Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- 5G Industrial IoT Market Size & Growth Analysis:
“As per the SNS Insider Research, The 5G Industrial IoT Market size was valued at USD 2.51 billion in 2023 and is expected to grow to USD 42.55 billion by 2032, achieving a CAGR of 36.97% over the forecast period from 2024 to 2032.”
The growing demand for efficient and reliable power distribution systems, particularly in rapidly urbanizing areas, is propelling the expansion of the 5G Industrial IoT market. As industries undergo digital transformation, the necessity for high-speed, low-latency connectivity has become essential. This shift is driven not only by the rise of smart manufacturing but also by the integration of advanced technologies like artificial intelligence and machine learning, which require robust data transfer capabilities. The movement toward automation in manufacturing further underscores the critical importance of 5G technology in enhancing operational efficiency and productivity.
Additionally, government initiatives focused on improving energy efficiency and grid stability are creating a supportive environment for the growth of the 5G Industrial IoT market. The increasing demand for energy and the widespread implementation of smart grids are anticipated to significantly expand the market size during the forecast period. High-voltage switchgear plays a crucial role in managing and regulating electrical power within substations, power generation facilities, and transmission and distribution networks. The rising adoption of renewable energy, along with rapid industrialization and urbanization, is expected to present lucrative opportunities for vendors in the global high-voltage switchgear market. However, the substantial initial costs associated with implementing 5G solutions may present challenges to market growth in the near term. In response, manufacturers are concentrating on innovative designs and engineering to deliver more compact, efficient, and cost-effective 5G-enabled solutions, thereby enhancing accessibility and encouraging adoption.
Get a Sample Report of 5G Industrial IoT Market@ https://www.snsinsider.com/sample-request/1750
Major Players Analysis Listed in this Report are:
- Cisco Systems, Inc.
- Nokia Corporation
- Ericsson
- Huawei Technologies Co., Ltd.
- Qualcomm Technologies, Inc.
- IBM Corporation
- Siemens AG
- General Electric (GE)
- Zebra Technologies Corporation
- Schneider Electric
- Dell Technologies Inc.
- Keysight Technologies, Inc.
- Palo Alto Networks
- Bosch Rexroth AG
- Rockwell Automation
- Honeywell International Inc.
- Amazon Web Services, Inc. (AWS)
- Fujitsu Limited
- Mitsubishi Electric Corporation
- Samsung Electronics Co., Ltd.
5G Industrial IoT Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.51 Billion |
| Market Size by 2032 | USD 42.55 Billion |
| CAGR | CAGR of 36.97% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • With 5G, factory robots and cloud systems can exchange data in real-time, enhancing operational efficiency and minimizing downtime. • 5G IoT facilitates reliable monitoring in remote or hazardous environments, boosting asset performance and lowering maintenance expenses. |
Need any customization research or statistical insights on 5G Industrial IoT Market, Make an Inquiry Now@ https://www.snsinsider.com/enquiry/1750
As the 5G Industrial IoT market continues to evolve, it is vital to analyze the various factors influencing its growth. The market comprises a diverse range of players, from established telecommunications firms to emerging tech startups, all contributing to a collaborative and technologically advanced landscape. This sector offers numerous opportunities as industries increasingly acknowledge the potential of 5G to optimize operations. Key sectors such as manufacturing, energy, and logistics are particularly well-positioned to benefit from advancements in connectivity. Furthermore, the global emphasis on sustainability highlights the potential for integrating 5G with renewable energy initiatives, marking a significant area for growth.
Segmentation Analysis
By Organization Size
In 2023, the large enterprise segment dominated the 5G Industrial IoT market, driven by significant investments in advanced technologies and a strong demand for greater operational efficiency. These enterprises rapidly adopt 5G to facilitate complex applications like real-time analytics, automation, and smart manufacturing. The extensive scale of their operations necessitates robust connectivity solutions, making 5G an attractive option for boosting productivity and lowering costs. Moreover, the increasing integration of IoT devices within these enterprises is likely to sustain strong demand for 5G solutions. To maintain their competitive edge, these companies are expected to continue investing heavily in 5G technology, ensuring ongoing growth in this segment throughout the forecast period.
The small and medium enterprise (SME) segment is anticipated to register the highest compound annual growth rate (CAGR) in the 5G Industrial IoT market from 2024 to 2032. This growth is primarily driven by the improved accessibility and affordability of 5G technology, enabling SMEs to leverage advanced connectivity for various applications. With a strong focus on digital transformation, SMEs are increasingly adopting 5G to enhance operational efficiency, improve customer experiences, and facilitate remote monitoring and control. Additionally, the proliferation of cloud-based solutions and managed services is making it easier for SMEs to implement 5G technology without requiring substantial upfront investments. As awareness of the benefits of 5G, such as enhanced data processing and real-time communication, continues to grow among SMEs, this segment is expected to experience rapid growth in the years ahead.
Need more industry insights on 5G Industrial IoT Market, Request an Analyst Call Now@ https://www.snsinsider.com/request-analyst/1750
5G Industrial IoT Market Key Segmentation:
By Components
- Hardware
- Solution
- Service
- Professional
- Managed
By Organization Size
- Large Enterprise
- SMEs
By Application
- Predictive Maintenance
- Business Process Optimization
- Asset Tracking & Management
- Logistics & Supply Chain Management
- Real-time Workforce Tracking & Management
- Automation Control & Management And Emergency
- Incident Management & Business Communication
Regional Landscape
In 2023, North America dominated the market and represented significant revenue share, backed by substantial investments in cutting-edge technologies and a robust industrial foundation. The presence of major industry players, coupled with a strong focus on digital transformation and smart manufacturing, has facilitated the broad deployment of 5G solutions. Additionally, government initiatives promoting the 5G rollout and an increasing demand for low-latency communication in industries such as manufacturing, energy, and logistics are expected to reinforce this leadership in the years ahead.
The Asia-Pacific region is forecasted to achieve the highest CAGR from 2024 to 2032. This growth is primarily driven by rapid urbanization, rising smartphone adoption, and a surge in IoT applications across multiple sectors. Countries such as China and India are investing heavily in 5G infrastructure, fostering advancements in industrial automation and smart city projects. The region’s commitment to enhancing connectivity and operational efficiency is propelling the adoption of 5G, resulting in significant market growth.
Buy a Single-User PDF of 5G Industrial IoT Market Analysis & Outlook Report 2024-2032@ https://www.snsinsider.com/checkout/1750
Recent Developments
- August 2024: Honeywell announced the rollout of its Connected Plant solutions, which now include support for 5G connectivity to enhance operational insights and efficiency.
- June 2024: Rockwell Automation launched a new edge device that leverages 5G connectivity to improve machine learning capabilities in manufacturing settings.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. 5G Industrial IoT Market Segmentation, By Component
8. 5G Industrial IoT Market Segmentation, by Organization Size
9. 5G Industrial IoT Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
Access Complete Report Details of 5G Industrial IoT Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/reports/5g-industrial-iot-market-1750
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
