

The 5G in IoT market is expected to grow at a CAGR of 48.66% during the forecast period.

GROWTH DRIVERS

INITIATIVES IN THE MOBILE AND AVIATION INDUSTRIES WITH 5G IOT

The growth drivers for 5G in IoT market are increased mobile data traffic, a massive 5G IoT ecosystem, wireless technologies, and predictive maintenance. 5G and IoT markets are witnessing various innovations and collaborations from different industry players, enabling various use cases and benefits for enterprises and consumers related to 5G in IoT field.

For instance, as per the news articles, in May 2023, the world’s first 5G commercial service that enables cross-network roaming will be jointly launched by the four major telecom operators in China in Xinjiang. This service will enable users to connect to the 5G networks of other telecom operators when their own operator’s 5G network is unavailable in a certain area.

In another instance, in May 2023, the Ministry of Industry and Information Technology (MIIT) of China granted permission for China Mobile's testing of the technology model “5G air-to-ground (5G-ATG)”, which enables users to connect to the internet while flying. According to the press release by MIIT, 5G-ATG is a unique way to achieve high-quality internet in the air and a new business use case for 5G that combines various emerging technologies in the aviation internet sector.

EMERGING OPPORTUNITIES FOR 5G IN IOT MARKET

SOLUTION AND SERVICES

The growth of 5G in IoT market is influenced by several factors, such as the increasing demand for mobile data traffic, the development of a massive 5G IoT ecosystem and critical communication services, the advancement of wireless technologies such as NB-IoT and mMTC, and the adoption of technologies like predictive maintenance and data analytics in the manufacturing sector.

By component, the 5G in IoT market is segmented into solutions and services. These segments of the 5G in solutions and services segments are anticipated to grow significantly in the future due to the increase of innovations, initiatives, and collaborations that are taking place in the 5G IoT sector. For instance,

• In January 2023, as per the press releases, Adora Cruises, China Telecom Corp Ltd Shanghai Branch, and CSSC Carnival Cruise Shipping Ltd's cruise brand are collaborating to launch the world's first 5G-enabled cruise ship later this year in China. This collaboration between Adora and China Telecom is noteworthy as it marks the first attempt. A 5G network has been implemented on a cruise ship, raising the bar for connectivity and convenience.
• In October 2022, Telecom Infra Project (TIP) announced that the Metaverse-Ready Networks Project Group was established to enable network readiness for metaverse experiences. This working group will have Telefonica, Meta, T-Mobile, Sparkle (Telecom Italia), and Microsoft as the initial co-leaders. It will work on creating industry-wide network capabilities, specific APIs, and mechanisms that can provide end-to-end (E2E) connectivity for immersive applications at a large scale.
• In February 2018, Ericsson announced a strategic cooperation framework agreement signed by the company and China Mobile to explore IoT opportunities in industry and enterprises, especially in Industry 4.0. Ericsson and China Mobile are collaborating to establish an Industry IoT Cooperation Center for designing and developing IoT connectivity and IoT ecosystem solutions in manufacturing, health, industry, and intelligent transportation. They will also collaborate in 5G standardization, 5G networks, and 5G-enabled use cases for industries. This partnership aims to generate more demand for 5G-enabled IoT devices and services in the industrial sector and foster innovation and competitiveness in the global market.

GEOGRAPHICAL PRESENCE

The global 5G in IoT market comprises some major countries undertaking steps to secure their 5G network. Americas is expected to witness a higher CAGR during the forecasted period. In addition, some major countries include the USA, Japan, South Korea, China, United Kingdom, and Germany. The nations have undertaken various measures which have complemented the overall market growth. For instance,

• In March 2023, in the United States, Verizon stated that it is offering private wireless network solutions during this year's Formula 1 Crypto.com Miami Grand Prix. In addition, Verizon will deploy a portable private wireless network during the race to demonstrate various real-time communications tools that can be utilized in racing, such as race team communications and venue management.
• In February 2023, in France, ArcelorMittal France launched ‘5G Steel’, the largest 4G/5G private network in an industrial setting. The network, implemented by Ericsson and Orange Business, will help improve sustainability and lower carbon emissions at the steel plant by using applications to measure steel density and composition and perform inspections and safety audits.

MAJOR PLAYERS IN THE MARKET

Some of the leading players in the market include Ericsson, Quectel Wireless Solutions Co., Ltd, and Nokia, among others. The product offerings of the major corporation include the following:

• Ericsson product Connected Vehicle Cloud is supported by both 4G and 5G networks. Using cloud and connectivity technologies, the connected vehicle cloud is a platform that allows automakers to provide linked services like telematics, infotainment, navigation, etc., to consumers. Both 4G and 5G networks are supported.
• Ericsson’s IoT Accelerator is compatible with several connectivity standards, including 5G. Using a single SIM orchestration platform, the Ericsson IoT Accelerator platform enables businesses to quickly install, manage, and expand their global IoT company. It is compatible with several connectivity standards, including 5G.
• Nokia product Nokia Worldwide IoT Network Grid (WING) supports 5G IoT services. Provides managed IoT connectivity with guaranteed service levels for operators and businesses. Nokia Worldwide IoT Network Grid (WING) is a cloud-native, globally distributed IoT core. It enables operators to provide the largest global IoT infrastructure footprint currently available, with regional breakouts for legal compliance and minimal latency. Additionally, it supports 5G IoT services and adaptable pay-as-you-go business models.
• Quectel Wireless Solutions Co., Ltd product 5G RG500L series is backward compatible with 4G and 3G networks. These 5G sub-6GHz LGA form factor modules are designed for IoT and eMBB applications. Additionally, it is backward compatible with 4G and 3G networks and assists both 5G NSA and SA modes. Additionally, it offers GNSS positioning and optional VoLTE voice service.
• Fibocom Wireless Inc. product FM160 5G Module which provides easily transition between the present and next product lines through this 5G module. To facilitate the swift implementation of 5G IoT Applications by our industry customers, the design of the module's RF, baseband, antenna interface, and software control instructions and characteristics are compatible across product lines.

SEGMENTATION

By Component

• Solutions
• Services

By Enterprise Size

• Small & Medium
• Large

By Network Type

• Standalone
• Non-Standalone

By End User

• Manufacturing
• Healthcare
• Energy and Utilities
• Automotive and Transportation
• Others

By Geography

• Americas
• USA
• Others
• EMEA
• Germany
• UK
• Others
• APAC
• China
• Japan
• South Korea
• Others