The global ultra-reliable low latency communication market is expected to grow at a significant CAGR during the forecast period 2021-2027. The Ultra-Reliable low latency communication is a mission-critical application that enables high speed, low latency, elevated bandwidth and efficient wireless network connectivity for communication. The URLLC can conduct extremely high reliability of about 99.999% and integrate low latency of about 1 millisecond for transmission.
The need for efficient communication among smart connected devices is increasing gradually with the growing implementation of industry 4.0 to gain mission-critical application in real-time over a wireless network for communication. This dynamic was estimated to be the most dominant market driver that expected to accelerate the growth of the global ultra-reliable low latency communication market and emerge higher opportunities to expand the market during the forecast period.
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The rising adoption of URLLC among interconnected industries and factories to meet the prevalence of machine to machine (M2M) communication for high speed, low latency and enhanced reliability-based communication platforms. The upsurging benefits and advanced capabilities attributed by URLLC includes- extremely high speed for data transmission, higher reliability, elevated bandwidth and reduced or lower latency for mission-critical applications. These features explore the ultra-reliable low latency communication market and accounted as a market driver for the URLLC market throughout the forecast period. Additionally, the automated guided vehicle (AGV), process automation, remote diagnosis and driving assistance are the foremost applications contributed by ultra-reliable low latency communication. This is projected to trigger market growth and create ample business opportunities for the global ultra-reliable low latency communication market.
Market Coverage
· The market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segment Covered-
· By Offerings
· By Application
· By End-User
· Competitive Landscape- Intel, Huawei, NTT DOCOMO, Verizon Wireless, Ericsson.
Key questions addressed by the report
· What is the market growth rate?
· Which segment and region dominates the market in base year?
· Which segment and region will project fastest growth in the market?
· How COVID-19 impacted the market?
· Recovery Timeline
· Deviation from pre-COVID forecast
· Most affected region and segment
· Who is the leader in the market?
· How players are addressing challenges to sustain growth?
· Where is the investment opportunity?
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Global Ultra-Reliable Low Latency Communication Market by Segment
By Offerings
· Hardware
· Software
· Service
By Application
· Industrial Automation
· Remote Diagnosis
· Telesurgery
· Autonomous Driving
· Traffic Management
· Smart Grid
· Smart Office Buildings
· Others
By End-User
· Automotive
· Chemical
· Oil & Gas
· Food & Beverages
· Pharmaceuticals
· Mining
· Power
· Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
