5G Industrial IoT Market: Segmented By Components (Hardware, Solution and Services): By Application (Asset Tracking and Management, Predictive Maintenance, Business Process Optimization): By End-user (Process Industries and Discrete Industries) Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
5G Industrial IoT Market to surpass USD 877.4 million by 2031 from USD 456.006 million in 2021 at a CAGR of 67.64% within the coming years, i.e., 2021-31.
5G or the fifth generation of network and the internet of things (IoT) are two macro technology shifts swiftly from ambitious vision to real-world application. 5G and IoT adds system accompaniments that allow new levels of low dormancy, flexibility, and ultra-reliability. It is ideal for applications like first responders, emergency services, and autonomous vehicles as well as drones and industrial IoT, and robotics. 5G is a combined connectivity wireless fabric that will connect almost everything around us. 5G is rapidly evolving to meet diverse IoT requirements.
Together with growth in data traffic owing to rising numbers in IoT devices across the manufacturing sector, soaring demand for high dependability and low latency network in industrial industries, and growth in a number of M2M connections across manufacturing industries, drive the growth of 5G Industrial IoT Market. Furthermore, with rising a number of M2M connections across the manufacturing sector, and growing need of preventive maintenance for critical equipment support the market growth.
5G Industrial IoT Market is segmented by End-users into Process Industries and Discrete Industries. Discrete Industries held a major share of the 5G Industrial IoT market. Discrete Industries deal with production of distinct units, such as furniture toys, automobiles, smartphones, and others. The growth of IoT leads to improvement in Discrete Industries. In discrete industries, IoT-allowed smart connected devices offer a way to surge product functionality and create additional value for customers.
Asset Tracking and Management is influential in managing physical assets and presentation of equipment on the manufacturing floor. The protection of physical assets is the backbone of manufacturing operations. A huge collection of asset needs to be tracked in manufacturing operation for which reliable and strong network is required to ensure the efficiency and effectiveness of the data, here 5G industries IoT market come into view. The technology will condense costs, expand efficiency, and offer real-time for performing asset tracking. Ultimately the market of 5G Industries IoT Market improves.
Progress in Wireless Network
Industries make a shift from legacy systems to connected technology, guiding towards smart factories. Leveraging IoT allows connected devices, sensors, edge computing, robotics, and automation will help these factories make more aware, decentralized decisions which improve overall equipment and efficiency in the process. 5G industries IoT is predictable to deliver last-mile wireless connectivity by providing the speed, consistency, capacity, and flexibility that manufacturers require for successful IoT implementation.
5G Industrial IoT Market will not just sustain a more reliable and flexible network but will also deliver improved security with built-in security structures. Combining security with the core network construction and laying to rest the security alarms manufacturers have in embraced IoT. 5G has the essential bandwidth to substitute physical network completely in certain remote areas.
Lack of standardization in IoT Network
One of the major restraints lies in the 5G Industrial IoT Market is the lack of standardization in IoT networks. A lot of devices use diverse hardware which runs over different stages and are manufactured by different manufactures. This mismatch among devices, sensors, and even interfaces of remote servers promotes the interoperability challenge in the IoT space. The challenge lies in merging these standards so that M2M communication develops user-friendly and elastic. Some organizations and associations are working toward resolving this issue.
The arrival of the COVID-19 pandemic has now become a universal matter and has also affected the development of the 5G Industrial IoT market. Global IT and telecom industries has shown a massive delay in the launch of industrial 5G and IoT services, solutions, and production of hardware equipment. Additionally owing to movement restrictions and imposed lockdown have obstructed the business operations of equipment producers resulting in a shortage of apparatuses.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
5G Industrial IoT Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America dominates the largest share of the 5G Industrial IoT Market during the forecast period. Many of the chief market manufacturers are based on this region, and also the region has a great sum of startups and constructers working toward the growth of the 5G Industries IoT Market. Europe holds the second largest share in the 5G Industrial IoT Market. Furthermore, Asia Pacific region is estimated to rise in the forecast timeframe.
|Market size value in 2021
|USD 877.4 million
|Revenue forecast in 2031
|USD 153804.8 million
|CAGR of 67.64% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Components, Application, End-user, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
|Key companies profiled
|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)
5G Industrial IoT Market size was estimated at USD 456.006 million 2021 and is expected to reach USD 877.4 million by 2031
. Key players 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)
Discrete Industries segment are anticipated to hold the largest 5G Industrial IoT Market share.
Progress in Wireless Network and Increased security.
5G or the fifth generation of network and the internet of things (IoT) are two macro technology shifts swiftly from ambitious vision to real-world application. 5G and IoT adds system accompaniments that allow new levels of low dormancy, flexibility, and ultra-reliability.
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