Press release
5G Industrial IoT Market to Touch USD 8.9 Billion at 71.3% CAGR by 2027
The global 5G industrial IoT market will touch USD 8.9 billion at a favorable 71.3% CAGR by 2027, states the new Market Research Future (MRFR) report.
Drivers
Demand for Low Latency Network to Boost Market Growth
The increasing need for high reliability & low latency network in the manufacturing industry will boost market growth over the forecast period.
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Key Players
Eminent industry players profiled in the global 5G industrial Iot market report include Qualcomm Technologies, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co., Ltd. (China), Cisco Systems, Inc. (US), AT&T (US), IBM Corporation (US), Microsoft (US), Siemens (Germany), Verizon (US), Sierra Wireless (Canada), Telefónica S.A (Spain), Vodafone Limited (UK), T-Mobile USA, INC (US), and TELUS (Canada).
Opportunities
Growing Need for Private 5G Network Technology to offer Robust Opportunities
The growing need for private 5G network technology across organizations, governments, and private sectors will offer robust opportunities for the 5G industrial IoT market in the forecast period.
Restraints
High Implementation Cost to act as Market Restraint
The high cost concerning the implementation of 5G infrastructure may act as market restraint over the forecast period.
Challenges
Issues Related to Handling and Deployment of 5G Networks to act as Market Challenge
The issues related to handling and deployment of 5G networks and also delays in spectrum management across geographies may act as market challenges over the forecast period.
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Market Segmentation
The global 5G industrial IoT market is bifurcated based on end user, application, organization size, and component.
By component, the hardware segment will lead the market over the forecast period.
By organization size, the large enterprise segment will dominate the market over the forecast period.
By application, the real-time workforce tracking and management segment will spearhead the market over the forecast period.
By end user, the global 5G industrial IoT market is segmented into energy & utility, food & beverage, automotive & transportation, manufacturing, consumer electronics, among others.
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COVID-19 Analysis
The global IT and telecom industry has experienced major delays in the introduction of industrial IoT solutions, services & manufacturing of hardware equipment chiefly on account of disruptions due to the outbreak. Besides, the collective lag in regulatory timelines coupled with delayed issuance of auctions and spectrum for licensed and unlicensed frequency bands have affected the investments in the industry. Governments across the world have postponed their plans of expenditure for later. All these are impacting the end use industries and also commercial organizations. Further, owing to imposed lockdown and also limited movement restrictions have impacted the business operations of the equipment manufacturers resulting in shortage of components.
Regional Analysis
North America to Have Lions Share in 5G Industrial IoT Market
North America will have lions share in the 5G industrial IoT market over the forecast period. Rising need for 5G industrial IoT connectivity service across different industry verticals, rising need for high-speed wireless connectivity with reliability in the region, increasing adoption among end-use industry verticals like utilities, automotive and transport, healthcare, retail, and manufacturing, the presence of major players such as Qualcomm Technologies, Inc. (US),Cisco Systems, Inc. (US), AT&T (US), IBM Corporation (US), Microsoft (US), Verizon (US), T-Mobile USA, INC (US), among others, key players investing heavily in research and development of 5G industrial IoT technology & spectrum licenses for private 5G networks, the region being a hub to several large IoT device and module manufacturers, 5G network providers, and software platform providers, and several governments contemplating smart city projects are fuelling the global 5G industrial IoT market growth in this region.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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