The Third Generation Partnership Project (3GPP) is currently studying the extension of the Cellular Internet of Thing (CIoT) towards the newly defined 5G architecture. While Machine Type Communication (MTC) was defined before only for the Evolved Packet System (EPS), new functionality is defined already in 5G Phase 1 that could be utilized also for CIoT in 5G, which officially is part of 3GPP 5G Phase 2. This paper introduces the new features in the 3GPP 5G architecture as well as the protocol enhancements and latest developments on the Machine to Machine Communication (M2M) platform with CIoT to satisfy the network and communication requirement. Based on a traffic accident data collection scenario within the automotive industry under consideration of Vehicle to Everything (V2X) communication, we discuss how an M2M platform can be deployed to fulfill the ultimate objectives of 5G cellular IoT. We consider oneM2M, a global initiative that aims at providing a unique architecture for M2M interoperability as a special form of M2M/IoT platform. We describe how oneM2M platform can be adopted for the traffic accident use case to provide interfaces that facilitate the communication between the vehicle-mounted devices, the V2X Control Function and V2X application server.