Jul 23, 2021 (MarketersMedia) -- Increasing Penetration of Smart Factories and Adoption of Wireless M2M Communication Technology Driving the Growth of Ultra Reliable Low Latency Communication Market
Hyderabad, India - July 23, 2021 /MarketersMedia/ --
Ultra Reliable Low Latency Communication Market size was valued at $20.4 billion by 2026 and it is estimated to grow at a CAGR 34.5% during 2021-2026. Increasing penetration of Industry 4.0 enabling data transmission between smart connected devices for real-time quality control of mission critical applications has significantly triggered the market. Ultra reliable low latency communication provides wireless connectivity to meet the demand for high speed M2M (machine-to-machine) communication in connected factories and thus accelerating the adoption. With the advanced capabilities and benefits such as higher data transmission speed, expanded bandwidth, low latency and higher reliability for critical applications such as process automation, driving assistance, automated guided vehicle (AGV), remote diagnosis the demand for URLLC has gained a huge traction.
Ultra Reliable Low Latency Communication Market Segment Analysis- By Application
By application, Ultra Reliable Low Latency Communication Market has been segmented under Industrial automation, remote diagnosis/surgery, autonomous driving, traffic management,smart grid, smart office buildings and others. Industrial automation is estimated to dominate the market acquiring a market share of 20.7% by 2026. Industrial automation is also analyzed to be the fastest growing market with a CAGR 38.2% between 2021 and 2026 owing to increasing demand for high speed wireless connectivity for integrating digital technologies with operational processes.
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Ultra Reliable Low Latency Communication Market Segment Analysis- By End User
By end user, Ultra Reliable Low Latency Communication Market has been segmented under industrial and commercial sectors. Industrial segment is estimated to account for the largest market share of 56.5% by 2026. Among industrial sector, Automotive industry is estimated to witness a significant growth with a CAGR 30.1% during 2021-2026 owing to the increasing adoption of URLLC to establish a high speed network connection for collaborative robots, also known as cobots or machine-to-machine communication to increase mobility and flexibility in production and assembly lines to meet the critical demands of automotive production.
Ultra Reliable Low Latency Communication Market Segment Analysis- By Geography
Ultra Reliable Low Latency Communication Market has been segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with CAGR 36.9% during 2021-2026. South Korea, being the world's largest 5G market has contributed to the growth of URLLC market in this region.
Ultra Reliable Low Latency Communication Market Drivers
Increasing Penetration of smart factories
Increasing adoption of IIoTs for integration of IT into OT for optimization of mission critical applications across various industry verticals is driving the market. Adoption of industry 4.0 in various industry to enable the smart connected devices to streamline process flows over a wireless and reliable communication network is boosting the market owing to its robust processing performance. Increasing investments towards digitalization across various process and discrete industries to monitor and control real-time data for M2M communications to optimize production yield, efficiency and quality have resulted into the growth of the market.
Increasing adoption of wireless M2M communication technology
Traditional wired systems in industries require physical cabling between machines, which need to go through hazardous areas and may connect to moving parts, increasing the need for maintenance and risk of failure. On the other hand, the fixed infrastructure of wired system cannot be configured easily to make more efficient use of machinery or to adapt to changing demand. Moreover, wired technologies require more administrative costs to install wiring system throughout the factory.
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Ultra reliable low latency Communication Market Challenges
Government restrictions on deployment of 5G