Dublin, April 30, 2021 (GLOBE NEWSWIRE) -- The "5G Industrial IoT Market by Component (Hardware, Solutions, and Services), Organization Size, Application (Predictive Maintenance, Business Process Optimization), End User (Process Industries and Discrete Industries) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global 5G Industrial IOT market size is projected to grow from USD 0.5 billion in 2020 to USD 15.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 79.1% during the forecast period.
The major factors driving the growth of the 5G Industrial IOT market include growth in data traffic due to increasing number of IoT devices across manufacturing industries, increasing demand for high reliability and low latency networks in manufacturing industries, growth in number of M2M connections across manufacturing industries, and rising need of preventive maintenance for critical equipment.
Based on component, the hardware segment is expected to lead the 5G Industrial IOT market during the forecast period
The hardware segment of the 5G industrial IoT includes 5G modules, gateways, sensors, and chips. With the growing demand for 5G industrial IoT, the 5G IoT module acts as one of the major components in the hardware segment of the 5G industrial IoT market. The leading IoT module providers are also exploring how they can position specific products in the market. Both components and module providers are investing in R&D while simultaneously considering the chipsets for specialized applications in the manufacturing operations. In addition to developing 5G modules, suppliers are pursuing several other innovations, such as modifications that decrease device size and strategies for the integration with other modules.
Based on services, managed services segment is expected to grow at a higher CAGR during the forecast period
The growth of the managed services segment is expected to be driven by the increased monitoring and security requirements, improved regulatory compliances, enhanced productivity, and improved data integrity while meeting strict Service-Level Agreements (SLAs). Manufacturing companies deploy 5G industrial IoT solutions to manage four elements: products, processes, people, and infrastructure. In manufacturing industries, advanced sensors, control systems, and software applications work together to obtain and share real-time information as finished goods make their way down the production line. Managed Service Providers (MSPs) connect people across all business functions and regions and provide them with relevant information related to intelligent design, operations, and maintenance as well as offer higher quality of services and safety.
Based on organization size, large enterprises segment is expected to lead the 5G Industrial IOT market during the forecast period
Large enterprises are witnessing an increased need to deploy 5G industrial IoT solutions and services to efficiently manage their large number of assets spread across geographies. The adoption of 5G industrial IoT solutions and services in large enterprises is much high as compared to SMEs. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage 5G industrial solutions and services. The market being at the nascent stage, several big firms are launching 5G modules by having partnerships with telecom operators to deploy services at a faster pace.
Based on application, real-time workforce tracking and management segment is expected to grow at a higher CAGR during the forecast period
Real-time workforce tracking and management help manufacturing enterprises streamline their processes and identify, deploy, validate, as well as manage their employees and connect with them in real time. 5G technology has the potential to bring unprecedented levels of change in the workplace as well as workforce management. 5G, along with IoT, can automate workforce management activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor. 5G combined with IoT-enabled connected worker solution can bring monitoring capabilities to the next level, making workplaces more efficient, transparent, safe, and productive.
Based on end user, the discrete industries segment is expected to lead the 5G Industrial IOT market during the forecast period
The discrete industries are concerned with the manufacturing and production of distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. The growth of IoT is leading to improvements in discrete industries. In discrete industries, IoT-enabled smart connected products provide a way to increase product functionality and generate additional value for customers. The 5G technology increases the overall bandwidth and allows a massive amount of IoT devices to connect, thus helping discrete manufacturers increase their productivity. 5G industrial IoT solutions are expected to increase the operational efficiency of the discrete manufacturing process by offering higher connectivity among IoT devices.
APAC is expected to lead the 5G Industrial IoT market during the forecast period
APAC, being an emerging economy, is witnessing dynamic changes in the adoption of new technologies and expected to record the highest market size and CAGR during the forecast period. It is a diversified region that includes a wide range of countries moving toward digital transformation. The region is set to dominate 5G, edge computing, blockchain, and 5G core technology, due to its size, diversity, and the strategic lead taken by countries, including Singapore, South Korea, China, Australia, and Japan. APAC is one of the biggest markets for connected devices.
Such a huge number of connected devices requires high-speed and low latency networks, such as 5G. China, Australia, Japan, and South Korea are the prime APAC countries that have started several 5G-related activities. Asian telecom service providers, vendors, and government firms are determined to take the lead in 5G R&D. The region is witnessing dynamic changes in the adoption of new technologies and advancements in manufacturing industries.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in 5G Industrial IoT Market
4.2 Asia-Pacific Market, by Component and Country
4.3 Market: Major Countries
5 Market Overview and Industry Trends
5.1 Market Overview
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth in Data Traffic due to Increasing Number of IoT Devices Across Manufacturing Industries
5.2.1.2 Increasing Demand for High Reliability and Low Latency Networks in Manufacturing Industries
5.2.1.3 Growth in Number of M2M Connections Across Manufacturing Industries
5.2.1.4 Rising Need of Preventive Maintenance for Critical Equipment
5.2.2 Restraints
5.2.2.1 High Costs Required for Deployment of 5G Network
5.2.3 Opportunities
5.2.3.1 Rising Demand for Private 5G Network Across Manufacturing Industries
5.2.3.2 Rising Development of Smart Infrastructure Such as 5G-Enabled Factory
5.2.4 Challenges
5.2.4.1 Delay in Spectrum Harmonization Across Geographies
5.2.4.2 Issues Related to Deployment and Coverage of 5G Networks
5.3 Case Study Analysis
5.3.1 Qualcomm
5.3.2 Ericsson
5.3.3 Nokia
5.3.4 T-Mobile
5.4 Technology Analysis
5.4.1 Introduction
5.4.2 Sub-6 GHz and Mmwave
5.4.3 Wi-Fi
5.4.4 Edge Computing
5.4.5 LTE Network
5.4.6 Big Data and Analytics
5.5 Value Chain Analysis
5.6 Ecosystem
5.8 Patent Analysis
5.9 Impact of COVID-19 on 5G Industrial IoT Market Dynamics Analysis
5.10 Pricing Analysis
5.11 Regulatory Implications
5.12 Different Modes of 5G Technology
5.12.1 Enhanced Mobile Broadband
5.12.2 Massive IoT
5.12.3 Ultra-Reliable Low Latency Connectivity
6 5G Industrial IoT Market, by Component
6.1 Introduction
6.1.1 Components: COVID-19 Impact
6.2 Hardware
6.2.1 Hardware: Market Drivers
6.3 Solutions
6.3.1 Solutions: Market Drivers
6.4 Services
6.4.1 Professional Services
6.4.1.1 Professional Services: Market Drivers
6.4.2 Managed Services
6.4.2.1 Managed Services: Market Drivers
7 5G Industrial IoT Market, by Organization Size
7.1 Introduction
7.1.1 Organization Size: COVID-19 Impact
7.2 Large Enterprises
7.2.1 Large Enterprises: Market Drivers
7.3 Small and Medium-Sized Enterprises
7.3.1 Small and Medium-Sized Enterprises: Market Drivers
8 5G Industrial IoT Market, by Application
8.1 Introduction
8.2 Applications: COVID-19 Impact
8.3 Predictive Maintenance
8.3.1 Predictive Maintenance: Market Drivers
8.4 Business Process Optimization
8.4.1 Business Process Optimization: Market Drivers
8.5 Asset Tracking and Management
8.5.1 Asset Tracking and Management: 5G Industrial IoT Market Drivers
8.6 Logistics and Supply Chain Management
8.6.1 Logistics and Supply Chain Management: Market Drivers
8.7 Real-Time Workforce Tracking and Management
8.7.1 Real-Time Workforce Tracking and Management: Market Drivers
8.8 Automation Control and Management
8.8.1 Automation Control and Management: Market Drivers
8.9 Emergency and Incident Management, and Business Communication
8.9.1 Emergency and Incident Management, and Business Communication: 5G Industrial IoT Market Drivers
9 5G Industrial IoT Market, by End-user
9.1 Introduction
9.2 End-users: COVID-19 Impact
9.3 Process Industries
9.3.1 Process Industries: Market Drivers
9.3.1.1 Energy and Utilities
9.3.1.2 Chemicals and Materials
9.3.1.3 Food and Beverage
9.3.1.4 Water and Waste Management
9.3.1.5 Other End-users
9.4 Discrete Industries
9.4.1 Discrete Industries: 5G Industrial IoT Market Drivers
9.4.1.1 Automotive
9.4.1.2 Machine Manufacturing
9.4.1.3 Semiconductor and Electronics
9.4.1.4 Medical Devices
9.4.1.5 Logistics and Transportation
10 5G Industrial IoT Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Rest of the World
11 Competitive Landscape
11.1 Introduction
11.2 Market Evaluation Framework
11.3 Revenue Analysis of Top Market Players
11.4 Market Share Analysis
11.4.1 Introduction
11.5 Key Players in 5G Industrial Market, 2020
12 Competitive Evaluation Matrix and Company Profile
12.1 Company Evaluation Matrix, 2020
12.1.1 Star
12.1.2 Emerging Leaders
12.1.3 Pervasive
12.1.4 Participants
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence
13 Company Profiles
13.1 Introduction
13.2 Qualcomm
13.3 Ericsson
13.4 Nokia
13.5 Huawei
13.6 Cisco
13.7 AT&T
13.8 IBM
13.9 Microsoft
13.10 Siemens
13.11 Verizon
13.12 Sierra Wireless
13.13 Telefonica
13.14 China Mobile
13.15 China Unicom
13.16 Vodafone
13.17 Advantech
13.18 Asocs
13.19 T-Mobile
13.20 Telus
13.21 Honeywell
13.22 Intel
13.23 Bosch.Io
13.24 Deutsche Telekom
13.25 Telit
13.26 Thales Group
13.27 Idemia
13.28 KT Corporation
13.29 ABB
13.30 NTT Data
14 Adjacent/Related Markets
14.1 Cellular M2M Market
14.1.1 Market Definition
14.1.2 Limitations of the Cellular M2M Market
14.1.3 Market Overview
14.1.4 Cellular M2M Market, by Application
14.1.5 Cellular M2M Market, by Service
14.1.6 Cellular M2M Market, by End-user
14.1.7 Cellular M2M Market, by Region
14.2 5G IoT Market
14.2.1 Market Definition
14.2.2 Limitations of 5G IoT Market Study
14.2.3 Market Overview
14.2.4 5G IoT Market, by Radio Technology
14.2.5 5G IoT Market, by Range
14.2.6 5G IoT Market, by Vertical
14.2.7 5G IoT Market, by Region
15 Appendix
15.1 Discussion Guide
15.2 Knowledge Store: Subscription Portal
15.3 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/vzjwtz.