5G
Industrial IOT Market Trends, Growth, Drivers and Opportunities

The
5G Industrial IOT Market size is projected to
grow from USD 0.5 billion in 2020 to USD 15.7 billion in 2026, at a Compound
Annual Growth Rate (CAGR) of 79.1% during the forecast period, according
to a new report by MarketsandMarkets™.

The major factors
driving the growth of the 5G Industrial IOT market include growth in data
traffic due to increasing number of IoT devices across manufacturing
industries, increasing demand for high reliability and low latency networks in
manufacturing industries, growth in number of M2M connections across
manufacturing industries, and rising need of preventive maintenance for
critical equipment.

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Based on component, the solutions segment to grow at a higher
CAGR during the forecast period

With the advanced networking technology, the 5G industrial IoT
solutions benefit manufacturing organizations in several ways, such as the
ability to view the status of assets at any time, faster service response from
dealers, and effectively monitoring, predicting, and controlling process
variability. Organizations across the manufacturing vertical are adopting 5G
industrial IoT solutions, as these solutions enable them to monitor their
assets and increase operational efficiency. Maintenance, repair, and operations
of assets are of the utmost importance in any asset-intensive industry. The key
objective is to maximize the RoI of the current asset base as well as to reduce
the cost. The 5G industrial IoT solution enables organizations to track assets
and receive notifications when the maintenance of assets is due. It helps
enterprises perform regular maintenance, thereby increasing the productivity of
assets.

Based on services, the professional services segment is expected
to lead the market during the forecast period

Professional services support businesses of all size and across
the manufacturing vertical. Vendors offering professional services assess the
expense and design of the solution for streamlining communication and improving
the efficiency of the network. Professional services enable enterprises to
deliver short-term and long-term savings. They help enterprises create a highly
available, secure, and superior network environment that supports enterprise
growth while accommodating the convergence of voice and data systems and
traffic. The professional services segment involves functions, such as network
testing, network planning, network optimization, orchestration, integration and
deployment, support and maintenance, and consulting.

Based on organization size, the large enterprises segment is
expected to grow at a higher CAGR during the forecast period

Large enterprises are witnessing an increased need to deploy
5G industrial IoT solutions and services to efficiently manage their large
number of assets spread across geographies. The adoption of 5G industrial IoT
solutions and services in large enterprises is much high as compared to SMEs.
The high adoption is due to the affordability and high economies of scale of
large enterprises that enable organizations to leverage 5G industrial solutions
and services. The market being at the nascent stage, several big firms are
launching 5G modules by having partnerships with telecom operators to deploy
services at a faster pace.

Based on application, the asset tracking and management segment
is expected to lead the market during the forecast period

Asset tracking and management is instrumental in managing
physical assets and the performance of equipment on the manufacturing floor.
The protection of physical assets, such as plants, machinery, and fleet, is the
backbone of manufacturing operations. As a huge number of assets need to be
tracked in manufacturing operations, strong and reliable connectivity is
required to ensure the efficiency of the process; here, 5G comes into picture.
The 5G technology is expected to expand opportunities in manufacturing
industries through monitoring, tracking, and automation capabilities on a large
scale. The technology will reduce costs, improve efficiency, and provide
real-time for performing asset tracking. Asset management and tracking enabled
with 5G technologies has the potential to be the next-generation of asset
management providing benefits, such as optimization of manufacturing practices,
timely prediction for asset maintenance, and improved and enhanced workforce
safety.

Based on end user, the discrete industries segment is expected
to grow at a higher CAGR during the forecast period

The discrete industries are concerned with the manufacturing and
production of distinct units, such as automobiles, furniture, toys,
smartphones, and airplanes. The growth of IoT is leading to improvements in
discrete industries. In discrete industries, IoT-enabled smart connected
products provide a way to increase product functionality and generate
additional value for customers. The 5G technology increases the overall
bandwidth and allows a massive amount of IoT devices to connect, thus helping
discrete manufacturers increase their productivity. 5G industrial IoT solutions
are expected to increase the operational efficiency of the discrete
manufacturing process by offering higher connectivity among IoT devices.

APAC to hold the highest market size during the forecast period

APAC, being an emerging economy, is witnessing dynamic changes
in the adoption of new technologies and expected to record the highest market
size and CAGR during the forecast period. It is a diversified region that
includes a wide range of countries moving toward digital transformation. The
region is set to dominate 5G, edge computing, blockchain, and 5G core
technology, due to its size, diversity, and the strategic lead taken by
countries, including Singapore, South Korea, China, Australia, and Japan. APAC
is one of the biggest markets for connected devices. Such a huge number of
connected devices requires high-speed and low latency networks, such as 5G.
China, Australia, Japan, and South Korea are the prime APAC countries that have
started several 5G-related activities. Asian telecom service providers,
vendors, and government firms are determined to take the lead in 5G R&D.
The region is witnessing dynamic changes in the adoption of new technologies
and advancements in manufacturing industries.

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Key Market Players

Major vendors operating in the 5G INDUSTRIAL IOT market
include Qualcomm Technologies, Inc.
(Qualcomm), Ericsson (Ericsson), Nokia (Nokia), Huawei Technologies Co., Ltd.
(Huawei), Cisco Systems (Cisco), AT&T (AT&T), IBM Corporation
(IBM), Microsoft Corporation (Microsoft), Siemens AG (Siemens), Verizon
(Verizon), Sierra Wireless (Sierra Wireless), Telefónica S.A. (Telefónica),
China Mobile Limited (China Mobile), China Unicom (Hong Kong) Limited (China
Unicom), Vodafone (Vodafone), Advantech Co., Ltd. (Advantech), ASOCS (ASOCS),
T-Mobile USA, INC (T-Mobile), TELUS (TELUS), Honeywell International Inc.
(Honeywell), Intel Corporation (Intel), Bosch.IO GmbH (Bosch.IO), Deutsche Telekom
AG (Deutsche Telekom), Telit (Telit), Thales Group (Thales), IDEMIA (IDEMIA),
KT Corporation (KT), ABB (ABB), and NTT Data Corporation (NTT Data).