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December 17, 2019
The market is currently dominated by 2G and 4G with a combined 79% of all connections as of the end of 2019, but 5G will grow in dominance throughout the 2020s. Automotive is the dominant vertical segment and will remain so, with Industrial and Utilities, Transportation and Security other major markets. Asia Pacific remains the largest market, supported especially by Chinese IoT growth, backed strongly by the Government.
Andrew Brown, Executive Director of Enterprise and IoT Research at Strategy Analytics, said: "The positive picture for vertical market growth in IoT connections reflects the fervor with which the industries are grasping the new possibilities promised by 5G, as well as the lowering costs of cellular IoT modules and broader availability of low power LTE technologies, such as NB IoT and Cat M. From 2020 onwards, the ability to explore new business models resulting from 5G, especially NR (New Radio), with network slicing and low latency, opens up a wealth of new possibilities for the IoT market, especially around QoS (Quality-of-Service), allowing companies to understand their environments in granular detail and in real-time."
Strategy Analytics Inc.
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