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/PRNewswire/ According to the new market research report "5G Industrial IOT Market by Component (Hardware, Solutions, and Services), Organization Size,.
5G Industrial IOT Market worth $15.7 billion by 2026 - Exclusive Report by MarketsandMarkets 5G Industrial IOT Market by Component (Hardware, Solutions, and Services), Organization Size, Application (Predictive Maintenance, Business Process Optimization), End User (Process Industries and Discrete Industries) and Region - Global Forecast to 2026 , published by MarketsandMarkets, the 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 growth in data traffic due to increasing number of IoT devices across manufacturing industries, increasing demand for high reliability and low latency networks in manufacturing industries, growth in number of M2M connections across manufacturing industries, and rising need of preventive maintenance for critical equipment.
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