5G Internet of Things IoT

Report: 5G IoT Connections forecast to reach $8 billion by 2024

A new report released by Juniper Research, the analyst firm focusing on technology research and reports, has that total operator-billed revenue from 5G IoT connections will reach $8 billion by 2024; rising from $525 million in 2020.

The 5G Networks in IoT: Sector Analysis & Impact Assessment 2020-2025 stresses that operators develop value-added services to enable IoT service users to manage their 5G connections using tools, such as network slicing and multi-access edge computing solutions, to attract the highest spending IoT service users to use their 5G networks.

Juniper’s report also forecasts that by 2025, 70% of 5G IoT connections globally will belong to the smart city and automotive industries, meaning that implementation of the value-added services in these sectors will “become crucial.” 

The report also found that because of the initial high pricing of 5G connectivity in the IoT sector it was important for operators to roll out holistic network management tools.

Andrew Knighton, the report’s author explains, “Management tools for the newly enabled services are key for users managing large scale deployment. We believe that only 5% of 5G connections will be attributable to the IoT, but as these are newly enabled connections, operators must view them as essential to securing a return on their 5G investment.”

The Juniper Research has produced a free whitepaper, 5G ~ THE 5-YEAR ROADMAP and the 5G Networks in IoT report is available to purchase here.