The 5G Industrial IoT market size is projected to grow from USD 0.5 billion in 2020 to USD 15.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 79.1% during the forecast period. The major factors driving the growth of the 5G Industrial IoT market include the growth in data traffic due to the increasing number of IoT devices across manufacturing industries, increasing demand for high realibility and low latency networks in manufacturing industries, growth in number of M2M connections across manufacturing industries, and the rising need of preventive maintenance of critical equipment.
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Based on component, the solutions segment to grow at a higher CAGR during the forecast period
With the advanced networking technology, the 5G industrial IoT solutions benefit manufacturing organizations in several ways, such as the ability to view the status of assets at any time, faster service response from dealers, and effectively monitoring, predicting, and controlling process variability. Organizations across the manufacturing vertical are adopting 5G industrial IoT solutions, as these solutions enable them to monitor their assets and increase operational efficiency. Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry. The key objective is to maximize the RoI of the current asset base as well as to reduce the cost. The 5G industrial IoT solution enables organizations to track assets and receive notifications when the maintenance of assets is due. It helps enterprises perform regular maintenance, thereby increasing the productivity of assets.
Based on services, the professional services segment is expected to lead the market during the forecast period
Professional services support businesses of all size and across the manufacturing vertical. Vendors offering professional services assess the expense and design of the solution for streamlining communication and improving the efficiency of the network. Professional services enable enterprises to deliver short-term and long-term savings. They help enterprises create a highly available, secure, and superior network environment that supports enterprise growth while accommodating the convergence of voice and data systems and traffic. The professional services segment involves functions, such as network testing, network planning, network optimization, orchestration, integration and deployment, support and maintenance, and consulting.
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Major 5G Industrial IoT vendors include Qualcomm Technologies, Inc. (US), Ericsson (Sweden), Nokia (Finland), Huawei Technologies Co., Ltd. (China), Cisco Systems (US), AT&T (US), IBM Corporation (US), Microsoft Corporation (US), Siemens AG (Germany), Verizon (US), Sierra Wireless (Canada), Telefónica S.A. (Spain), China Mobile Limited (China), China Unicom (China), Vodafone (UK), Advantech Co., Ltd. (Taiwan), ASOCS (Israel), T-Mobile USA, INC (US), TELUS (Canada), Honeywell International Inc. (US), Intel Corporation (US), Bosch.IO GmbH (Germany), Deutsche Telekom AG (Germany), Telit (UK), Thales Group (France), IDEMIA (France), KT Corporation (South Korea), ABB (Switzerland), and NTT Data Corporation (Japan). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
Qualcomm (US), is one of the leading vendors in the 5G Industrial IoT market. The company offers a wide range of solutions and services in the 5G Industrial IoT market. The company is one of the global leaders in the development and commercialization of technologies for the wireless industry. Technologies and products developed by the company are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, and consumer electronic devices. The company is one of the leaders in 3G, 4G, and 5G wireless technologies. The company offers Qualcomm Snapdragon 5G Modem-RF systems, a commercial modem-to-antenna 5G solution. These systems are designed to maximize data speeds and performance, support superior call connectivity and coverage, and extend battery life on mobile devices. The company focused on both the organic and inorganic growth strategy to enhance its position in the 5G Industrial IoT market. For instance, in November 2019, Qualcomm and Siemens collaborated to set up the first 5G private standalone network in an industrial environment using the 3.7-3.8GHz band. The collaboration enabled Siemens and Qualcomm to test technologies and come up with solutions for the future of private wireless applications in industrial settings. In September 2019, Qualcomm launched a commercial chipset solution combining modem, RF transceiver, and RF front-end, which is named as Qualcomm Snapdragon 5G Modem-RF System. The company allows Original Equipment Manufacturers (OEMs) to quickly develop cutting-edge 5G devices through the solution.
Ericsson (Sweden), is another 5G Industrial IoT solutions and services provider across the globe. The company offers cellular IoT solutions and has introduced two new segments in it, broadband IoT and industrial automation IoT to complement the existing segments—massive IoT and critical IoT. By enhancing the solution, the company aims to leverage new capabilities across 4G and 5G, connecting service providers with new growth opportunities in industry digitalization. The company majorly focuses on both the organic and inorganic growth strategies to improve its place in the 5G Industrial IoT market. For instance, in October 2020, Ericsson launched Cloud Radio Access Network (RAN), a new offering to enable CSPs to add greater flexibility and versatility to network buildouts for addressing a variety of 5G use cases. In January 2021, Ericsson and Ooredoo Group signed a five-year strategic 5G agreement for the supply of 5G radio, core, and transport products and solutions, as well as related implementation and integration services.
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