The global 5G Industrial IoT market size was US$ 449.1 million in 2021. The global 5G Industrial IoT market is projected to grow to US$ 861.4 million by 2030 by registering a compound annual growth rate (CAGR) of 61.1% during the study period, i.e., 2022-2030.
The internet of things (IoT) and 5G are two instances of large-scale technology that enable flexibility, ultra-reliability, and decreased dormancy. It is ideal for usage in a variety of fields, including robots, drones, industrial IoT, emergency services, and autonomous vehicles.

Factors Influencing the Market
The transition of industries from traditional systems to linked technologies points will drive the growth of the smart factory sector. As a result, the 5G Industrial IoT market is forecast to witness ample growth opportunities during the study period. With the integration of 5G IoT, the factories will be able to make more informed, decentralized decisions, thereby improving the overall equipment and efficiency. Thus, all of these benefits will drive the growth of the 5G Industrial IoT market during the study period. 
5G Industrial IoT enhances the security of data. It also helps deliver improved security with built-in security structures. To eliminate security alarms and integrate security with the core network architecture, manufacturers are embracing IoT. In some isolated places, 5G has the necessary bandwidth to replace physical networks.
On the other hand, a lack of standards can prevent the 5G Industrial IoT market from expanding.

COVID-19 Impact Analysis
In the wake of the COVID-19 pandemic, firms have now become more aware of the importance of technology in the workspace. However, the IT and telecom industries recorded massive delays in the launch of industrial 5G and IoT services, which hampered the growth of the 5G Industrial IoT market during the study period. However, it is expected to have a potential impact on the 5G Industrial IoT market in the future, and industries are increasingly adopting 5G Industrial IoT to lessen the labor work.

Regional Analysis
North America held a massive share in the 5G Industrial IoT Market and is expected to maintain a strong foothold in the coming years as various chief market manufacturers are located in the region. Further, Europe will also record significant growth in the 5G Industrial IoT market during the study period due to growing advancements and increasing focus on industrialization.

Competitors in the Market
• TELUS (Canada)
• T-Mobile USA INC (US)
• Vodafone Limited (UK)
• Telefónica S.A (Spain)
• Sierra Wireless (Canada)
• Verizon (US)
• Siemens (Germany)
• Microsoft (US)
• IBM Corporation (US)
• AT&T (US)
• Cisco Systems Inc. (US)
• Huawei Technologies Co. Ltd. (China)
• Nokia (Finland)
• Telefonaktiebolaget LM Ericsson (Sweden)
• Qualcomm Technologies Inc. (US)
• Other prominent players

Market Segmentation
The global 5G Industrial IoT market segmentation focuses on Component, Application, End-User, and Region. 
By Components
• Hardware
• Solution
• Service
By Application
• Asset Tracking and Management
• Predictive Maintenance
By End-user
• Process Industries ad
• Discrete Industries
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America