5G Industrial IoT Market
5G Industrial IOT Market witnessed USD 500 million in 2020, growing at a vigorous CAGR of 79% during forecast period.
The factors driving the growth of 5G Industrial IoT Market includes increasing use of IoT equipped devices in telecommunication and manufacturing industries and growing investments in acquiring 5G Technology, Spectrum, transportation etc. The 5G technology provides low latency under 5 milliseconds, which will boost the download speed. Governments increasing spending on acquiring 5G Technology will further push the market growth, as per the report from Moti Lal Oswal Financial Services, the overall coverage of low or mid-band spectrums pan India, is going to cost around Rs 1.3-2.3 Trillion.
However, the shift from 4G to 5G network will require huge investments which will increase the expenditure significantly for many Countries, given the on-going Covid-19 Crisis and rise in oil prices due to Russia-Ukraine War, will worsen the situation.
Prominent players operating in the market are Huawei Technologies Co., Ltd., Microsoft Corporation, Siemens AG, Cisco Systems, AT&T, Verizon, IBM Corporation, Qualcomm Technologies, Inc. among others.
Type – Segment Analysis
Based on the type, hardware is expected to grow at a faster CAGR in the market over the forecast period owing to its ability to manage key tasks such as system activation, communication and recognition of support-specific goals and actions.
End-User – Segment Analysis
Based on the end-user, healthcare is anticipated to grow at a faster CAGR in the market over the forecast period owing to increasing deployment of IoT in healthcare industry for treatment and medication. Moreover, the growing use of wearable health devices equipped with IoT, will further increase the 5G Industrial IoT Market size in the coming years. As per the report from Statista, revenue earned from the sales of wearable health devices worldwide was USD 26 billion in 2018 and is anticipated to reach almost USD 34 billion in 2019.
Region- Segment Analysis
Based on the regional coverage, Asia-Pacific is witnessed to grow at a faster CAGR in the market over the forecast period owing to increasing internet penetration in Countries such as India, South Korea and China. As per the report from IAMAI-Kantar ICUBE, the active Internet users in India is projected to grow by 45% in the coming 5 years and will touch 900 million by 2025. Increasing expenditure for creating IoT infrastructure is further pushing the growth of 5G Industrial IoT Market.
Global 5G Industrial IoT Market by Type
Global 5G Industrial IoT Market by End-User
- Automotive & Transportation
- Consumer Electronics
- Oil & Gas
Global Cloud Professional Services Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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