5G Industrial IOT Market Growth Demand, Drivers, Opportunities, and Industry Share Report

Northbrook, IL 60062 -- (SBWire) -- 08/17/2023 --The global 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 research 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.

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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.

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).

Key Dynamic Factors For 5G Industrial IOT Market:

Global industry transformation was expected to result from the fusion of 5G technology and the Industrial Internet of Things (IIoT). Manufacturing, logistics, energy, healthcare, and other industries could all undergo radical change as a result of this convergence.

Rapidly Changing IT Infrastructure: The need for advanced monitoring and management solutions was being driven by the complexity of modern IT systems, such as hybrid and multi-cloud configurations, containerization, and microservices. AIOps solutions were sought after to offer real-time intelligence and intelligence that could be used to manage these complex situations.

Data Volume and diversity: As IT infrastructure and digital processes grew, traditional monitoring technologies were unable to keep up with the volume and diversity of data being collected. AIOps solutions were tackling this problem by utilising AI and ML algorithms to examine massive amounts of data from numerous sources, including logs, metrics, and events, in order to find trends, anomalies, and potential problems.

Efficiency and Automation: AIOps systems allowed IT teams to simplify operations, automate routine processes, and minimise manual intervention. IT specialists were able to concentrate on strategic duties rather than time-consuming repetitive operations thanks to this efficiency increase.

Real-time Insights: Businesses have been requesting more and more real-time information on how their IT services are performing. Predictive and prescriptive insights from AIOps systems might inform IT teams of possible problems before they resulted in substantial disruptions.

Machine learning and AI Advancements: AIOps platforms' capabilities were being driven by the ongoing development of machine learning and AI technologies. In order to deliver more precise anomaly identification, root cause analysis, and intelligent automation, these systems were utilising cutting-edge algorithms.

Vendor Landscape and Competition: There were an increasing number of startups and established companies providing specialised AIOps solutions in the AIOps industry. This contest encouraged creativity and sped up the creation of new features and functionalities.

AIOps is becoming a crucial part of DevOps and Agile practises, and they are integrated with one other. Organisations may close the gap between development and operations by integrating AIOps capabilities, which would speed up application delivery and increase reliability.

Security and compliance: AIOps systems were also used to improve compliance enforcement and security monitoring. These platforms could more effectively identify anomalous activity and potential security breaches by analysing a variety of data sources.

Organisations were increasingly recognising the value of data-driven decision-making, signalling a cultural shift towards data-driven operations. AIOps systems assisted in this culture change by offering data-driven, actionable insights.

Adoption difficulties: Despite the enormous advantages of AIOps, there were difficulties with integration, data quality, cultural change, and skill shortages. To use and benefit from AIOps platforms, organisations required to properly overcome these issues. Ultra-Reliable Low-Latency Communication (URLLC): 5G's capacity to provide ultra-reliable, low-latency communication is one of its most important features for the Industrial IoT sector. This functionality can improve accuracy, efficiency, and safety in operations for sectors that demand real-time control and automation, such as manufacturing and robots.

Massive Machine Type Communications (mMTC): For industries implementing a huge number of sensors, actuators, and connected devices, 5G's capacity to connect a massive number of IoT devices simultaneously is essential. This makes it possible for businesses to collect a lot of data for analysis, which enhances decision-making, resource allocation, and preventative maintenance.

High-Speed Connectivity: 5G's high-speed data transmission is especially useful for sectors that must swiftly transport massive volumes of data, like high-definition video surveillance, remote diagnostics, and immersive augmented reality (AR) applications.

5G's network slicing capability enables operators to build virtualized networks that are suited to particular use cases. This helps ensure that crucial applications, like autonomous vehicles or remote surgery in healthcare, get the resources and priority they need on the network in the context of the Industrial IoT.

Edge Computing: By combining 5G and edge computing, it is possible to process data more quickly and close to its source, hence lowering latency and enhancing response times. This is essential for real-time decision-making applications like quality control and predictive maintenance.

Applications by Industry: Each industry has its own requirements and use cases for 5G-enabled Industrial IoT. Manufacturing, for instance, might concentrate on real-time process improvement, whereas healthcare might use 5G for remote surgery and patient monitoring.

Security and privacy: Protecting data privacy and security is becoming more and more crucial as Industrial IoT deployments grow. The development of strong and secure IoT ecosystems is aided by the security characteristics of 5G, such as improved encryption and authentication protocols.

Partnerships and Ecosystems: For 5G-enabled Industrial IoT to be successfully implemented, it is frequently necessary for network operators, technology providers, industry experts, and regulatory agencies to cooperate together. In order to address problems and develop all-encompassing solutions, partnerships and ecosystems are essential.

Regulatory rules and spectrum allocation may have an impact on the introduction of 5G and how it affects the Industrial IoT industry. Governments and regulatory organisations must make sure that the frequencies required for industrial applications are accessible and that laws and regulations support the expansion of IoT activities.

Economical considerations and return on investment: The deployment of 5G-enabled Industrial IoT solutions necessitates investments in infrastructure, equipment, and knowledge. Industries must review the potential ROI and determine how these technologies can improve operational effectiveness, reduce costs, and increase income.

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Competitive and Segmentation Analysis:

As more businesses realise the potential of combining 5G connection with IoT technologies to foster operational efficiency and creativity, competition in the 5G Industrial Internet of Things (IIoT) market has increased. In the race to seize a piece of this attractive market, established telecom giants, tech firms, and sector-specific solution providers have all entered. Important companies like Ericsson, Nokia, Huawei, and Qualcomm have tapped into their knowledge of 5G infrastructure to provide end-to-end industrial solutions. These businesses present themselves as industry leaders in the 5G IIoT ecosystem thanks to their strong network capabilities, edge computing know-how, and worldwide reach.

Additionally, through making contributions to edge computing, analytics, and IoT platform development, technological giants like Intel, Cisco, and IBM have played a crucial role in advancing the convergence of 5G and IIoT. These businesses frequently concentrate on offering the underlying platforms and technology needed by other players to develop solutions and applications tailored to particular industries.

The competitive landscape has also been characterised by collaboration between network operators, equipment manufacturers, and industry partners. Partnerships between telecommunications providers and major business sectors enable the development of specialised solutions for industries like smart manufacturing, logistics, and energy. These partnerships have made it possible to jointly develop cutting-edge use cases that make the most of 5G's potential to revolutionise business processes.

Industry Vertical: For particular use cases, various industries are adopting 5G IIoT. A few industries that gain from improved connectivity and data exchange include manufacturing, transportation, energy, healthcare, and agriculture. The creation of specialised solutions is driven by the particular needs of each sector.

Use Case: Different use cases develop within each industry. Examples of use cases in manufacturing include real-time quality control, predictive maintenance, and remote monitoring of equipment. Key use cases in healthcare include telemedicine, patient monitoring, and remote surgery.

Geographically, different regions have adopted 5G IIoT at different rates because to variations in technological preparedness, legislative climates, and industry goals. Based on their economic structure, some regions might concentrate more on particular industrial applications.

IoT Ecosystem Integration: For a solution to be successfully deployed, it must be able to integrate with existing IoT devices, sensors, and edge computing infrastructure. Decisions regarding purchases may be influenced by compatibility with current systems.

Software-as-a-service (SaaS), platform-as-a-service (PaaS), and managed services are all possible service delivery models for solutions. The service model that best fits an organization's internal resources and strategies may be chosen.

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