Large Enterprises Propels the 5G Industrial IOT Market, SMEs to Join the Race Soon, Reveals Future Market Insights
The 5G Industrial IOT market revenues were estimated at US$ 890.0 Mn in 2021 and is anticipated to grow at a CAGR of 28.1% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 18.8 Bn. 5G Industrial IOT revenue through large enterprises is projected to grow at a CAGR of nearly 28% during the period of projection.
5G Industrial IOT market plays a vital role in telecommunication and manufacturing industries and this trend is likely to be continued due to the predicted to reach US$ 18.8 Bn in 2032. Many telecommunication industries are implementing 5G technology for faster network connectivity and various software are adopted for better automated work environment.
Key Takeaways from the Market Study
- Global 5G Industrial IOT market is expected to reach a market size of US$ 18.8 Bn by 2032.
- In 2022, 5G Industrial IOT Market is estimated to reach a valuation of US$ 1.6 Bn.
- Among components, hardware shows the highest potential for growth. Revenue through 5G Industrial IOT hardware is expected to grow at a CAGR of about 27.9% during 2022- 2032.
- China, the key market is expected to hold the prominent market share and grow at a CAGR of 27.3% during 2022 – 2032.
“The 5G Industrial IOT has wide range of scope in telecommunication and manufacturing industries due to their enhanced connectivity and adopting automation technologies”, comments Future Market Insights analyst.
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In Mar, 2022, Ericsson & Vodafone UK cooperated to frame an organization cut on 5G SA involving single RAN work for high-transmission capacity and low-inertness network which can be conveyed for computer-generated reality use case in a retail location.
- In Mar, 2022, Cisco & Tech Mahindra announced their collaboration to modernize 5G infrastructure with routed optical networking. Cisco has expertise in routed optical fiber whereas Tech Mahindra has expertise in IP-based, software-driven 5G networks.