According to a comprehensive research report by Market Research Future (MRFR), “Global 5G Industrial IoT Market information by Organization Size, by Components, by End-user and Region – forecast to 2027” the market size is expected to grow at 71.3% CAGR to surpass the industry revenue USD 8.9 billion by 2027.
5G industrial IoT Market Scope:
An industrial IoT system has complex infrastructure architecture with multiple sensors, big data storage, communication systems, advanced analytics, edge computing, and others. The 5G industrial IoT solutions are enabled with next-generation wireless connectivity that offer a high speed of data transfer with lower latency in comparison to their predecessors. The network capabilities of 5G enable machines and production systems to work seamlessly through wireless networking, improving efficiency and flexibility.
The 5G industrial IoT solutions offer data transfer of high speed over its predecessors. Owing to its alluring features, it is widely used in business communication, emergency incident management, automation control and management, real-time workforce tracking and management, logistics and supply chain management, asset tracking and management, business process optimization, and predictive maintenance.
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Dominant Key Players on 5G Industrial IoT Market Covered Are:
- TELUS (Canada)
- T-Mobile USA INC (US)
- Vodafone Limited (UK)
- Telefónica S.A (Spain)
- Sierra Wireless (Canada)
- Verizon (US)
- Siemens (Germany)
- Microsoft (US)
- IBM Corporation (US)
- AT&T (US)
- Cisco Systems Inc. (US)
- Huawei Technologies Co. Ltd. (China)
- Nokia (Finland)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Qualcomm Technologies Inc. (US)
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Market USP exclusively encompassed:
As per the latest MRFR report, there are numerous factors that are propelling the global 5G industrial IoT market share. Some of these entail the growing demand for connected devices in industrial environment, the increasing need for highly reliable network connectivity, the growing awareness for predictive maintenance, the government initiatives for smart cities, the demand for connectivity with higher download and upload speeds and low latency, growth in data traffic owing to increasing number of IoT devices across manufacturing industries, the growing need for low latency networks and high reliability in manufacturing industries, growth in the number of M2M connections across manufacturing industries, growing need of preventive maintenance for critical equipment, rise in data traffic for the increasing number of IoT tools across manufacturing industries, the growing need for low latency networks and high dependability, the development of M2M networks across production industries, and increasing demand for precautionary maintenance for critical equipment.
On the contrary, the high cost related to the implementation of the 5G infrastructure may limit the global 5G industrial IoT market growth over the forecast period.
Segmentation of Market covered in the research:
The MRFR report throws light on an inclusive analysis of the global 5G industrial IoT market based on end user, application, organization size, and component.
By component, the global 5G industrial IoT market is segmented into service, solution, and hardware. The service segment is again segmented into managed services and professional services. Of these, the hardware segment will lead the market over the forecast period.
By organization size, the global 5G industrial IoT market is segmented into small and medium enterprise and large enterprise. Of these, the large enterprise segment will dominate the market over the forecast period.
By application, the 5G industrial IoT market is segmented into business communication, emergency incident management, automation control and management, real-time workforce tracking and management, logistics and supply chain management, asset tracking and management, business process optimization, and predictive maintenance. Of these, the real-time workforce tracking and management will spearhead the market over the forecast period.
By end user, the 5G industrial IoT market is segmented into consumer electronics, manufacturing, automotive and transportation, food and beverage, energy and utility, and others.
North America to Precede 5G Industrial IoT Market
Geographically, the global 5G industrial IoT market is classified into North America, South America, Europe, the Asia Pacific, & the Middle East and Africa (MEA). Among these, North America will precede the market over the forecast period. Growing need for 5G industrial IoT connectivity services across industry verticals, rising need for high-speed connectivity with reliability in the US, increasing adoption among different end use industry verticals such as utilities, automotive and transport, healthcare, retail, and manufacturing, and the presence of several major players that are investing heavily in the R&D of 5G industrial IoT technology and spectrum licenses for private 5G networks are adding to the global 5G industrial IoT market growth in the region.
Europe to Hold Second-Largest Share in 5G Industrial IoT Market
In Europe, the global 5G industrial IoT market is predicted to hold the second-largest share over the forecast period. The higher adoption from manufacturing sectors for robotic process control and factory automation, the growing need for smart asset management that allows prescriptive and predictive maintenance that minimizes the risk of unplanned downtime, and rapid developments to improve workplace safety to offer seamless work experience to the employees are adding to the global 5G industrial IoT market growth in the region.
APAC to Have Admirable Growth in 5G Industrial IoT Market
In the APAC region, the global 5G industrial IoT market is predicted to have admirable growth over the forecast period. The adoption of new technologies, different countries moving toward digital transformation, the region set to dominate 5G, 5G core technology, blockchain, and computing owing to its diversity, size, and strategic lead taken by countries such as Japan, Australia, China, South Korea, and Singapore along with these countries taking the lead in 5G research and development, and advances in manufacturing industries are adding to the global 5G industrial IoT market growth in the region.
In the MEA and South America, the global 5G industrial IoT market is predicted to have sound growth over the forecast period.
COVID-19 Impact on the Global 5G Industrial IoT Market
The global IT and telecom industry has reported a massive delay in the launch of industrial IoT solutions, services, and manufacturing of hardware equipment, chiefly due to disruptions caused by the pandemic. The collective lag, additionally in regulatory timelines and delayed issuance of auctions and spectrum for unlicensed and licensed frequency bands have affected the investments in the industry. Besides, governments across the world have postponed their expenditure plans for later. All these impacting pointers are likely to impact the end-use industries and also commercial organizations. Also owing to limited movement restrictions and imposed lockdown have impacted the business operations of equipment manufacturers resulting in shortage of components.
The global 5G industrial IoT market is fragmented along with being competitive on account of the presence of myriad international & domestic key players. They have incorporated assorted strategies to remain at the vanguard and also suffice the burgeoning demand of the consumers, including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures, and new product launches, and more. Additionally, they are also making big investments in R&D for strengthening their portfolios and also creating a hold in the market.
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