Government investment and FDI drive the Global 5G Industrial IoT Market towards its growth.
According to TechSci Research report, “Global 5G Industrial IoT Market By Component (Hardware, Solutions, and Services), By End User (Process Industries and Discrete Industries), 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 Region, Competition Forecast & Opportunities, 2026”, the Global 5G industrial IoT Market is expected to grow at a promising rate during the forecast period. The provisions of advanced, improvised wireless services, high speed internet, and reduced latency from 5G is going to drive the global 5G industrial IoT market towards its expected growth. With IoT devices like wireless sensors, computers, actuators, software, all employed in the industries, IoT has a web of performance platforms, that assures the market growth in the forecast period.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many manufacturing units and disruption in the supply chain resulting in interrupted production and lesser supply of the IOT devices all around the globe. Also, the economy has been adversely affected in many countries resulting in the hinderance to the growth of the 5G industrial IoT market. However, after relief from lockdown, market is again going to pick up pace to grow significantly.
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The global 5G industrial IoT market is segmented by component, end user, application, and regional distribution. Based on application the market is further fragmented into 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. Demand for manufacturing and adoption of this advanced technology is increasing exponentially, and the service provides a reliable network and secure connections for the industries to assimilate and analyze the data, thus driving the growth of the market.
Some of the major players in the market are China Mobile Limited, China United Network Communications Group Co., Ltd, Vodafone Group plc, Advantech Co., Ltd., ASOCS Ltd, Intel Corporation, Bosch.IO GmbH., Deutsche Telekom AG., Thales Group, NTT DATA Corporation, among others. The competitors are continuously involved in research and development and various mergers and acquisitions for the advancement of their services as well as the growth of the market.
Two of the competitors in the market, Telefonica S.A. and Idrica, both working on a solution for water cycle management, collaborated and offered a 5G IoT solution to monitor real time information on several infrastructure and processes at one platform with the IoT technologies like LTE-M, NB-IoT, and 5G Massive IoT.
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“New investors in the market are advised to work on ensuring the right IoT connectivity protocol with the requirements. The wireless network is the future and must be employed for further growth in the market to draw maximum benefits. The wireless network is Industrial IoT ready, supports the trendsetting applications and is highly reliable with provisions of private local wireless network.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global 5G Industrial IoT Market By Component (Hardware, Solutions, and Services), By End User (Process Industries and Discrete Industries), 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 Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global 5G industrial IoT market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global 5G industrial IoT market.
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