The global ultra-reliable low latency communication market is expected to grow at a significant CAGR during the forecast period 2024-2031. 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.
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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.
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.
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Market Coverage
- Segment Covered-
o By Offerings
o By Application
o 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?
o Recovery Timeline
o Deviation from pre-COVID forecast
o 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?
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
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