As per the report published by Fior Markets, the global 5G Industrial IoT market is expected to grow from USD 0.6 billion in 2020 and to reach USD 63.23 billion by 2028, growing at a CAGR of 79% during the forecast period 2021-2028.
The 5G Industrial IoT market is witnessing significant growth form the past years. The increased demand for connected devices in industrial contexts and the growing necessity for highly reliable network connectivity drive the market. In addition, there is an increasing understanding of the importance of predictive maintenance. Furthermore, government-led smart city efforts are hastening market expansion. However, market growth is limited by factors such as the expensive cost of implementing 5G infrastructure. Although, demand for low-latency connectivity and faster download and upload rates over the 5G network are prospects that can help the 5G Industrial IoT market develop even faster.
An industrial IoT system comprises big-data storage, complex infrastructure architecture with tons of sensors, communication systems, edge computing, and advanced analytics. Compared to their predecessors, 5G industrial IoT solutions are equipped with next-generation wireless connectivity, allowing for faster data transfer and lower latency. 5G network capabilities allow manufacturing systems and machines to communicate wirelessly, improving flexibility and efficiency. Manufacturing, transportation, construction, utilities, and mining are just a few of the industries that benefit from these services. The 5G services for industrial IoT are created with the needs of day-to-day industrial activities in mind.
Due to disruptions created by the COVID-19 pandemic, the global IT and telecom industry has reported a significant delay in the launch of industrial IoT solutions, services, and hardware equipment manufacture. The industry’s investments have been hampered by the collective lag and regulatory deadlines and the delayed issuance of auctions and spectrum for unlicensed and licensed frequency bands. Furthermore, governments all around the world have postponed their spending plans for the future. All of these influencing factors are expected to have an impact on end-use sectors as well as commercial enterprises. Limited movement restrictions and mandated lockdown have also harmed equipment manufacturers’ commercial operations, leading to component shortages.
Some notable players operating in global 5G Industrial Qualcomm Technologies, Inc. , Ericsson , Nokia, Huawei Technologies Co., Ltd., Cisco Systems, IBM Corporation , Microsoft Corporation, Siemens AG , Sierra Wireless, Advantech Co., Ltd., ASOCS , Intel Corporation, Bosch.IO GmbH , Deutsche Telekom AG, Thales Group, IDEMIA.
- In November 2020, Cradlepoint, a leading provider of WLAN, edge, and IoT solutions, was recently acquired by Ericsson. Edge devices, automobiles, mobile sites, workforce, and IoT devices may all be connected with Cradlepoint.
- In September 2019, Qualcomm launched , Qualcomm Snapdragon 5G Modem-RF System is a commercial chipset solution that combines a modem, an RF transceiver, and an RF front-end. The company’s solution enables Original Equipment Manufacturers (OEMs) to develop cutting-edge 5G devices quickly.
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Hardware segment dominated the market and held the largest market share of 38.9% in the year 2020
On the basis of component, the global 5G Industrial IoT market is segmented into hardware, solutions and services. The hardware segment dominated the market and held the largest market share of 38.9% in the year 2020. This growth is attributed to the increasing investing in R&D. Both component and module manufacturers are engaging in research and development while also exploring chipsets for specific manufacturing applications. Suppliers are working on a variety of other advances, including device changes that reduce device size and techniques for integrating with other modules, in addition to 5G modules.
Real-time workforce tracking and management systems segment dominated the market and held the largest market share of 28% in the year 2020
Based on application, the global 5G Industrial IoT market is segmented into predictive maintenance, real-time workforce tracking and management, automation control and management, business process optimization, asset tracking and management, logistics and supply chain management, and emergency and incident management, and business communication. The vehicle assistance systems segment dominated the market and held the largest market share of 28% in the year 2020. This growth is attributed to the potential to bring unprecedented levels of change in the workplace and workforce management. 5G and IoT help to automate workforce management chores like job scheduling and assigning field resources and equipment to different people on the factory floor.