Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 120 | Code: MRS - 828540
According to the report published by Market Research Store, global demand for 5G Industrial IOT market was valued at approximately USD 0.29 Billion in 2019, and is expected to generate revenue of around USD 17.68 Million by end of 2026, growing at a CAGR of around 80.0% between 2020 and 2026.
The fifth generation of communication technologies is known as 5G networking. Its goal is to enhance wireless service flexibility by increasing network speed, lowering latency, and increasing network speed. The estimated peak speed of 5G technology is 20 Gbps, while the peak speed of 4G is just 1 Gbps. 5G boosts the efficiency of business applications in a variety of settings, including warehouses, self-driving vehicles, and field mechanic handheld devices.
Smart connected devices that are IoT-enabled provide a way to improve product functionality while also adding value to consumers. The 5G technology boosts overall capacity and enables a large number of IoT devices to communicate, allowing discrete manufacturers to boost productivity. By providing greater connectivity among IoT devices, 5G industrial IoT solutions are expected to improve the productivity and efficiency of the autonomous production process.
The global 5G Industrial IOT market is primarily driven by growing demand for high reliability networks in the manufacturing sector across the globe. Moreover, growing applications of industry 4.0 along with the advancement in the technology is also likely to bolster the market development during the forecast period. However, high cost of installation and deployment of 5G technology is likely to hamper the growth of the market. Nonetheless, robust surge in the adoption of 5G technology in emerging countries such as China, India, South Korea, etc. is expected to set new avenues for the major players of 5G Industrial IOT market in the near future.
The global 5G Industrial IOT market is segregated based on the component as hardware, solutions, and services. In terms of organization size, the market is bifurcated into large enterprises, and SMEs. The major applications of the market include predictive maintenance, and business process optimization. Based on the end-user, the market is segregated into process industries, and discrete industries. Moreover, the global market is classified based on geography as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America was the leading market for 5G industrial IOT in 2019. It held for the significant shares of the total market and furthermore, is likely to witness significant growth in the upcoming years. The U.S. is a major contributor of the market in the region. Europe is the second largest market of 5G industrial IOT. Moreover, Asia Pacific is expected to be the fastest growing market of 5G industrial IOT during the years to come. Growing penetration of 5G industrial IOT connections in the manufacturing sector especially in China, India, Australia, South Korea and Japan is projected to boom the market’s growth during the forthcoming years. Furthermore, Latin America and Middle East and Africa markets are expected to grow at a moderate pace owing to the growing industrialization in both the regions in the near future.
Some main participants of the 5G Industrial IOT market are ABB, Advantech Co., Ltd., AT&T, Bosch.IO GmbH, Cisco Systems, China Mobile Limited, Deutsche Telekom AG, Ericsson, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, IDEMIA, KT Corporation, Microsoft Corporation, Nokia, NTT Data Corporation, Qualcomm Technologies, Inc., Siemens AG, Sierra Wireless, Telefónica S.A., Telit, TELUS, Thales Group, Verizon, Vodafone, and among others.
5G Industrial IOT
5G Industrial IOT