Asia-Pacific is expected to be the lead market for 5G IoT within the next seven years, owing to increasing investments in 5G IoT devices and rising deployments of 5G IoT solutions, according to Meticulous Research.
The region is likely to witness the highest growth rate from 2023 to 2030, with the global 5G IoT market estimated to reach $17.68 billion at the end of the forecast period.
Meticulous Research also highlights that developing countries, not only in Asia-Pacific but also in Latin America and the Middle East & Africa, are expected to create ample opportunities for 5G IoT solutions. Moreover, the research notes increasing demand for low-latency IoT devices for Industrial 4.0, and increasing demand for digital wearable devices will drive the market growth over the forecast period.
Smart city projects, such as intelligent traffic management, smart parking systems, and video surveillance, are some of the major end-users of 5G IoT devices in Asia-Pacific. Additionally, the demand for connected devices is expected to increase in the region owing to government initiatives and investments in developing smart cities across countries.
5G IoT investments
For example, the 5G & AIoT Centre at Singapore Polytechnic (SP) is set up to help and enable enterprises to prototype and adopt 5G and AIoT innovation solutions. This center is part of the 5G innovation ecosystem in SP, which aims to foster innovations in enterprises through 5G technology, making them more competitive in the market.
As early as 2019, Vietnam’s first Internet of things (IoT) Innovation Hub was inaugurated at Hoa Lac Hi-Tech Park in Hanoi in collaboration with Ericsson. It provides a platform for startup companies as well as organizations involved in education and research to promote IoT technology in Vietnam in the context of the Fourth Industrial Revolution (Industry 4.0). The move is to serve Vietnam’s plan to provide 5G coverage nationwide by 2030.
In December of last year, Samsung Vietnam officially opened the largest new R&D Center in Southeast Asia. This facility is set to be the leading global center in product development, artificial intelligence (AI), IoT, big data, and 5G. The facility is expected to invest US$220 million in product development and innovation.
… But greater risk
With all these opportunities, however, comes greater risk. Experts are warning about the potential security risks that can be associated with 5G IoT adoption. These include cyber-attacks, data breaches, and unauthorized access to devices and networks.
A recent study highlights that three Chinese companies already have over 50% of the international market for cellular IoT modules, which means their presence is pervasive. As a result, there is a need for greater awareness of the risks posed by relying on Chinese cellular IoT technology in the longer term.
Meanwhile, Palo Alto Networks predicts that a surge in 5G, cloud, and metaverse adoption is likely to open the door to more disruptive threats from cybercriminals this year.
Unveiling the ever-increasing cyber threats, Tatchapol Poshyanonda, Palo Alto Networks’ country director for Thailand and Indochina, revealed that hackers are infiltrating countries’ essential digital infrastructure in an effort to deploy ransomware. Evidence of this was found across many cases.