The Global 5G Industrial IoT Market was valued at USD 527.4 million in 2020 and is projected to grow at a CAGR of 68.7% during the forecast period till 2028.However, without the COVID-19 impact, the global 5G industrial IoT market was valued at USD XX.X million in 2020.
An industrial IoT system is a complex architecture consisting of sensors, communications, bigdata storage, edge computing, and advanced analytics among its disciplines. Although the implementation of 5G may be only one of many evolutionary steps, it is critical in the development of new industrial IoT applications. Growth in data traffic due to increasing number of IoT devices across manufacturing industries, increasing demand for high reliability and low latency networks in the manufacturing sector, growth in a number of M2M connections across manufacturing industries, and rising need for preventive maintenance for critical equipment are the key factors in driving the growth of the 5G industrial IoT market.
Further, the COVID-19 pandemic has forced manufacturing companies to implement remote working facilities to ensure business continuity. Remote working across wide geographical areas requires a high-speed network, such as 5G, to ensure better connectivity and performance. Manufacturing companies are also pushing hard to switch to predictive analytics-driven processes in order to maximize their business operations.
5G industrial IoT solutions can help improve the analytics process, allowing manufacturers to impose quality checks and thresholds across production lines in order to achieve the best outcomes.
FIGURE1: 5G Industrial IoT MARKET
The global 5G industrial IoT market report has been segmented by component, organization size, application, end user, and region.
FIGURE2: 5G Industrial IoT MARKET SEGMENTATION
Global 5G Industrial IoT Market, By Component
Based on component, the market is divided into hardware, solutions, and services. Among these, the hardware segment is expected to dominate the global 5G industrial IoT market. The growing number of IoT devices in manufacturing industries, as well as the demand for networks with high reliability and low latency, are driving the growth of the hardware segment.
The hardware segment of the 5G industrial IoT consists of 5G modules, gateways, sensors, and chips. 5G IoT module is projected to record higher growth due to the growing demand for 5G industrial IoT. Suppliers are working on a variety of other developments, including device modifications that reduce device size and strategies for integrating with other modules, in addition to 5G modules.
The services segment is projected to register higher growth rate due to increased monitoring and security requirements, improved regulatory compliances, enhanced productivity, and improved data integrity while meeting strict Service-Level Agreements (SLAs).
Global 5G Industrial IoT Market, By Organization Size
By organization size, the global 5G industrial IoTmarket is segregated into SMEs and large enterprises. Among these, the large enterprises segment will capture higher market share during the forecast period. Large enterprises are more equipped than SMEs to implement 5G industrial IoT products and services. The high adoption rate is due to affordability and large enterprises' economies of scale, which allow them to take advantage of 5G industrial solutions and services.
Global 5G Industrial IoT Market, By Application
By application, the global 5G industrial IoTmarket is segregated into predictive maintenance, business process optimization, asset tracking and management, logistics and supply chain management, real-time workforce tracking and management, automation control and management, emergency and incident management and business communication.
Among these, the real-time workforce tracking and management segment is projected to register higher growth in the market. Manufacturing companies are using real-time workforce monitoring and management to streamline their processes and identify, deploy, verify, manage, and communicate with their employees in real time. The combination of 5G and an IoT-enabled connected worker solution can bring monitoring to the next level, making workplaces more efficient, transparent, safe, and productive.
Global 5G Industrial IoT Market, By End User
By end user, the global 5G industrial IoT market is segregated into process industries and discrete industries. Among these, the discrete industries segment is projected to hold a higher market share during the forecast period. Automobiles, furniture, toys, smartphones, and aircraft are examples of discrete industries, which are concerned with the manufacture and production of distinct units. IoT-enabled smart connected products offer a way to expand product functionality and create extra value for consumers in discrete industries. By providing greater connectivity across IoT devices, 5G industrial IoT solutions are expected to improve the operational efficiency of the discrete manufacturing process.
Global 5G Industrial IoT Market, By Region
By region, the global 5G industrial IoTmarket is segmented as North America, Europe, Asia Pacific, Middle East& Africa, and South America. The Asia Pacific region is anticipated to hold the largest share in the global 5G Industrial IoT market. One of the most important markets for connected devices is APAC. High-speed, low-latency networks, such as 5G, are required to support such a large number of connected devices. China, Australia, Japan, and South Korea are the leading APAC countries to launch 5G-related initiatives.
Asian telecom service providers, suppliers, and government agencies are all competing for the leading position in 5G research and development. The adoption of new technologies and advances in the manufacturing industries are undergoing rapid changes in the region.
Some Recent Developments in the Global 5G Industrial IoT Market
- In January 2021, Ooredoo Group and Ericsson have entered into a five-year strategic agreement to enhance the digital experience for people, enterprises, and industries. The agreement covers the provision of 5G radio, core, and transportation products and solutions, as well as related implementation and integration services.
- In December 2020, Nokia and dtac, a Telenor Group company, entered into a partnership in which dtac chose Nokia as its first 5G RAN partner in a three-year deal covering Thailand's North and North Eastern regions.
- In December 2020, Huawei entered into a collaboration with Shenyang Institute of Automation of Chinese Academy of Sciences (SIACAS), to launch joint innovation center namely 5G+ Industrial Network. This innovation center is essential for Industry 4.0, as it improves network connectivity and stability. It also creates a new architecture for industrial interconnections and supports next-generation fully connected smart factories.
FIGURE 3: GLOBAL 5G INDUSTRIAL IoT MARKET (USD MILLION), PRE-COVID AND POST-COVID MARKET ESTIMATION AND FORECAST, 2020-2028
What does this Report Provide?
This report provides a detailed understanding of the global 5G industrial IoT demand for a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global 5G industrial IoT market.
The major market drivers, challenges, and opportunities for the global 5G industrial IoT market have also been covered in the report. This report further includes the market share of the leading companies operating in the 5G industrial IoT market, along with their production capacities and the growth strategies adopted by them.
By Organization Size:
- Predictive Maintenance
- Business Process Optimization
- Asset Tracking and Management
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking and Management
- Automation Control and Management
- Emergency and Incident Management, and Business Communication
By End User:
- Process Industries
- Discrete Industries
North America 5G Industrial IoT Market
- North America, by Country
- North America, by Component
- North America, by Organization Size
- North America, by Application
- North America, by End User
Europe 5G Industrial IoT Market
- Rest of Europe
- Europe, by Component
- Europe, by Organization Size
- Europe, by Application
- Europe, by End User
Asia Pacific 5G Industrial IoT Market
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Organization Size
- Asia Pacific, by Application
- Asia Pacific, by End User
Middle East & Africa 5G Industrial IoT Market
- Middle East& Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East& Africa, by Component
- Middle East& Africa, by Organization Size
- Middle East& Africa, by Application
- Middle East& Africa, by End User
South America 5G Industrial IoT Market
- South America, by Country
- Rest of South America
- South America, by Component
- South America, by Organization Size
- South America, by Application
- South America, by End User
Major Companies: In this report, the following major companies are studied: Qualcomm Technologies, Inc., Ericsson, Nokia, Huawei Technologies Co., Ltd., Cisco Systems, AT&T, IBM Corporation, Microsoft Corporation, Siemens AG, Verizon, Sierra Wireless, Telefónica S.A., China Mobile Limited, China Unicom, Vodafone, Advantech Co., Ltd., and others.
Objectives of this Report:
- Market size estimation of the 5G industrial IoT market on a regional and global basis.
- Unique research usage for market size estimation and forecast.
- Profiling of major companies operating in the market with key developments.
- Broad scope to cover all the possible segments helping every stakeholder in the market.
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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