5G Industrial IoT Market to Grow with a CAGR of More than ~20%
The global 5G industrial IoT demand is projected to witness remarkable growth during 2021-2031. The boom in artificial intelligence and IoT technology is driving the product sales. Also, the need to look beyond smart factories, intelligent products and services towards enterprise as a whole and the unique benefits of high capacity urban wireless applications are key factors augmenting the demand for 5G industrial IoT products worldwide.
What is Driving Demand for 5G Industrial IoT?
The key elements fueling the development of the 5G Industrial IoT systems include robust demand for low latency and high reliability networks in manufacturing industries, increase in data traffic owing to rising number of IoT devices in manufacturing industries, growing need to take pre-emptive measures for critical equipment, and growth in number of M2M connections across manufacturing industries.
Moreover, providing connectivity to industrial devices has become easier with improvements in the economics of end devices, large investments in 5G IoT systems, adoption of global standards and availability of spectrum. Overall trends in information technology such as cloud computing and edge cloud, artificial intelligence and security assurance is estimated to further accelerate the need for 5G industrial IoT systems.
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Rising Demand for Low Latency Networks and High Reliability in Manufacturing Industries
Low latency and ultra-high reliability are few of the key elements impacting the demand. Lower latency leads to a higher data transmission rate. The 5G technology is expected to provide a latency of 1 millisecond, whereas, in 4G, the latency rate is 50 milliseconds. As a result, 5G services would be highly demanded for connected IoT ecosystems and manufacturing applications, as these connections and applications need reliable and faster network services.
In addition, since connectivity plays a crucial role in Industry 4.0, industrial networks need a secure, stable, fast, and reliable connection to process the captured data in real-time for monitoring industrial equipment and plant. 5G technology encompassing high-reliability and low latency attributes, is expected to offer improved connectivity by providing the required capacity, mobility, and speed for enhanced IoT implementation.
UK 5G Industrial IoT Market Outlook
The UK is mostly focused on the 'smart city' vertical of IoT where public infrastructure and services are being greatly transformed through large scale IoT deployments. Moreover, it has been observed that U.K., being one of the prominent countries in Europe, have been conducting research for the commercialization of 5G technology, along with other European nations.
For this, enterprises such as Vodafone, Ericsson, and Deutsche Telekom are testing various advanced technologies and frequency spectrums to efficiently integrate 5G technology. Moreover, these enterprises have also initiated customer trials in various geographical areas which is likely form the 5G technology base.
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Asia Pacific Demand Outlook for 5G Industrial IoT
Asia Pacific, being a developing region, is observing dynamic changes related to adoption of innovative technologies and is estimated to record rapid growth rate and significant market share over the period under review. The region is projected to take over edge computing, 5G core technology, and block chain, owing to its rapid adoption by countries and its diverse population, including South Korea, Singapore, Australia, Japan, and China.
It is a diversified region that includes a wide range of countries moving toward digital transformation. APAC has emerged as one of the high potential regions for connected devices over the past few years. Moreover, Asian IT vendors, government firms, and telecom service providers are aiming to increase its investments in 5G R&D. Australia, China, South Korea, and Japan are the major Asia Pacific countries that have initiated various 5G-related activities.
India is expected to become one of the early adopters of IoT technology around the world. As a result the number of IoT connections in the country is going to increase 30 times and market size through 2025. In India, both Industrial and consumer sectors are almost at par when considering the amount of devices installed and revenues of the IoT industry as a whole. However, the IIoT sector is expected to surpass the consumer sector in near future.
Who are the Key Manufacturers and Suppliers of 5G Industrial IoT System?
Some of the leading manufacturers and suppliers of 5G industrial IoT include
- Qualcomm Technologies Inc.
- Huawei Technologies Co. Ltd.
- Cisco Systems
- IBM Corporation
- Advantech Co. Ltd.
- China Unicom
- Siemens AG
- KT Corporation
- among others.
Strategic partnerships and long-term agreements among the telecommunication service providers and network equipment manufacturers are expected to drive the growth of the market and helps in escalating revenue and new innovation strategies for the providers of 5G IoT technology. Moreover, continuous innovations in 5G and IoT use cases is also expected to help the providers of 5G industrial IoT solutions create value for their shareholders and to accelerate revenue growth.
An Adaptive Approach to Modern-day Research Needs
5G Industrial IoT Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Organization size
- Small & Medium Sized Enterprises (SMEs)
- Large Enterprises
- Predictive Maintenance
- Asset Tracking and Management
- Real-time Workforce Tracking and Management
- Logistics and Supply Chain Management
- Emergency and Incident Management
- Process Industries
- Discrete Industries
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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