Research And Markets, a leading market research hub, has recently released the “5G in IoT by Connectivity, Infrastructure, Sensors, Devices (Type, Sector, Verticals), and Things 2021 – 2026” report.
This report assesses 5G technologies and solutions in support of the Internet of Things (IoT) and includes an evaluation of key solutions. A number of solutions include 5G enabled Mobile Edge Computing (MEC) and managed services for devices and IoT “things.”
Research and Markets also analyzed the impact of 5G in IoT across infrastructure components including hardware, software, processors, embedded devices, and cloud-based service platforms. The report also details relevant forecasts from 2021 through 2026.
Select Report Findings
Research And Market’s report also includes the following findings:
- The 5G in the IoT market will approach $272.4 billion globally by 2026 at 17.6% CAGR.
- 5G and IoT-enabled smart machines will represent a $2.9 billion global opportunity by 2026.
- 5G is a must for in-building private wireless networks in support of ultra-reliable IoT applications.
- By 2026, application revenue for edge computing in 5G will exceed 52% of infrastructure spending.
- Driven by edge computing, micro-datacenters will represent a $3.2B USD opportunity globally by 2026
The commercial deployment and operation of 5G will bring very important benefits to the ICT industry. One of those will be large-scale IoT networks, which refers to the ability to deploy and operate IoT systems.
As IoT systems continue to expand, they will make a bigger impact on enterprise systems and their users’ daily lives. 5G will optimize IoT networks through radio frequency management that meets the needs of both narrowband IoT applications, as well as those that require higher bandwidth-on-demand.
IoT solutions will benefit greatly once 5G connectivity is implemented, as cellular providers deploy Low Power WAN (LPWAN) IoT network capabilities. Initial deployments of IoT LPWANs have been non-cellular solutions based on proprietary technologies. However, Research And Markets predicts emerging standards such as Narrowband IoT (NB-IoT) assuming a dominant role for certain IoT applications. The organization also projects that many industry verticals will be willing to pay a premium over non-cellular LPWAN, enhanced flexibility, and improved capabilities associated with IoT on 5G networks.
The study also states that use of 5G for Industrial IoT (IIoT) networks, in particular, will be of great importance to enterprise IIoT in specific industry verticals such as agriculture, logistics, and manufacturing. For example, IIoT in agriculture will leverage Unmanned Aerial Vehicle (UAV) operations over 5G networks, thanks to its ultra-low latency and high capacity availability.
Deployed in conjunction with 5G, Mobile Edge Computing (MEC) will facilitate an entirely new class of low-power devices for IoT networks and systems. These devices will rely upon MEC equipment for processing. Some IoT devices, on the other hand, will be very light-weight computationally speaking, relying upon edge computing nodes for most of their computation needs. MEC is also important to 5G for non-IoT applications, as support for improved mobile broadband and Ultra Reliable Low Latency Communications (URLLC)-dependent apps (such as virtual reality, UAV operation, autonomous vehicles, robotics, and the like).
The “things” involved in IoT vary from devices used to detect, signal, and engage, to name a few. IoT things also involve everything from gateways, modules, and sensors to hardware and embedded software within products and equipment and other assets for a range of applications. The IoT ecosystem could easily become highly burdensome, with a wealth of devices to consider as part of IoT provisioning, activation, administration, and other management functions. There is a keen need for managed service solutions in support of provisioning, administration, maintenance, and security.
Research And Market’s full report is available here.
The Internet of Things is proving to be a very lucrative industry, and would greatly benefit enterprise, industrial, and consumer verticals. More companies must start looking into IoT-izing their systems, processes, and even products–and ride the wave of what’s to come.