05-Mar-2021 | Market Research Store
As per 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 Billion by end of 2026, growing at a CAGR of around 80% between 2020 and 2026.
In recent years, the rapid development and ubiquitous use of cellular technology has essentially revolutionized the field of work and connect, locally, globally and regionally. The technology that started with device connectivity and mobility for voice services evolved quickly to a wide range of data services, and related business models.
Major players in the market are Advantech Co., Ltd., ABB, Bosch.IO GmbH, AT&T, Cisco Systems, China Mobile Limited, Deutsche Telekom AG, Honeywell International Inc., Ericsson, Huawei Technologies Co., Ltd., Intel Corporation, IBM Corporation, KT Corporation, IDEMIA, NTT Data Corporation, Microsoft Corporation, Nokia, Siemens AG, Qualcomm Technologies, Inc., Sierra Wireless, Telefónica S.A., Telit, TELUS, Vodafone, Thales Group, and Verizon among others.
Launch of the Fifth Generation of Mobile Cellular Communication
The upcoming launch of the fifth generation cellular mobile communications aimed at improving performance & reliability of device connections. The advanced networks will increase speed by creating highly stable connections in the industry. The reliable and stable network conditions of connected devices including security cameras, locks, and other tracking systems, largely dependent on real-time updates. This technology is therefore expected to grow exponentially in the next few years. Citing an instance, the Telefonica, a multinational telecommunications and Idrica, a digital transformation company for the water industry had collaborated to offer 5G IoT solution for the managing water cycle that enables to track real time data on several infrastructures and processes.
North America Region Dominates the Global 5G Industrial IOT Market
Based on regions, the global 5G Industrial IOT market has been analyzed into five main regions are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America holds the majority of global market share. The growth of connected devices and wireless connectivity in the region and the growing use of IoT-enabled devices have exceeded demand for this new technology. Moreover, developed states such as the United States and Canada with major digitized service providers like Telus, Rogers, Verizon, and Sprint are steadily accelerating their market development.
Browse the full “5G Industrial IOT Market, By Component (Hardware, Solutions, and Services), By Organization Size (Large Enterprises, and SMEs), By Application (Predictive Maintenance, and Business Process Optimization), By End User (Process Industries, and Discrete Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/5g-industrial-iot-market-828540
The global 5G Industrial IOT market is segmented as follows:
By Organization Size:
By End User:
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