The report "5G Industrial IOT Market by Component (Hardware, Solutions, and Services), Organization Size, Application (Predictive Maintenance, Business Process Optimization), End User (Process Industries and Discrete Industries) and Region - Global Forecast to 2026", size is projected to grow from USD 0.5 billion in 2020 to USD 15.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 79.1% during the forecast period. The major factors driving the growth of the 5G Industrial IOT market include growth in data traffic due to increasing number of IoT devices across manufacturing industries, increasing demand for high reliability and low latency networks in manufacturing industries, growth in number of M2M connections across manufacturing industries, and rising need of preventive maintenance for critical equipment.
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Based on component, the solutions segment to
grow at a higher CAGR during the forecast period
With the advanced
networking technology, the 5G industrial IoT solutions benefit manufacturing
organizations in several ways, such as the ability to view the status of assets
at any time, faster service response from dealers, and effectively monitoring,
predicting, and controlling process variability. Organizations across the
manufacturing vertical are adopting 5G industrial IoT solutions, as these
solutions enable them to monitor their assets and increase operational efficiency.
Maintenance, repair, and operations of assets are of the utmost importance in
any asset-intensive industry. The key objective is to maximize the RoI of the
current asset base as well as to reduce the cost. The 5G industrial IoT
solution enables organizations to track assets and receive notifications when
the maintenance of assets is due. It helps enterprises perform regular
maintenance, thereby increasing the productivity of assets.
Based on services, the professional services
segment is expected to lead the market during the forecast period
Professional services support
businesses of all size and across the manufacturing vertical. Vendors offering
professional services assess the expense and design of the solution for
streamlining communication and improving the efficiency of the network.
Professional services enable enterprises to deliver short-term and long-term
savings. They help enterprises create a highly available, secure, and superior
network environment that supports enterprise growth while accommodating the
convergence of voice and data systems and traffic. The professional services
segment involves functions, such as network testing, network planning, network
optimization, orchestration, integration and deployment, support and maintenance,
and consulting.
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APAC
to hold the highest market size during the forecast period
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. APAC is one of the biggest markets for connected devices.
Such a huge number of connected devices requires high-speed and low latency
networks, such as 5G. China, Australia, Japan, and South Korea are the prime
APAC countries that have started several 5G-related activities. Asian telecom
service providers, vendors, and government firms are determined to take the
lead in 5G R&D. The region is witnessing dynamic changes in the adoption of
new technologies and advancements in manufacturing industries.
Major
vendors operating in the 5G INDUSTRIAL IOT market include Qualcomm
Technologies, Inc. (Qualcomm), Ericsson (Ericsson), Nokia (Nokia), Huawei
Technologies Co., Ltd. (Huawei), Cisco Systems (Cisco), AT&T (AT&T),
IBM Corporation (IBM), Microsoft Corporation (Microsoft), Siemens AG (Siemens),
Verizon (Verizon), Sierra Wireless (Sierra Wireless), Telefónica S.A.
(Telefónica), China Mobile Limited (China Mobile), China Unicom (Hong Kong)
Limited (China Unicom), Vodafone (Vodafone), Advantech Co., Ltd. (Advantech),
ASOCS (ASOCS), T-Mobile USA, INC (T-Mobile), TELUS (TELUS), Honeywell
International Inc. (Honeywell), Intel Corporation (Intel), Bosch.IO GmbH
(Bosch.IO), Deutsche Telekom AG (Deutsche Telekom), Telit (Telit), Thales Group
(Thales), IDEMIA (IDEMIA), KT Corporation (KT), ABB (ABB), and NTT Data
Corporation (NTT Data).
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