The worldwide 5G Industrial Iot Market is estimated to account for approximately USD 8.9 billion of market value by the end of the year 2027. However, the present market has projected to acquire 71.3% of CAGR during the research period.
An industrial IoT system is the combination of tons of sensors, big-data storage, communication systems, advanced analytics, edge computing, complex infrastructure architecture, and others. This is a perfect solution for the industries that are able to connect with next-generation wireless connectivity and offers a high speed of transferring data.
However, the high price for the 5G infrastructure implementation might hamper the growth of the 5G industrial IoT market throughout the review period.
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The global 5G industrial IoT market appears highly competitive and fragmented, with several major technology providers forming a competitive landscape. To gain a substantially larger market share, market players adopt mergers & acquisitions, collaboration, expansion, and product & technology launch strategies. Also, they make substantial investments to transform the future consumer and business landscape. Players leading the global 5G industrial IoT market include Telefonaktiebolaget LM Ericsson (Sweden), Qualcomm Technologies, Inc. (US), Nokia (Finland), Cisco Systems, Inc. (US), Huawei Technologies Co., Ltd. (China), AT&T (US), Microsoft (US), IBM Corporation (US), Siemens (Germany), Sierra Wireless (Canada), Verizon (US), Telefónica S.A (Spain), T-Mobile USA, INC (US), Vodafone Limited (UK), and TELUS (Canada), among others.
There are various segments that are playing a significant role in the global 5G industrial IoT market. It includes the component, application, organization size, and end-user.
On the basis of component segment, the 5G industrial IoT industry has been classified into service, hardware, and solution. Further, the service segment is sub-classified into managed and professional services. Based on the application segment, the 5G industrial IoT industry has been segmented into business process optimization, predictive maintenance, logistics & supply chain management, asset tracking & management, automation control & management, real-time workforce tracking & management, incident management, emergency, and business communication.
In terms of organization size segment, the 5G industrial IoT market has been categorized into small & medium enterprises and into a large enterprise. Depending on the end-user segment, the worldwide market has been divided into consumer electronics, food & beverage, energy & utility, manufacturing, automotive & transportation, and others.
According to 5G industrial IoT market analysis, the market has been divided into Europe, North America, the Middle East & Africa, Asia-Pacific, South America, and others.
Of these, the North American market is anticipated to acquire the largest market share during the research period due to increasing requirements for 5G industrial IoT connectivity services among various industries. In the North American region, the US country is projected to dominate the regional market due to several factors like rising adoption of 5G industrial IoT connectivity, growing requirements for reliability and high-speed wireless connectivity among end-use industries, including automotive & transport, manufacturing, healthcare, retail, utilities, and others. Moreover, the country has the major key player like IBM Corporation (US), Qualcomm Technologies, Inc. (the US), AT&T (US), Cisco Systems, Inc. (the US), Microsoft (US), T-Mobile USA, INC (US), and Verizon (US), who are largely investing on the spectrum licenses for various private networks and research and developmental activity in 5G industrial IoT technology.
Further, the European market is anticipated to hold the second-largest market share in the analysis period because of the rising adoption of robotic process control and factory automation from various manufacturing sectors. Moreover, the rising need for smart asset management and rising rapid developments to improve workplace safety is the major factors for growing the regional market growth. Apart from this, the Asia-Pacific market is projected to be the fastest-growing market throughout the review period.
On14th April 2021, the prominent player Verizon has declared itsSaaS offering plan to grow Hyper Precision Location (HPL), which has aimed to enhance the location data accuracy that will cover more than 100 main markets in the US.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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