Growing demand for low latency connectivity is one of the drivers for the 5G IoT market
Ultra-low latency is one of the major factors driving the 5G services market. Latency in computer network refers to the time a data packet takes to travel. Lower latency leads to a higher data transmission rate. The ultra-low latency of 5G is almost 50 times lower than the current 4G network. The 5G technology is expected to provide a latency of 1 millisecond, whereas, in 4G, the latency rate is 50 milliseconds. Because of this, 5G services would be high in demand for industrial applications and connected IoT ecosystems, as these applications and connections need faster and reliable network services.
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Among range, the short-range IoT devices segment is expected to account for the highest market share during the forecast period
The short range IoT devices segment is estimated to show the highest market share in 2020 and expected to witness strong growth characteristics in the coming years. With emerging new application areas, short-range IoT devices need another type of connectivity solution that can fulfill the growing need for data speed. For instance, in-building connectivity devices in manufacturing, healthcare, energy and utilities, and retail sectors demand low latency and high power, which are fulfilled by the 5G network.
Among radio technology, the 5G New Radio (NR) standalone architecture segment is expected to have the highest growth during the forecast period.
The overall adoption of 5G NR standalone architecture is expected to increase during the forecast period, owing to a wide range of functionalities and core features that the architecture provides. The 5G NR standalone solutions have various new built-in capabilities such as network slicing, ultra-low latency, Control and User Plane Separation (CUPS), multi-Gbps support, and virtualization.
Among regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
The large population in APAC has created an extensive pool of mobile subscribers for telecom companies. The region is the largest contributor to the total number of mobile subscribers across the globe and would add more subscribers to its network in the coming years. It is a diversified region that houses a wide range of countries moving toward digital transformation. It is set to dominate the 5G market, due to its size, diversity, and the logical lead taken by countries, including South Korea, China, and Japan.
South Korea, China, and Japan are the prime APAC countries that have started several 5G-related activities. Asian telecom service providers, vendors, and government firms are determined to take the lead in 5G research and deployment.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-Level – 65% and Director Level – 35%
- By Region: North America – 30%, Europe – 35%, APAC – 25%, and RoW – 10%
The key vendors profiled in the report are as follows:
- Ericsson (Sweden)
- Nokia (Finland)
- Huawei (China)
- AT&T (US)
- Verizon (US)
- Sprint (US)
- Telef?nica (Spain)
- BT Group (UK)
- Vodafone (UK)
- Telstra (Australia)
- Etisalat (UAE)
- Telus (Canada)
- Bell Canada (Canada)
- Singtel (Singapore)
- Rogers (Canada)
The 5G IoT market has been segmented based on radio technology, range, verticals, and regions. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global 5G IoT market.
Reasons To Buy the Report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments the 5G IoT market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
- It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
- The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.