CRI Report has released a report titled “5G Industrial IoT Market –Global Analysis of Market Size, Share & Trends for 2020 – 2021 and Forecasts to 2031” which is anticipated to 5G Industrial IoT Markets Market to surpass USD 153804.8 million by 2031 from USD 877.4 Million in 2021 at a CAGR of 67.64% within the coming years, i.e., 2021-31. It will reach USD 153804.8 million by 2031. According to a study by CRI Report, together with growth in data traffic owing to rising numbers in IoT devices across the manufacturing sector, soaring demand for high dependability and low latency network in industrial industries, and growth in a number of M2M connections across manufacturing industries, drive the growth of 5G Industrial IoT Market. Furthermore, with the rising in a number of M2M connections across the manufacturing sector, and the growing need of preventive maintenance for critical equipment supports the market growth.
The market report on LTE And 5G Broadcasts Market includes in-depth insights as:
- The estimated value of the market was USD 877.4 million in the year 2021.
- 5G Industrial IoT Market in North America held the largest market share in the year 2021.
- Based on, End-user, Discrete Segment, emerged as a key segment in the 5G Industrial IoT Market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“Industries make a shift from legacy system to connected technology, guiding towards smart factories. Leveraging IoT allows connected devices, sensors, edge computing, robotics, and automation will help these factories make more aware, decentralized decisions which improve overall equipment and efficiency in the process. 5G industries IoT is predictable to deliver last-mile wireless connectivity by providing the speed, consistency, capacity, and flexibility that manufacturers require for successful IoT implementation”, according to this report
5G or the fifth generation of network and the internet of things (IoT) are two macro technology shifts swiftly from ambitious vision to real-world application. 5G and IoT adds system accompaniments that allow new levels of low dormancy, flexibility, and ultra-reliability. It is ideal for applications like first responders, emergency services, and autonomous vehicles as well as drones and industrial IoT, and robotics. 5G is a combined connectivity wireless fabric that will connect almost everything around us. 5G is rapidly evolving to meet diverse IoT requirements.
5G Industrial IoT Market is segmented by End-users into Process Industries and Discrete Industries. Discrete Industries held a major share of the 5G Industrial IoT market. Discrete Industries deal with the production of distinct units, such as furniture toys, automobiles, smartphones, and others. The growth of IoT leads to improvement in Discrete Industries. In discrete industries, IoT-allowed smart connected devices offer a way to surge product functionality and create additional value for customers.
Key Players in the Market
Some of the key players operating in the 5G Industrial IoT Market are TELUS (Canada), T-Mobile USA INC (US), Vodafone Limited (UK), Telefónica S.A (Spain), Sierra Wireless (Canada), Verizon (US), Siemens (Germany), Microsoft (US), IBM Corporation (US), AT&T (US), Cisco Systems Inc. (US), Huawei Technologies Co. Ltd. (China), Nokia (Finland), Telefonaktiebolaget LM Ericsson (Sweden), Qualcomm Technologies Inc. (US)
Get Valuable Insights into 5G Industrial IoT Market.
In the new report, CRI Report thrives to present an unbiased analysis of the 5G Industrial IoT Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2031. The study includes compelling insights into growth that is witnessed in the market. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East, and Africa.