5G Industrial IoT Market to Grow at a Significant Rate During the Forecast Period
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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Global 5G industrial IoT Market"
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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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