5G Industrial IoT Market Size, Share & Segmentation by Component (Hardware, Solutions, Services), by Organization Size (SMEs and 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 and Discrete Industries), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The 5G Industrial IoT market size was valued at USD 1.62 Bn in 2022 and is expected to reach USD 198.49 Bn by 2030, and grow at a CAGR of 82.36% over the forecast period 2023-2030.

Mobile operators will be able to enter new markets thanks to 5G standards, which include broadband-to-the-home over fixed wireless links, enterprise networks with indoor small-cell radio units, wide-area, low-bandwidth connections for IoT, and low-latency industrial networking in factories and production plants. Industrial 5G responds to a requirement for end-to-end wireless networking of production, maintenance, and logistics with robust broadband transmission and ultra-low latencies, assuring a considerable increase in productivity and increased flexibility in industrial added value.

The potential is enormous, and industrial IoT has already opened the door to whole new business models. However, before the industrial IoT's full promise can be realized, some of the obsolete, proprietary technologies often used in industrial applications must be replaced with a contemporary, open communications infrastructure. That infrastructure looks to be provided by industrial 5G. The capacity to link sensors, devices, equipment, software applications, manufacturing production processes, workers, and end customers is a key necessity of industrial IoT.

Sentaca, a prominent telecom consulting services and solutions company, was bought by IBM in February 2022. Sentaca will join IBM Consulting's fast-growing Hybrid Cloud Services business to help clients with strategic and technology challenges such as cost-of-ownership, monetization, scalable and secure architecture, as well as opportunities such as 5G, IoT, and streaming that can help them create and deliver new services faster.

MARKET DYNAMICS:

KEY DRIVERS:

• Increased data traffic as the number of IoT devices in industrial businesses grows.

• In the industrial industry, there is a growing demand for high-reliability, low-latency networks.

• The number of M2M connections is increasing across all manufacturing industries.

• Preventive maintenance for vital equipment is becoming increasingly important.

RESTRAINTS:

• The implementation of a 5G network comes at a high expense.

OPPORTUNITY:

• Demand for a private 5G network is increasing across all manufacturing industries.

• The development of smart infrastructures, such as 5G-enabled factories, is accelerating.

CHALLENGES:

• Spectrum harmonization is taking longer than expected in different parts of the world.

• Issues relating to 5G network deployment and coverage.

IMPACT OF COVID-19:

COVID 19's introduction has had a significant influence on the 5G industrial IoT industry, not only in nations but also in various sectors throughout the world. Furthermore, some have been compelled to work from home due to the lockdown and limitations. However, because many places throughout the world have begun the process of unlocking, enterprises in a variety of industries, including manufacturing, will begin to operate.

As more individuals work remotely in order to benefit from better connectivity and performance, the need for high-speed networks, such as 5G, is growing. Furthermore, since customers place a greater emphasis on quality, manufacturing organizations have begun to transition from their traditional production processes to new advanced automated processes in order to preserve quality.

MARKET ESTIMATION:

The market is divided into three categories based on components hardware, software, and services. In the market, the Hardware category is the most prominent. With the growing interest in 5G industrial IoT, the 5G IoT module is one of the most important components in the 5G Industrial IOT Market's Hardware sector. Both component and module manufacturers are investing in R&D while also considering chipsets for specific applications in the assembly process. In addition to developing 5G modules, providers are looking for a number of other developments, such as changes that reduce device size and strategies for integrating different modules.

The market is divided into SMEs and Large Enterprises based on the size of the company. Enormous corporations are witnessing an increased demand for 5G industrial IoT solutions and services in order to effectively manage their large number of resources scattered around the globe. When compared to SMEs, major organizations have a larger range of 5G industrial IoT solutions and services.

Manufacturing companies may use real-time workforce tracking and management to simplify their operations and identify, deploy, validate, manage, and engage with their personnel in real-time. 5G technology has the potential to transform the workplace and workforce management in new ways. 5G and IoT can help automate workforce management chores like job scheduling and assigning field resources and equipment to different people on the factory floor. The combination of 5G and an IoT-enabled connected worker solution has the potential to revolutionize workplace monitoring, making workplaces more efficient, transparent, safe, and productive.

Automobiles, furniture, toys, cellphones, and airplanes are examples of discrete industries, which are focused on the manufacture and production of unique pieces. Discrete industries are benefiting from the rise of IoT. IoT-enabled smart connected goods provide a method to expand product functionality and produce additional value for clients in discrete sectors. 5G technology increases overall bandwidth and enables a large number of IoT devices to connect, allowing discrete manufacturers to increase output. By providing more connections among IoT devices, 5G industrial IoT solutions are projected to improve the operational efficiency of the discrete manufacturing process.

KEY MARKET SEGMENTS:

On The Basis of Component

• Hardware

• Solutions

• Services

On The Basis of Organization Size

• SMEs

• Large Enterprises     

On The Basis of 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

On The Basis of End-User

• Process Industries

• Discrete Industries

REGIONAL ANALYSIS:

In the future years, the 5G Industrial IoT market is expected to grow at a rapid rate. Because of increased interest in 5G Industrial IOT, the market in Asia Pacific is expected to grow at the fastest rate throughout the projected period. Because of its size, diversity, and crucial leadership by nations like South Korea, China, and Japan, the region is poised to dominate 5G, edge processing, blockchain, and 5G center innovation. The use of 5G technology and the expansion of manufacturing businesses in the Association of Southeast Asian Nations (APAC) is rapidly increasing. The government is taking steps to assist in the development of technology by providing required infrastructure and research and development concessions.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Qualcomm Technologies, Inc., Ericsson, Huawei Technologies Co., Ltd., Cisco Systems, Inc., AT&T, Inc., Siemens AG, Microsoft Corporation, Deutsche Telekom AG, Thales Group, Honeywell International Inc.

Frequently Asked Questions (FAQ) :