The 5G Industrial IOT market revenues were estimated at US$ 890.0 Million in 2021 and are anticipated to grow at a CAGR of 28.1% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 18.8 Billion. 5G Industrial IOT revenue through large enterprises is projected to grow at a CAGR of nearly 28% during the period of projection.
5G Industrial IOT market plays a vital role in telecommunication and manufacturing industries and this trend is likely to be continued due to the predicted to reach US$ 18.8 Billion in 2032. Many telecommunication industries are implementing 5G technology for faster network connectivity and various software are adopted for a better-automated work environment.
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A few of the primary factors driving the growth of the 5G Industrial IoT market include ultra-high dependability and low latency. Latency in a computer network refers to the amount of time it takes for a data packet to travel. Lower latency means faster data delivery. The latency of the 5G network is over 50 times lower than that of the present 4G network.
The latency rate of 5G technology is predicted to be 1 millisecond, whereas the latency rate of 4G is 50 milliseconds. Because these applications and connections require faster and more reliable network services, 5G services will be in great demand for manufacturing applications and connected IoT ecosystems.
Key Takeaways from the Market Study
- Global 5G Industrial IOT market is expected to reach a market size of US$ 18.8 Bn by 2032.
- In 2022, 5G Industrial IOT Market is estimated to reach a valuation of US$ 1.6 Bn.
- Among components, hardware shows the highest potential for growth. Revenue through 5G Industrial IOT hardware is expected to grow at a CAGR of about 27.9% during 2022- 2032.
- China, the key market is expected to hold the prominent market share and grow at a CAGR of 27.3% during 2022 – 2032.
Competitive Landscape
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In Mar, 2022, Ericsson & Vodafone UK cooperated to frame an organization cut on 5G SA involving single RAN work for high-transmission capacity and low-inertness network which can be conveyed for computer generated reality use case in a retail location.
- In Mar, 2022, Cisco & Tech Mahindra announced their collaboration to modernize 5G infrastructure with routed optical networking. Cisco has expertise in routed optical fiber whereas Tech Mahindra has expertise in IP-based, software driven 5G networks.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the 5G Industrial IOT market, presenting historical market data (2019-2021) and forecast statistics for the period of 2022-2032.
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Market Segments Covered in 5G Industrial IOT Industry Analysis
By Component:
- Hardware
- Solution
- Services
By Organization Size:
- SMEs
- Large Enterprises
By Application:
- Predictive Maintenance
- Business Process Optimization
- Asset Tracking and Management
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking and Management
- Automation Control and Management
- Emergency and Incident Management, and Business Communication
By End User:
- Process Industries
- Discrete Industries
By Region:
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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