Industrial 5G Market Asia-Pacific Region is Predicted to Witness the Highest Growth Rate During 2031

According to the report published by Allied Market Research, the global industrial 5G market generated $12.47 billion in 2020, and is estimated to garner $140.88 billion by 2030, witnessing a CAGR of 27.5% from 2020 to 2030. The report offers an extensive analysis of changing market dynamics, value chain, top segments, regional scenarios, key investment pockets, and competitive landscape.

Increase in demand for high latency and low latency network among various industries, rise in M2M connections across various industries, and demand for next-generation telecommunication network service among enterprises drive the growth of the global industrial 5G market. However, high implementation cost of 5G solutions hinders the market growth. On the other hand, the development of smart infrastructure such as 5G-enabled facility and the adoption of IoT-based 5G infrastructure across various enterprises present new opportunities in the coming years.

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Industrial 5G provides reliable connectivity and high bandwidth for exchanging data between edge devices and the cloud, owing to which many organizations are adopting industrial 5G. In addition, it provides various industries with low latency network, which helps companies to improve their decision-making capability and increase their data processing speed. Furthermore, industrial 5G helps companies to monitor their entire plant and its processes continuously as well as provides real-time monitoring of the assets, which maximizes productivity and reduces human errors.

Furthermore, the key factors that drive the industrial 5G market trends include an increase in demand for high-latency and low-latency networks among various industries and surge in M2M connections across various industries. In addition, the increase in demand for next-generation telecommunication network services among enterprises fuels the industrial 5G market growth. However, high cost required to deploy 5G hampers the growth of the market. Furthermore, a rise in the adoption of IoT-based 5G infrastructure across various enterprises and a surge in the development of smart infrastructure, such as 5G-enabled factories, are expected to provide a lucrative opportunity for the market.

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Impact of Covid-19 on Industrial 5G Market:

The adoption of industrial 5G among the discrete manufacturing industries increased with the implementation of next-generation telecommunication solutions to enable excellent communication channels between the types of machinery and streamline the product development process.

• The implementation of 5G-enabled communication service providers (CSPs) among enterprises rose rapidly to deliver new sets of services and deploy their own 5G infrastructure. However, 5G deployment plans have been delayed or postponed during the lockdown.

• Increase in implementation of industrial automation across various industry verticals such as manufacturing, retails & e-commerce, oil & gas, healthcare, and others surged the demand for industrial 5G.

Large enterprises have dominated the market share in the industrial 5G sector, and this trend is projected to continue in the foreseeable future. The primary driver behind this growth is the substantial investment made by these large-scale organizations in 5G networks. The increasing demand for high-speed internet within these large enterprises also contributes to the expansion of the global industrial 5G market. Nonetheless, the small and medium enterprises (SMEs) segment has exhibited the highest growth rate. This can be attributed to the significant shift of SMEs towards digitalization and the integration of the Internet of Things (IoT) into their regular business operations, which is propelling the overall market.

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Based on end user, the discrete industries segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global industrial 5G market, and is projected to maintain its leadership status throughout the forecast period. However, the process industries segment is expected to portray the fastest CAGR of 28.5% from 2021 to 2030.

In terms of geographical regions, North America took the lead in the industrial 5G market in 2020. This was driven by the increased adoption of advanced technologies like IoT, connected industries, telecommunication technologies (5G and LTE), additive manufacturing, and augmented reality across various industries. These technologies have been leveraged to enhance supply chain and production processes. However, the Asia-Pacific region is expected to experience a notable growth rate during the forecast period. This growth is primarily driven by the expansion of industrial activities and infrastructure development in countries such as India and China. Furthermore, nations like India, China, and Japan are actively pursuing initiatives to rapidly deploy 5G networks, contributing to the overall market's growth.

Leading players of the global industrial 5G market analyzed in the research include AT&T, Huawei Technologies Co., Ltd., Ericson, Nokia, NEC Corporation, Samsung, Qualcomm Technologies, Inc., Verizon Communications Inc., SK Telecom, and ZTE Corporation.

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