5G Industrial IoT Market To Gain USD 18.9 Bn by 2030 CAGR 28%

 “Global 5G Industrial IoT Market” by Components , Applications, Organization Size, End-users, Regions Size, Share, Trends, and Opportunity Analysis 2021-2030 “5G Industrial IoT Market” the market was valued at USD 0.8 billion in 2021 and is expected to grow at a healthy growth rate of 28% by the end of 2030. The global 5G industrial IoT market growth is attributed to increasing demand for networks with high dependability and low latency in manufacturing industries.

Key Market Players:

• Microsoft
• Siemens
• Verizon
• Intel Corporation
• Intel Corporation
• Microsoft Corporation
• Huawei Technologies Co., Ltd.
• Siemens AG
• Honeywell International Inc.
• Qualcomm Technologies, Inc.
• Verizon
• Cisco Systems
• Ericsson
• Nokia
• Huawei

Highlights on the segments of the 5G Industrial IoT Market

In terms of components 

The global 5G industrial IoT market is segmented into services, solutions, and hardware. The hardware segment is anticipated to expand at a sustainable CAGR during the forecast period. The 5G IoT module is an essential element in the hardware segment. 5G IoT modules make work environments smooth, useful, and secure. Component and module manufacturers are investing money in R&D while also considering chipsets for specific usage in the manufacturing processes.

Based on applications

The global 5G industrial IoT market is segmented into emergency & incident management, & business communication, automation control and management, real-time workforce tracking & management, logistics & supply chain management, asset tracking & management, and business process optimization, and predictive maintenance. The real-time workforce tracking & management segment is expected to grow at a significant pace during the forecast period. Real-time workforce tracking and management for manufacturing companies enables the deployment, identification, and validation of employees and their management and real-time communication.

Based on regions

The market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, owing to the technological advancements in the region. Asia Pacific is anticipated to dominate edge computing, 5G core technologies, 5G, and blockchain owing to its culture, size, and strategic initiative taken by countries including Singapore, Japan, South Korea, Australia, and China.

• The large enterprise segment is anticipated to grow at a significant pace. Large enterprises demand 5G industrial IoT solutions and services to manage various assets deployed across numerous locations. The adoption of 5G industrial IoT solutions and services is higher in large enterprises than in small & medium enterprises.
• The discrete industries segment is anticipated to expand at a sustainable CAGR during the forecast period. Discrete industries are involved in the manufacturing and production of products that are made to order, including toys, furniture, cellphones, smartphones, and aircraft.
• Low latency in manufacturing industries and high reliability is expected to drive the market growth. Moreover, 5G networks have 50 times less latency than 4G networks.
• Manufacturing companies were compelled to employ remote working solutions to maintain company continuity, due to the COVID-19 pandemic. The 5G network is necessary for remote workers to have enhanced connectivity and better performance.

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