5G IoT market size to grow from USD 0.7 billion in 2020 to USD 6.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 55.4% during the forecast period.
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According to a new market research report "5G IoT Market by Connection, Radio Technology (5G NR Standalone and 5G NR Non-Standalone Architecture), Range (Short- and Wide-Range IoT Devices), Vertical (Manufacturing, Energy & Utilities, Healthcare, Government), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the 5G IoT Market size is expected to grow from USD 0.7 billion in 2020 to USD 6.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 55.4% during the forecast period.
The adoption rate of 5G connectivity in IoT devices is expected to grow owing to the increase in demand for connected IoT devices.
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Among radio technologies, the 5G NR standalone architecture segment to grow at the highest CAGR during the forecast period
5G NR standalone architecture is a completely new radio network. It mainly comprises 5G RAN and 5G core networks.
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5G NR standalone solutions are expected to be more effective than 5G NR non-standalone solutions. The 5G NR standalone architecture is estimated to show the highest CAGR and expected to witness strong growth characteristics in the coming years.
Among range, the short-range IoT devices segment is expected to grow rapidly and hold the largest market size during the forecast period
Short-range IoT devices have a shorter coverage area as compared to wide-range IoT devices. Short-range IoT devices range from 0 to 150 meters.
Connectivity plays an important role in the IoT ecosystem. Currently, various range of connectivity options is available for IoT stakeholders.
Cellular IoT technologies, such as Cat-M1 and NB-IoT, are gaining traction across industry verticals. Short-range IoT devices need low power and minimal security for surviving in the IoT ecosystem.
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North America is expected to account for the largest market size during the forecast period
North America is the largest contributor to the 5G IoT Market. The top countries contributing to the 5G IoT Market in this region include the US and Canada.
The leading telecom operators, such as AT&T, Verizon, Sprint, Rogers, Bell, and Telus, have announced the deployment of 5G networks. Verizon has planned to roll out 5G services across 30 cities in the US by the end of 2020.
T-Mobile has also announced to launch 5G services in 30 cities. AT&T has already introduced 5G services in 12 cities.
These service providers have collaborated with network enablers such as Ericsson, Nokia, and Samsung, to launch 5G services across the US.
In the 5G IoT Market, the key and emerging market players include Ericsson (Sweden), Nokia (Finland), Huawei (China), AT&T (US), Verizon (US), Sprint (US), Telefónica (Spain), BT Group (UK), Vodafone (UK), Telstra (Australia), Etisalat (UAE), Telus (Canada), Bell Canada (Canada), Singtel (Singapore), and Rogers (Canada). These players have adopted various strategies to grow in the global 5G IoT Market.
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