Pune, India, March 31, 2021 (GLOBE NEWSWIRE) -- 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 556.0 million in 2020.
The growth of the 5G industrial IoT market is being driven by factors such as an increase in data traffic because of the increasing number of IoT tools across manufacturing industries, growing need for low latency networks and high dependability, development of M2M networks across production industries, and increasing demand for precautionary maintenance for critical equipment.
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The adoption of IT and OT is being driven by the demand for the collection and exchange of data between machines, infrastructure assets, and applications. 5G industrial IoT solutions can improve the analytics process and therefore, producers can impose quality checks and thresholds across production lines to get the best output.
5G, due to its higher performance, increased reliability, and low latency, can provide enhanced connectivity to IoT-enabled connected assets. This is because real-time assets data will be increasingly utilized in the coming years to obtain actionable insights for connected equipment and for increasing productivity and enabling intelligent solutions.
A core need of industrial IoT is the capability to combine devices, software implementations, sensors, manufacturing production methods, and end-use customers and connectivity. Connectivity signifies smooth vertical and horizontal combination over all layers of the mechanization pyramid, giving chances to raise functional planning from the factory floor to the supply chain, by developing data, analytics, and information.
The major components that can improve industrial IoT are enhanced connectivity, accessibility, reduced latency, speed, and flexibility. Industrial 5G will play a major role in assisting industrial customers in attaining the objectives of industrial IoT. 5G provides wireless transmission services with reduced latency and enhanced adaptability compared to 4G.
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Some Noted Developments Considered in the Report:
- January 2021 - Ericsson and Ooredoo Group have registered a five-year strategic 5G bond for the distribution of the 5G radio, transport solutions, and products, together with the related application and implementation services.
- December 2020 - Nokia and Thai mobile operator, dtac, part of Telenor Group, came into collaboration wherein dtac chose Nokia as its first 5G RAN collaborator in a three-year agreement covering the North and North Eastern zones of Thailand.
- December 2020 - Huawei and Shengyang Institute of automation of the Chinese Academy of Sciences (SIACAS) partnered to introduce their ‘5G plus industrial Network’ combined ‘innovation center’. 5G plus Industrial Network has become important for the industry 4.0 and is enhancing network strength and connectivity, building a modern architecture for industrial interdependence. It is also providing support for modern fully linked smart business units.
- February 2020 - Cisco declared developments in its IoT portfolio that authorizes service contributors to provide enhanced management of cellular IoT environments and modern 5G use cases. Modern wireless technologies like 5g and Wi-fi 6 will lead to more devices, new advanced IIoT use cases, and will give service providers the tools to create competitive cellular IoT offerings for their consumers.
COVID-19 Impact on the Global 5G Industrial IoT Market
The QMI team has closely monitored the impact of COVID-19 on the global 5G industrial IoT market, and it has been observed that the demand for 5G industrial IoT has increased during the pandemic time. It is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.
5G has played a major role in providing business feasibility in the wake of the COVID-19 pandemic. The reduced latency will support in regulating the high traffic to e-commerce by improving network convenience at a quicker step, thereby increasing online buying and order placing. All these factors are mentioned and analyzed in this report.
Global 5G Industrial IoT Market, By Component
By component, the global 5G industrial IoT market has been segmented into hardware, solutions, services, and others. Among these segments, the hardware segment is anticipated to dominate the 5G industrial IoT market. The hardware segment of the 5G industrial IoT includes 5G modules, sensors, chips, and others. With the increasing need for 5G industrial IoT, the 5G IoT module operates as one of the important constituents in the hardware segment of the 5G industrial IoT market. The highest IoT module contributors are also investigating how they can position particular products in the market.
Global 5G Industrial IoT Market, By Organization Size
By organization size, the global 5G industrial IoT market has been segmented into small and medium-sized enterprises and large enterprises. Large enterprises are witnessing an increase in demand for 5G industrial IoT solutions and services for easily managing their huge number of assets spread across different regions. The adoption of 5G industrial IoT services and solutions in large enterprises is more prominent as compared to small enterprises.
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Global 5G Industrial IoT Market, By Application
By application, the global 5G industrial IoT market has been segmented 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, and emergency and incident management, and business communication.
The real-time workforce tracking and management segment is anticipated to grow at the highest CAGR during the predicted period. Real-time workforce management and tracking assist manufacturing enterprises to distribute their methods and identify, deploy, authenticate, together with their employees and associate with them in real time.
5G along with IoT can develop workforce management functions like scheduling task and allocating field resource and devices to different employees on the respective factory floor. 5G integrated with IoT-authorized connected worker solution can bring controlling abilities to the next level, making workplaces more effective, secure, and productive. All these factors are contributing to the growth of this segment.
Global 5G Industrial IoT Market, By End-User
By end-user, the global 5G industrial IoT market has been segmented into process industries and discrete industries. Discrete Industries will lead the market during the predicted period. Discrete industries are concerned with the production and manufacturing of definite units like automobiles, smartphones, furniture, and airplanes. The development of IoT is dominating advancements in discrete industries.
Global 5G Industrial IoT Market, By Region
By region, the global 5G industrial IoT market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is expected to grow at the highest CAGR in the global 5G industrial IoT market. The Asia Pacific, being a developing economy, is witnessing the rapid adoption of modern technologies and is anticipated to hold the largest market size and CAGR during the forecast period. It is a diversified zone that includes a broad range of nations shifting towards digital tansformation. The region is set to influence 5G, blockchain, and the 5G core technology because of its size, diversity, and the strategic actions taken by major countries such as South Korea, China, Australia, and Japan.
Some Major Findings of the Global 5G Industrial IoT Market Report Include:
- Major global market trend & forecasts analysis along with the country-specific market analysis for up to 25 countries.
- An in-depth global 5G industrial IoT market analysis by the aforementioned segments along with an analysis of trend-based insights and factors.
- Profiles of the major market players operating in the global 5G industrial IoT market, which include Qualcomm Technologies, Inc., Ericsson, Huawei Technologies Co. Ltd., Cisco Systems, AT&T, IBM Corporation, Microsoft Corporation, and ABB Ltd., among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in the last five years.
- Key impact factor analysis across regions that include analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global 5G industrial IoT market.
- Impact of COVID-19 on the global 5G industrial IoT Market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “5G Industrial IoT Market, By Component (Hardware, Solutions, and Services), By Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), By Application(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 and Discrete Industries), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).
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