The need for 5G technology is growing at a rapid pace with the increasing volume of data around the world. 5G refers to a new communication system consisting mostly of a New Radio framework and an all in all new core network that is aimed at improving wireless connectivity across the globe. Also, 5g technology incorporates the concept of multiple access for technologies such as satellites, Wi-Fi, fixed-line, and cellular connectivity.
The existing 3G and 4G technologies do not meet the requirement of IoT as they do not work efficiently on big data. Thus, 5G as a foundation is required for utilizing IoT to its full potential. 5G has various features such as low latency, fast downloads, ubiquitous coverage, and high speed connectivity. To manage people, product, process, and infrastructure, many organizations make use of 5G IoT solutions in order to reduce organizational expenses and improve network operations. The demand for 5G IoT technology is increasing due to the growing development of IoT devices and agile networks.
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COVID-19 Impact on 5G IoT Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global 5G IoT market growth. A number of communication service providers (CSPs) all over the world started experimenting and rolling out of 5G networks in the year 2019. In addition, various countries were busy with infrastructure contracts, spectrum auctions, and other preliminary activities in preparation for the rollouts. However, the 5g IoT industry witnessed some impact on both 5G readiness and 5G rollouts by 2020. The negative 5G IoT market growth is majorly due to the lockdown imposed by governments, and stoppage or delay in spectrum auctions and infrastructure contracts. Some governments have postponed spectrum auctions, others have enacted laws governing spend prioritization.
However, as the economy is slowly recovering from the COVID-19 scenario, CSPs are anticipated to invest in service offerings that will allow new methods of working across various industries. Moreover, there will be a renewed focus on augmented reality/virtual reality, IoT, SD-WAN, and other related technologies, which help the market to witness substantial growth in the coming future.
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5G IoT Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global 5G IoT market growth in the upcoming years.
For instance, in September 2019, ZTE Corporation, a global leader in telecommunications and information technology, along with Haier AC and China Telecom, has released the industry's first 5G NarrowBand-Internet of Things (NB-IoT) based shared air-conditioner integrated control standard. This standard has set a benchmark for the centralized control operation of the sharing economy in the home appliance industry.
In December 2020, Nokia Corporation, a leading multinational telecommunications, consumer electronics, and information technology company extended its partnership with the American telecoms major, AT&T Inc. in order to provide enhanced IoT connectivity to enterprise customers across the globe on the next generation 5G network.
In January 2021, AT&T, an American multinational conglomerate holding company, announced the launch of its 5G+ services in some popular venues and areas across Tampa, such as Raymond James stadium, Channel District, and Tampa International Airport in the US.
Forecast Analysis of Global Market
The global 5G IoT market is projected to witness an exponential growth over the forecast period, owing to the rising demand for private 5G network among various industries across the globe. Conversely, the high costs required in the upgradation of the existing infrastructure of LTE to 5G is expected to hamper the market growth in the projected timeframe.
The rising utility of IoT devices among manufacturing industries and the growing adoption of machine to machine (M2M) communications are the significant factors and 5G IoT market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global 5G IoT market is expected to garner $12,556.5 million during the forecast period (2021-2028). Regionally, the Asia-Pacific 5G IoT market is estimated to observe the rapid growth by 2028, owing to the growing deployment of 4G and 5G networks throughout the regions, especially in countries like Japan, India, South Korea, China, and Singapore that presents remarkable prospects for the adoption of 5G IoT services.
The key players functioning in the global market include Sierra Wireless, Fibocom Wireless, Huawei Technologies Co Ltd, Sunsea AIoT, Telit, Qualcomm, Quectel Wireless, Thales Group, SEQUANS, and Rolling Wireless.
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