Surveillance Cameras to be Biggest Market for 5G IoT Solutions
Outdoor surveillance cameras will be the largest market for 5G Internet of Things (IoT) solutions globally in the next three years, a new report by Gartner Inc. said on Thursday.
These cameras will represent 70 per cent of the 5G IoT endpoint installed base in 2020, before contracting to 32 per cent by the end of 2023.
"Cameras deployed by city operators or used to ensure building security and provide intruder detection offer the largest addressable market as they are located outdoors, often across cities, and require cellular connectivity," Stephanie Baghdassarian, Senior Research Director at Gartner, said in a statement.
According to the market research agency, 5G IoT endpoint installed base will more than triple between 2020 and 2021, from 3.5 million units in 2020 to 11.3 million units in 2021.
By 2023, the 5G IoT endpoint installed base will approach 49 million units.
In 2023, the automotive industry will become the largest market opportunity for 5G IoT solutions. It will represent 53 per cent of the overall 5G IoT endpoint opportunity in that year.
"The addressable market for embedded 5G connections in connected cars is growing faster than the overall growth in the 5G IoT sector. Commercial and consumer connected-car embedded 5G endpoints will represent 11 per cent of all 5G endpoints installed in 2020, and this figure will reach 39 per cent by the end of 2023," Baghdassarian added.
The share of 5G-connected cars actively connected to a 5G service will grow from 15 per cent in 2020 to 74 per cent in 2023.