The key factors that drive the industrial 5G market trends include an increase in demand for high latency and low latency networks among various industries and a surge in M2M connections across various industries. In addition, an increase in demand for next-generation telecommunication network services among enterprises fuels the industrial 5G market growth.
However, the high cost required to deploy 5G hampers the growth of the market. Furthermore, the rise in the adoption of IoT-based 5G infrastructure across various enterprises and a surge in the development of smart infrastructures, such as 5G-enabled factories, are expected to provide lucrative opportunities for the market.
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On the basis of enterprise size, large enterprises dominated the market share and is expected to continue this growth during the forecast period. This growth is attributed to heavy investment of large-scale organizations in 5G network.
The growing requirement of high-speed internet in large-scale organizations also drives the industrial 5G market. However, the small & medium enterprises segment recorded the highest growth rate due to major shift of small & medium business toward digitization and adoption of internet of things in thei regular operation, thereby driving the global market.
Region-wise, the industrial 5G market was dominated by North America in 2020, attributed to increase in adoption of advanced technologies, such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality, among various industries to improve their supply chain process and production process.
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However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in industrial and infrastructure expansion activities in India and China. In addition, countries, such as India, China, and Japan, are taking initiatives in the rapid deployment of 5G network across their countries, thereby drives the market growth.
Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.
The key players profiled in the industrial 5G market analysis are AT&T, Ericson, Huawei Technologies Co., Ltd, NEC Corporation, Nokia, Qualcomm Technologies, Inc., Samsung, SK Telecom, Verizon Communications Inc. and ZTE Corporation These players have adopted various strategies to increase their market penetration and strengthen their position in the industrial 5G industry.
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