MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global 5G Industrial IoT Market.
TheĀ 5G Industrial IoT Market is projected to grow fromĀ USDĀ 476.90 billionĀ in 2024 toĀ USDĀ 701.61Ā billionĀ by 2032, exhibiting a compound annual growth rateĀ (CAGR) ofĀ 4.49% during the forecast period (2024 - 2032). Additionally, the market size forĀ 5G industrial IoT was valued at USDĀ 451.32Ā billion in 2023.
According to Market Research Future, the global 5G IoT market has been segmented based on component, organization size, application, end-user, and region/country.
An industrial IoT system is comprised of complex infrastructure architecture with tons of sensors, communication systems, big-data storage, edge computing, and advanced analytics, among others. The 5G industrial IoT solutions are enabled with next-generation wireless connectivity that provides a higher speed of data transfer with lower latency when compared to their predecessors. 5G network capabilities enable production systems and machines to work seamlessly through wireless networking, enhancing flexibility and efficiency. These services have wide scope across industry verticals, including manufacturing, transportation, construction, utilities, and mining. The 5G services for industrial IoT are designed keeping in mind the requirements of day-to-day industrial processes.
By component, the global 5G industrial IoT market has been divided into hardware, solution, and service. The service sub-segment is further split into professional and managed services.
By organization size, the global 5G industrial IoT market has been separated into large enterprise and small & medium enterprise. Large enterprises having expanded business operations are expected to adopt 5G industrial IoT solutions and services faster than small & medium enterprises.
Based on applications, the global 5G industrial IoT market has been divided into predictive maintenance, business process optimization, asset tracking & management, logistics & supply chain management, real-time workforce tracking & management, automation control & management, and lastly emergency, incident management, and business communication. The automation control & management segment is expected to register a high market share followed by asset tracking & management owing to the demand for real-time asset monitoring and control needs. Additionally, the real-time workforce tracking & management is projected to account for major growth rate CAGR during the forecast period mainly due to the increasing need for employee workplace safety and enhanced working environment.
Based onend-users, the global 5G industrial IoT market has been divided into energy & utility, food & beverage, automotive & transportation, manufacturing, consumer electronics, and others. The manufacturing industry is expected to report the highest market contribution during the forecast period, mainly due to the rise in investments to automate industrial processes.
The global 5G industrial IoT market has been analyzed for five regionsāNorth America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
By region, the global5G industrial IoT market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa,and South America. Asia-Pacific region is expected to report highest CAGR mainly due to the adoption of industrial IoT by the large Chinese enterprises to automate the control and management of business processes.
Key Players
The key players in theglobal5G industrial IoT market areQualcomm 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), TelefĆ³nica S.A (Spain), Vodafone Limited (UK), T-Mobile USA, INC (US), and TELUS (Canada).
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Report details
| Companies Covered | 15 |
| Pages | 99 |
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