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.
Global 5G Industrial IoT Market: Dynamics
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.
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.
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.
Key Players Operating in the Global 5G Industrial IoT Market Include:
- China Mobile
- China Unicom
- Deutsche Telekom
- KT Corporation
- NTT Data
- Sierra Wireless
- Thales Group
Global 5G Industrial IoT Market: Research Scope
Global 5G Industrial IoT Market, by Component
Global 5G Industrial IOT Market, by Organization Size
- Small & Medium Enterprise
- Large Enterprise
Global 5G Industrial IoT Market, by Application
- Predictive Maintenance
- Asset Tracking and Management
- Business Process Optimization
- Real-time Workforce Tracking and Management
- Logistics and Supply Chain Management
- Emergency and Incident Management,
- Automation Control and Management
- Business Communication
Global 5G Industrial IoT Market, by End-user
- Process Industries
- Discrete Industries
Global 5G Industrial IoT Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.