Industrial 5G Market Hit USD 140.88 Billion by 2030 Growing at a CAGR of 27.5%

According to the report published by Allied Market Research, Industrial 5G Market Hit USD 140.88 Billion by 2030 Growing at a CAGR of 27.5%. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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

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The global industrial 5G market size was valued at $12.47 billion in 2020, and is projected to reach $140.88 billion by 2030, growing at a CAGR of 27.5% from 2020 to 2030.

The global industrial 5G market is segmented on the basis of component, enterprise size, end user, discrete industries type, communication type and region. By component, the market is bifurcated into hardware, software and services. By end user, it is categorized process industries and discrete industries. By discrete industries type, the market is bifurcated into automotive & transportation, industrial machinery & heavy equipment's, high-tech & consumer electronics, aerospace & defense and others. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on communication type, it is fragmented into eMBB, URLLC, MMTC and FWA. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Region-wise, the industrial 5G market was dominated by North America in 2020, attributed to increase in adoption of advanced technologies, such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality, among various industries to improve their supply chain process and production process. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in industrial and infrastructure expansion activities in India and China.

The key players profiled in the industrial 5G market analysis are AT&T, Ericson, Huawei Technologies Co., Ltd, NEC Corporation, Nokia, Qualcomm Technologies, Inc., Samsung, SK Telecom, Verizon Communications Inc. and ZTE Corporation These players have adopted various strategies to increase their market penetration and strengthen their position in the industrial 5G industry.

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Industrial 5G Market Trends:

• Collaboration between technology companies and industrial firms: As the demand for Industrial 5G solutions grows, technology companies are partnering with industrial firms to develop and deploy these solutions. This collaboration helps to ensure that the technology is tailored to the specific needs of different industries.

• Integration with existing systems: Many industrial firms have existing systems in place that they are reluctant to replace. To address this, technology companies are developing solutions that can integrate with these systems, providing a smooth transition to 5G technology.

• Development of private 5G networks: Private 5G networks are becoming increasingly popular in industrial settings, as they provide a secure and reliable platform for data transmission. These networks can be deployed on-premises and can be customized to meet the specific needs of the industry.

• Edge computing: Edge computing is gaining traction in the Industrial 5G market, as it allows data to be processed closer to the source, reducing latency and improving performance. This is particularly important for applications that require real-time data processing, such as machine vision and robotics.

• Adoption of virtualization: Industrial firms are adopting virtualization to improve flexibility and reduce costs. By virtualizing their network functions, they can deploy and scale services more quickly and efficiently.

• Increased focus on cybersecurity: As Industrial 5G networks become more widespread, there is a growing concern about cybersecurity. Technology companies are developing solutions that can help ensure the security of these networks, including encryption and authentication technologies.

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Industrial 5G Market Drivers:

• Increased demand for automation: With the rise of Industry 4.0 and the Internet of Things (IoT), there is a growing need for automation in industrial settings. 5G technology offers higher data speeds and lower latency, which makes it ideal for supporting automated processes.

• Improved efficiency: Industrial 5G networks can help improve efficiency in manufacturing, logistics, and other industries. By providing real-time data on equipment and processes, companies can optimize their operations and reduce downtime.

• Enhanced safety: 5G networks can support advanced safety systems, such as collision avoidance systems and remote monitoring of hazardous environments. This can help reduce the risk of accidents and improve worker safety.

• Increased productivity: With faster data speeds and lower latency, 5G can help workers access and analyze data in real-time, improving decision-making and productivity.

• Cost savings: 5G technology can help reduce operational costs by enabling remote monitoring and maintenance of equipment, reducing the need for on-site personnel and travel.

• Growing demand for high-bandwidth applications: As more industrial applications require high-bandwidth connectivity, 5G networks provide an attractive solution. This includes applications such as video surveillance, remote control, and augmented reality.

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