Chicago, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global 5G Industrial IoT Market size to grow from USD 0.5 billion in 2020 to USD 15.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 79.1% during the forecast period, according to a new report by MarketsandMarkets™. 5G industrial IoT can be defined as an environment wherein complex industrial systems are networked together with the 5G technology in a way that their sensor data is transmitted over the internet for their remote monitoring and performance analysis.
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Scope of the Report
| Report Metric | Details |
| Market size available for years | 2020–2026 |
| Base year considered | 2020 |
| Forecast period | 2021–2026 |
| Forecast units | Value (USD Billion) |
| Segments covered | Component (Hardware, Solutions, Services), Organization Size, Application, End User and Regions. |
| Regions covered | North America, Europe, APAC, and RoW |
| Companies covered | Qualcomm Technologies, Inc. (US), Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co., Ltd. (China), Cisco Systems (US), AT&T (US), IBM Corporation (US), Microsoft Corporation (US), Siemens AG (Germany), Verizon (US), Sierra Wireless (Canada) and many more. |
5G-enabled industrial IoT uses network-connected sensors and other monitoring devices to improve the manufacturing and quality of an organization’s products and their related parts. The 5G technology has stimulated the next wave of industrial automation in the manufacturing industry by enabling innovations, such as vision quality checks involving cameras, computer vision, and ML. Several organizations are determining how they can integrate this technology into their operations. Several vendors are also considering the creation of private 5G networks. Within factories and plants, the current connectivity options have major drawbacks that make it difficult to implement Industry 4.0 use cases. Wi-Fi networks often encounter interference, particularly dense settings and fixed connections are cumbersome and costly in large manufacturing environments.
5G-enabled Industrial Internet of Things (IIoT) is a concept that involves the integration of 5G into a single ecosystem. It uses real-time data analytics for performance monitoring and improved decision-making. 5G-enabled industrial IoT helps an integrated network of physical objects or things with 5G by exchanging data without any external intervention. It enables remote monitoring and controlling of machines, consumer appliances, and utilities. 5G industrial IoT in manufacturing operations is gaining traction with the advent of smart devices and advanced data analytics techniques. Manufacturing companies are deploying 5G-enabled industrial subsystems at a rapid pace and integrally focusing on increasing their business process efficiency and production output with the optimum resource utilization.
5G industrial IoT solutions and services offer manufacturing companies the benefit of digital disruption. With the growth of 5G, hundreds of manufacturers have connected thousands of machines across their global factories to IoT platforms, which helps manufacturers increase their capacity utilization and ultimately win more businesses to remain globally competitive in their concerned market. 5G industrial IoT solutions offer manufacturers tangible results in terms of a significant rise in operational productivity.
The scope of 5G industrial IoT market has widened over the years, with the the growth in data traffic due to the increasing number of IoT devices across manufacturing industries, increasing demand for high realibility and low latency networks in manufacturing industries, growth in number of M2M connections across manufacturing industries, and the rising need of preventive maintenance of critical equipment are some of the driving factors for the 5G industrial IoT market. There are immense opportunities for 5G industrial IoT vendors, which include the rising demand of private 5G network across the manufacturing industries and the rising development of smart infrastructure such as 5G-enabled factory. However, high costs required for the deployment of 5G network may restrain the market growth. Additionally, delay in spectrum harmonization across geographies, and issue related to deployment and coverage of 5G network may hamper the growth of the 5G industrial IoT market.
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Among the component segment, the hardware segment is leading the 5G industrial IoT market in 2020. Hardware is considered as the backbone of the 5G industrial IoT market. Several companies are creating standard and special purpose 5G modules by upgrading the existing 4G modules as the market is considered at the initial stage. The existing 4G LPWA modules will be made 5G compatible through software upgrades. Several organizations are creating new versions of the modules from scratch to increase energy efficiency and provide higher data rates.
Among organization size, the large enterprises segment is estimated to grow with the highest CAGR during the forecast period. Considering the comparatively higher budget allotted to IT solutions and services in large enterprises, the adoption of 5G industrial IoT is higher in this segment. Both large enterprises and SMEs across the manufacturing vertical need access to critical business information for optimizing resources and integration and management of the performance of IoT devices. 5G industrial IoT solutions and services play a vital role in these scenarios. They are majorly opted by large enterprises to integrate, monitor, and manage heterogeneous smart devices both inside and outside the manufacturing plant.
Among application, asset tracking and management segment lead the 5G industrial IoT market in terms of revenue during the forecast period. The 5G technology is expected to expand opportunities in manufacturing industries through asset tracking, monitoring, and automation capabilities on a large scale. This, in turn, will provide valuable and high-level insights into the performance of the organization’s assets and enable to take quick actions accordingly. 5G along with IoT can automate workforce management activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor.
Among the end users, the discrete industries is expected to dominate the market in terms of growth rate. Discrete industries follow strict growth strategies for their manufacturing operations and focus on reducing operational costs leading to high use of IoT technology in their business operations. The 5G technology can provide much higher network capacity and lower latency for handling huge data traffic due to connected devices. This factor is expected to increase the adoption of 5G industrial IoT solutions in this segment in the near future. Discrete industries focus on improving the operational efficiency of machines to meet the increasing customer demands.
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APAC is one of the most prominent regions in the 5G industrial IoT market. APAC, being an emerging economy, is witnessing dynamic changes in the adoption of new technologies and expected to record the highest market size and CAGR during the forecast period. It is a diversified region that includes a wide range of countries moving toward digital transformation. The region is set to dominate 5G, edge computing, blockchain, and 5G core technology, due to its size, diversity, and the strategic lead taken by countries, including Singapore, South Korea, China, Australia, and Japan. Japan and China are the largest manufacturing economies that produce automobiles, IT products, and electronic products. The manufacturing paradigm has changed considerably with industry seeking advanced technologies, such as robotics and big data analytics becoming popular among them.
Top Trends in global 5G Industrial IoT Market
- Massive Adoption of 5G in Industrial Sectors: In order to fuel their IoT devices and apps, industries like manufacturing, transportation, energy, and agriculture are progressively embracing 5G technology. Smooth communication and real-time data transfer were made possible in these industrial settings by the ultra-low latency, high bandwidth, and stability of 5G networks.
- Industry 4.0 Transformation: The change brought forth by Industry 4.0 was greatly influenced by the combination of 5G and Industrial IoT. To optimise operations, boost automation, and boost overall efficiency, smart factories and networked industrial systems used 5G capabilities.
- Edge Computing for Industrial IoT: enabling edge computing with 5G grew in popularity in the Industrial IoT sector. Enterprises lowered latency and bandwidth utilisation by processing data closer to the source, enabling quicker and more responsive decision-making in crucial industrial applications.
- Private 5G Networks: A lot of significant businesses and industrial facilities investigated the use of private 5G networks. In order to meet particular industrial needs, these private networks provided additional control, security, and customization choices.
Key Industry Development
- Advancements in IoT Devices and Sensors: In order to improve data collecting and monitoring across multiple industrial processes, improved IoT devices and sensors continued to develop. These gadgets become more resilient to severe environments, cost-effective, and power-efficient.
- AI-Driven Analytics Solutions: The Industrial IoT ecosystem has progressively included artificial intelligence (AI) and machine learning technologies. With the aid of AI-driven analytics, businesses were able to make the most of the vast amounts of data that IoT devices produced by performing activities such as predictive maintenance, anomaly detection, and optimisation.
- Partnerships and Collaborations: To speed up innovation and develop end-to-end solutions for particular industries, businesses from all parts of the Industrial IoT value chain, including telecom providers, IoT platform vendors, and producers of industrial equipment, have forged strategic partnerships and collaborations.
- Focus on Industrial Cybersecurity: The attack surface for online threats expanded along with the number of connected devices. As a result, there was an increasing emphasis on creating reliable cybersecurity solutions catered to the unique requirements of Industrial IoT environments.
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