5G Industrial IoT Market Industry Demand, CAGR Status, Global Competitors and Future Scope
Market Scenario:
According to Market Research Future, the global 5G Industrial 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 comprising of 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 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, mining, among others and mining. The 5G services for industrial IoT are designed keeping in mind the requirements of day to -to-day industrial processes.
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COVID-19 Analysis:
The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. 5G Industrial IoT Market ’s fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has 5G Industrial IoT Market to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The 5G Industrial IoT Markets bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.
In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.
Competitive Outlook:
The key players in the global 5G industrial IoT market are Qualcomm 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), Telefónica S.A (Spain), Vodafone Limited (UK), T-Mobile USA, INC (US), and TELUS (Canada).
Segmentation:
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 that of 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 on Based on end-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 analysed for five regions — North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis:
By region, the global 5G 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 Chinese language Chinese enterprises to automate the control and management of business processes.
Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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