The global 5G Industrial IoT market size is anticipated to exceed a valuation of USD 1,421.8 million in 2023. It is slated to achieve a valuation of USD 17,094.9 million by 2033. The market is projected to thrive at a monumental CAGR of 28.2% from 2023 to 2033.
The adoption of large-scale IoT solutions in industrial settings is made easier by 5G, which can handle a substantial amount of connected devices per unit area. The price of 5G infrastructure, devices, and services are anticipated to drop as the technology develops and is more extensively used. This cost decrease makes 5G industrial IoT more affordable for a wider spectrum of businesses and organizations, which stimulates market growth.
By expanding into new geographical areas, several key players seek to expand their market share. This entails forming alliances with regional organizations, opening subsidiaries or offices, and customizing their products to satisfy the need of particular areas. Companies may tap into new consumer bases and acquire a competitive edge by expanding geographically.
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For the 5G industrial IoT market to expand, it is essential to concentrate on client demands and offer specialized solutions. To ensure the effective deployment of their solutions, key companies invest in understanding client requirements, executing trial projects, and offering extensive support and services.
India is predicted to dominate the global market. There are several significant telecom firms in India, all of which have extensive infrastructure and experience. These businesses are actively engaged in 5G trials and investments, which may enable them to assume positions of power in the industrial IoT market.
India has a significant amount of institutes and organizations dedicated to high-technology research and development. These organizations help to strengthen India’s competitiveness by developing cutting-edge 5G solutions for industrial IoT applications.
Key Takeaways from the 5G Industrial IoT Market:
- The global 5G industrial IoT market size developed at a CAGR of 26.1% from 2018 to 2022.
- In 2018, the global market size stood at USD 443.5 million.
- The 5G Industrial IoT market reached a valuation of USD 890 million in 2021.
- The market size stood at USD 1,123.1 million in 2022.
- In 2022, the solutions segment captured 45.20% shares in the global market.
- In 2022, the large enterprise segment by organization size captured 61.2% of shares in the global market.
- India captured 28.4% shares in the global market in 2022.
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Key Players in the Global Market
- Qualcomm
- Ericsson
- Nokia
- Huawei
- Cisco
- AT&T
- IBM
- Microsoft
- Seimens
- Verizon
Recent Developments Observed by FMI:
- In March 2022, Ericsson and Vodafone UK collaborated in harmony to develop a business plan for 5G SA. It included a single RAN for a high-transmission capacity and low-inertness network that could be used for a computer-generated reality use case in a retail setting.
- Tech Mahindra and Cisco announced their partnership in March 2022 intending to modernize 5G infrastructure through routed optical networking. Tech Mahindra has experience with IP-based, software-driven 5G networks, whereas Cisco has experience with routed optical fiber.
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5G Industrial IOT Market: Segmentation
By Component:
- Hardware
- Solutions
- Services
By Organization Size:
- SMEs
- 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
- Discrete Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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