Verified Market Research recently published a report, “5G IoT Market” – according to research, the global 5G IoT market was valued at USD 1.4 billion in 2020 and is projected to reach USD 111.2 billion by 2028, growing at a CAGR of 72.1% from 2021 to 2028.

Global 5G IoT Market Overview

Rising demand for IoT-connected devices, more adoption of mobile broadband as well as growing device-to-device communication, and swift innovation in virtualization in the networking domain are driving the growth of the 5G technology market. 5G provides techniques like network function virtualization and network slicing that help in providing customer-specific networks. Furthermore, 5G networks can offer customized infrastructure for IoT applications to boost the efficiency of the industry. for example, industry 4.0 fully depends on robotics and moving robots to increase the efficiency of the plant.

By the adoption of 5G, connected devices can use a network line with high wireless data transfer that offers real-time information. Moreover, increasing demand for high-reliability and low-latency networks, growing technological advancements, and rising demand for 5G technology in the logistic industry is providing growth opportunities to the market. For instance, the concept of the vehicle to anything and communication has paved the way for connected vehicles and autonomous driving. The low latency capabilities of 5g are uplifting its demand across mandatory applications, and one of the major applications is telemedicine, where hospitals and healthcare providers can access real-time data without any delay.

In addition, high spectrum prices and the threat of cyberattacks can hamper the growth of the market. The chances of cyberattacks are likely to increase with 5G technology. The growing number of connected devices and machines will lead to a rise in security threats, and attackers can take advantage of this security gap, which can adversely affect the growth of the market.

Key Developments

• In January 2021, AT&T launched its 5G+ services in certain popular areas and venues across Tampa, such as Raymond James Stadium, Channel District, and Tampa International Airport in the US.
• In November 2021, CMIoT, a subsidiary of China Mobile Communications Group, introduced an IoT OS called OneOS that supports 5G network standards. It has features such as low energy consumption, cross-platform capability, scalability, and high safety.
• In February 2021, Verizon partnered with Zyter, one of the leading digital health and IoT-enablement platform providers, to aid sports and entertainment venues with 5G experiences.

Key Players 5G IoT market

The major players in the market are Telefonica, SK Telecom, Deutsche Telekom, Ericsson, China Mobile, AT&T, Verizon, T-Mobile, Vodafone, and Orange S.A among others.

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