CHICAGO, Aug. 3, 2023 (Globe Newswire) — global 5G industrial IoT market It is expected to grow from USD 500 million in 2020 to USD 15.7 billion by 2026, at a compound annual growth rate (CAGR) of 79.1% during the forecast period. According to a new report from MarketsandMarkets™. 5G Industrial IoT can be defined as an environment where complex industrial systems are networked using 5G technology, with sensor data transmitted over the internet for remote monitoring and performance analysis.
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Report scope
| Report metrics | detail |
| Market size available for several years | 2020-2026 |
| Base year considered | 2020 |
| Forecast period | 2021-2026 |
| prediction unit | Value (US$ billion) |
| Target segment | Components (hardware, solutions, services), organization size, applications, end users, and geography. |
| Target area | North America, Europe, APAC, and RoW |
| Target company | Qualcomm Technologies, Inc. (USA), Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co., Ltd. (China), Cisco Systems (USA), AT&T (USA), IBM Corporation (USA), Microsoft Corporation ( USA), Siemens AG (Germany), Verizon (USA), Sierra Wireless (Canada), etc. |
5G-enabled industrial IoT uses network-connected sensors and other monitoring devices to improve the manufacturing and quality of an organization’s products and related components. 5G technology has enabled innovations such as vision quality checks using cameras, computer vision, and ML, inspiring the next wave of industrial automation in the manufacturing industry. Several organizations are considering how this technology can be integrated into their operations. Several vendors are also considering building private 5G networks. Within factories and plants, current connectivity options have major drawbacks that make it difficult to implement Industry 4.0 use cases. Wi-Fi networks often encounter interference, and dense setups and fixed connections can be cumbersome and costly, especially in large manufacturing environments.
5G-enabled Industrial Internet of Things (IIoT) is a concept that integrates 5G into a single ecosystem. Monitor performance and improve decision-making using real-time data analytics. 5G-enabled Industrial IoT supports the integrated network of physical objects and things using 5G by exchanging data without external intervention. This allows remote monitoring and control of machines, household appliances, and utilities. He 5G industrial IoT in manufacturing operations is gaining attention due to the advent of smart devices and advanced data analysis techniques. Manufacturing companies are rapidly deploying 5G-enabled industrial subsystems with a focus on improving business process efficiency and production through optimal resource utilization.
5G industrial IoT solutions and services bring the benefits of digital disruption to manufacturing companies. With the growth of 5G, hundreds of manufacturers are connecting thousands of machines in factories around the world to his IoT platform. This allows manufacturers to increase the utilization of production capacity and ultimately attract more companies to remain globally competitive in the relevant markets. 5G industrial IoT solutions deliver tangible results for manufacturers: significant increases in operational productivity.
The scope of the 5G industrial IoT market is expanding year by year due to the increase in data traffic due to the increase in the number of IoT devices across the manufacturing industry, the increasing demand for high reality and low latency networks in the manufacturing industry, and the increase in the number of M2M. Masu. The growing need for connectivity across manufacturing and preventive maintenance of critical equipment are some of the drivers of the 5G industrial IoT market. Tremendous opportunities exist for 5G industrial IoT vendors, including the growing demand for private 5G networks across the manufacturing industry and the ongoing development of smart infrastructure such as 5G-enabled factories. However, the high cost required to deploy 5G networks is likely to restrain market growth. Additionally, delays in spectrum harmonization across regions and issues related to 5G network deployment and coverage may hinder the growth of the 5G industrial IoT market.
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Among the component segments, it is the hardware segment that is leading the 5G industrial IoT market in 2020. Hardware is considered the backbone of the 5G industrial IoT market. Several companies are creating standard and special-purpose 5G modules by upgrading existing 4G modules, as the market is considered at an early stage. Existing 4G LPWA modules will become 5G compatible through a software upgrade. Some organizations are building new versions of their modules from scratch to increase energy efficiency and provide higher data rates.
Among organizational sizes, the large enterprise segment is estimated to grow at the highest CAGR during the forecast period. Considering that large enterprises have relatively higher budgets allocated to IT solutions and services, this segment is seeing higher adoption of 5G Industrial IoT. Both large and small manufacturing companies need access to critical business information to optimize resources and integrate and manage the performance of IoT devices. 5G industrial IoT solutions and services play a key role in these scenarios. They are primarily chosen by large enterprises to integrate, monitor, and manage disparate smart devices inside and outside of manufacturing plants.
Among applications, asset tracking and management segment leads the 5G Industrial IoT market in terms of revenue during the forecast period. 5G technology is expected to expand manufacturing opportunities through large-scale asset tracking, monitoring, and automation capabilities. This provides valuable high-level insight into the performance of your organization’s assets and enables you to react quickly accordingly. 5G and IoT can be used together to automate workforce management activities such as scheduling tasks and allocating field resources and equipment to different employees on each manufacturing floor.
Among the end users, the discrete industry is expected to dominate the market in terms of growth rate. Discrete Industries follows a strict growth strategy for its manufacturing operations and focuses on reducing operational costs, resulting in highly utilized IoT technology in its business operations. 5G technology offers much higher network capacity and lower latency to handle massive data traffic from connected devices. This factor is expected to increase the adoption of his 5G industrial IoT solutions in this field in the near future. The discrete industry is focused on improving machine operational efficiency to meet increasing customer demands.
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APAC is one of the most prominent regions in the 5G industrial IoT market. Asia Pacific is an emerging economy and is witnessing dynamic changes in the adoption of new technologies and is expected to register the highest market size and CAGR during the forecast period. It is a diverse region that includes a wide range of countries that are moving towards digital transformation. The region has an advantage in 5G, edge computing, blockchain, and 5G core technologies due to its size, diversity, and strategic leadership of countries such as Singapore, South Korea, China, Australia, and Japan. will be standing. Japan and China are the largest manufacturing economies, producing automobiles, IT products, and electronic products. The manufacturing paradigm has changed significantly, with the industry becoming increasingly dependent on advanced technologies such as robotics and big data analytics.
Top trends in the global 5G industrial IoT market
- Massive adoption of 5G in industrial sectors: Industries such as manufacturing, transportation, energy, and agriculture are increasingly adopting 5G technology to power IoT devices and apps. In these industrial environments, the ultra-low latency, high bandwidth, and stability of 5G networks have enabled smooth communication and real-time data transfer.
- Industry 4.0 transformation: The changes brought about by Industry 4.0 were greatly influenced by the combination of 5G and industrial IoT. 5G capabilities were used in smart factories and networked industrial systems to optimize operations, increase automation, and increase overall efficiency.
- Edge computing for industrial IoT: Enabling edge computing with 5G has become popular in the industrial IoT space. By processing data closer to the source, companies have reduced latency and bandwidth utilization, enabling faster, more responsive decision-making in critical industrial applications.
- Private 5G networks: Many important businesses and industrial facilities have explored the use of private 5G networks. To meet specific industrial needs, these private networks provided additional control, security, and customization options.
Development of major industries
- Advances in IoT devices and sensors: Improved IoT devices and sensors continued to be developed to improve data collection and monitoring across multiple industrial processes. These gadgets are more resistant to harsh environments and more cost- and power-efficient.
- AI-driven analytics solutions: The industrial IoT ecosystem is gradually incorporating artificial intelligence (AI) and machine learning technologies. With the help of AI-driven analytics, companies have been able to make the most of the vast amount of data generated by IoT devices by performing activities such as predictive maintenance, anomaly detection, and optimization. .
- Partnerships and collaboration: Strategies for companies from all parts of the industrial IoT value chain, including communications providers, IoT platform vendors, and industrial equipment manufacturers, to accelerate innovation and develop end-to-end solutions for specific industries. Build strategic partnerships and collaborate.
- Focus on industrial cybersecurity: The attack surface for online threats has expanded with the number of connected devices. As a result, there has been an increased emphasis on creating reliable cybersecurity solutions that meet the unique requirements of industrial IoT environments.
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