Industrial 5G Industry
Increase in demand for next-generation telecommunication network service among enterprises fuels the industrial 5G market growth.
PORTLAND , PORTLAND, OR, UNITED STATE, August 18, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global industrial 5G market generated $12.47 billion in 2020, and is estimated to garner $140.88 billion by 2030, witnessing a CAGR of 27.5% from 2020 to 2030.
Increase in demand for high latency and low latency network among various industries, rise in M2M connections across various industries, and demand for next-generation telecommunication network service among enterprises drive the growth of the global industrial 5G market. However, high implementation cost of 5G solutions hinders the market growth.
On the other hand, development of smart infrastructure such as 5G-enabled facility and adoption of IoT-based 5G infrastructure across various enterprises present new opportunities in the coming years.
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The report offers detailed segmentation of the global industrial 5G market based on component, enterprise size, end user, discrete industries type, communication type, and region.
Based on component, the hardware segment held the highest share in 2020, contributing to more than half of the total share, and is estimated to maintain its lead position during the forecast period. However, the software segment is projected to witness the highest CAGR of 30.0% from 2021 to 2030.
Based on end user, the discrete industries segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global industrial 5G market, and is projected to maintain its leadership status throughout the forecast period. However, the process industries segment is expected to portray the fastest CAGR of 28.5% from 2021 to 2030.
Based on region, North America accounted for the largest share in terms of revenue in 2020, contributing to nearly two-fifths of the total market share, and is projected to continue its dominant share by 2030. However, Asia-Pacific is estimated to register the largest CAGR of 29.1% during the forecast period.
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Leading players of the global industrial 5G market analyzed in the research include AT&T, Huawei Technologies Co., Ltd., Ericson, Nokia, NEC Corporation, Samsung, Qualcomm Technologies, Inc., Verizon Communications Inc., SK Telecom, and ZTE Corporation
Key Benefits For Stakeholders
• The study provides an in-depth analysis of the global industrial 5G market forecast along with the current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on the global industrial 5G market trends is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the industrial 5G market from 2021 to 2030 is provided to determine the market potential.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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