NEW YORK, Sept. 1, 2021 /PRNewswire/ — As per the report published by Market Research Store, global demand for 5G Industrial IOT market was valued at approximately USD 0.29 Billion in 2019, and is expected to generate revenue of around USD 17.68 Million by end of 2026, growing at a CAGR of around 80.0% between 2020 and 2026.
Wireless connectivity started penetrating since the inception of 4G technology. As more and more devices are communicating on network, capacity of the 4G network has been utilized and more sophisticated 5G network is deployed by the network players. 5G has improved latency, speed, and reliability of the network. Currently most 5G innovations cater to B2C market as network operator are focusing in on optimizing operational cost and smartphone players want to differentiate their products from the rest. However, opportunities in the B2B market are slowly opening.
Some main participants of the global 5G Industrial IoT market are Samsung Display Co, Hitachi Ltd., LG Display Co., Ltd, BenQ Corp., NEC Display Solutions Ltd., Planar Systems Inc, Sharp Corp., GestureTek Inc, Panasonic Corporation, Leyard Optoelectronic, Koninklijke Philips N.V., Elo Touch Solutions, Crystal Display Systems, ViewSonic, Horizon Display and Seiko Epson Corp among others.
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Technological Advancements in Industrial Manufacturing
At present in the factories Automated Guided Vehicles rely on sensors and have basic capabilities for optimizing routes. 5G connected AGV will use data analytics and machine learning which allow them to make sophisticated navigating decisions and communicate with other devices, increasing the efficiency of the operation. Unplanned downtime costs for the manufacturing units are tremendous. Smart manufacturing requires operational intelligence which will be enhanced by connecting sensors on the 5G to gain, analyze and act on the real-time data. Convergence of 5G Iot and manufacture is likely to enhance flexibility and agility in the journey of digital transformation. It will increase the customer satisfaction and return on investments. Data collection and analysis through IoT devices coupled with 5G network will increase the transparency in production process. Shift of the industries across the spectrum are becoming data driven and hence the demand for 5g industrial IoT market is growing.
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North America and Europe Region Projected To Dominate Global 5G Industrial IoT Market Growth
North America was the leading market for 5G industrial IOT in 2019. It held for the significant shares of the total market and furthermore, is likely to witness significant growth in the upcoming years. The U.S. is a major contributor of the market in the region. Europe is the second largest market of 5G industrial IOT. Moreover, Asia Pacific is expected to be the fastest growing market of 5G industrial IOT during the years to come. Growing penetration of 5G industrial IOT connections in the manufacturing sector especially in China, India, Australia, South Korea and Japan is projected to boom the market’s growth during the forthcoming years. Furthermore, Latin America and Middle East and Africa markets are expected to grow at a moderate pace owing to the growing industrialization in both the regions in the near future.
Browse the full “5G Industrial IOT Market, By Component (Hardware, Solutions, and Services), By Organization Size (Large Enterprises, and SMEs), By Application (Predictive Maintenance, and Business Process Optimization), By End User (Process Industries, and Discrete Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/inquiry/5g-industrial-iot-market-828540
The global 5G Industrial IoT market is segmented as follows:
By Organization Size:
Middle East & Africa
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