5G Industrial IoT: Introduction
- 5G industrial IoT refers to the use of next-generation wireless connectivity enabled with IoT to enhance manufacturing and industrial processes, that provides increased connection density, reduced latency, and improved flexibility when compared to its predecessors.
- The increased spectrum available to 5G increases the overall bandwidth that allows Internet of Things to network large number of devices together.
- 5G Industrial IoT is projected to play a key role in serving industrial users to achieve the goals of Industrial IoT in the next few years.
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Global 5G Industrial IoT Market: Key Drivers
- Increasing demand for high speed, high reliability, and low latency networks in manufacturing industries and the growing number of M2M connections across manufacturing industries is estimated to boost the 5G industrial IoT market during the forecast period.
- The increasing need for preventive maintenance for critical equipment is projected to boost the 5G industrial IoT market during the forecast period.
- Growth in data traffic due to the rising number of IoT devices across manufacturing industries is also a major factor likely to propel the market in the next few years.
- Growing demand for private 5G networks across manufacturing industries and increasing development of smart infrastructure such as 5G-enabled factories is expected to create opportunities for the 5G industrial IoT market during the forecast period.
- However, the high costs entailed in the deployment of a 5G network in industries is anticipated to hamper the market during the forecast period.
- Issues related to deployment and handling of 5G networks and delays in spectrum management across geographies are projected to create challenges for the 5G industrial IoT market during the forecast period.
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Impact of COVID-19 on the Global 5G Industrial IoT Market
- The global COVID-19 pandemic has severely affected businesses across the globe. Companies have started to recognize that the faster they move to automation and real-time insight that 5G can provide, the more they see a transformative effect on their businesses. Thus, demand for 5G industrial IoT has surged during the pandemic. 5G has played a key role in providing businesses feasibility in the time of the COVID-19 pandemic. Moreover, 5G projects are more likely to be delayed due to budget freeze and other delays in 5G standards in some geographies.
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Asia Pacific to Hold Major Share of the Global 5G Industrial IoT Market
- In terms of region, the global 5G industrial IoT market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific dominated the global 5G industrial IoT market with the largest share mainly because of the rapid adoption of modern technologies by developing economies. Asia Pacific is a diversified region that comprises an extensive range of countries moving toward digital transformation. China, Japan, Australia, and South Korea are the major Asia Pacific countries that have started 5G-related activities. Asian telecom service providers and government firms are set to take on the lead in 5G R&D.
Global 5G Industrial IoT Market: Competition Landscape
Several local, regional, and global players are active in the 5G industrial IoT market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technology advanced solutions for their customers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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