Global Industrial Networking Solutions Market Size To Reach USD 59.50 Billion in 2030 | CAGR of 22.6%Category: Electronics, ICT & Media
The Industrial Networking Solutions Market was valued at USD 21.9 Billion in 2021, the market is projected to grow USD 59.50 Billion in 2030, at a CAGR of 22.06%. as per the latest research report by Spherical Insights & Consulting.
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The fast development of technology and the industrial revolution have altered the IT environment. The industrial internet of things and Industrial Ethernet are rising developments that are driving the demand for industrial networking solutions (IE). Additionally, in order to drive the market growth during the forecast period, these programs must securely connect the production environments using popular networking technologies in order to provide industries and their crucial partners access to a rich supply of real-time visibility, new data, and remote access to the systems and assets in operational environments. Additionally, the time is perfect for Industry 4.0 because LTE/4G is now able to support several industrial purposes and digitalization projects. Businesses may increase productivity and streamline the procedures for delivering IT services with the help of modern networking technologies.
Browse key industry insights spread across 195 pages with 120 market data tables and figures & charts from the report Global Industrial Networking Solutions Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Networ0k Type (Wired, and Wireless), By Component (Hardware, Software, and Services), By Deployment Type (On-premises, and Cloud), By End-User Industry (Automotive, Financial and Banking Industry, Telecommunication, Manufacturing, Logistics, and Transportation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/industrial-networking-solutions-market
The COVID-19 outbreak will have a huge impact on global industrial expenditure over the next several years because a large number of businesses that governments throughout the globe have deemed non-essential are currently inactive and suffering enormous losses. Through the end of 2021, this will have an impact on their tech spending. COVID-19 is also pushing various manufacturers to depend more heavily on digitalization and automation for long-term operations in order to decrease the cost effect of the pandemic and other potential economic crises. It is believed that the COVID-19 outbreak would have a brief effect before going away. However, in light of the current pandemic, COVID-19 offers businesses the chance to make much-needed operational improvements with an emphasis on developing networking technologies.
The industrial environment is switching to 802.11-based Wi-Fi, and a variety of IP protocols from Fieldbus technologies, which rely on proprietary networks for communication protocols like TCP and UDP. The industrial ecosystem's gadgets are capable of interacting over convergent, public networks, which considerably enhances the accessibility of data and information. This emphasis on open networking standards is a fundamental component of this ecosystem. A lot of new network technologies are also being developed or considered in the sector right now. Industrial applications may benefit from or require different types of assistance from technologies like Network Slicing (5G), Software Defined Networking (SDN), Network Function Virtualization (NFV), and Low Power Wide Area Network (LPWAN).
A multi-gigabit Ethernet switch created for automakers to offer the fast networks necessary for developing connected vehicles was disclosed by NXP Semiconductors N.V. in January 2020. One of the first automotive Ethernet switches with built-in safety features was the NXP SJA1110, which also has multi-gigabit connections and integrated hardware-assisted security. The SJA1110 switch, which is designed to interact with NXP's S32G vehicle network processor, is a crucial component of a complete networking package that also includes the VR5510 power management I.C. Scalability, security, safety, and high-speed traffic engineering are some of the major issues that vehicle networking must deal with and are all addressed as a whole by this system.
Programs for improvement and optimization are implemented in manufacturing throughout the lifespan of the items being produced. Process improvements are becoming more and more necessary, in some situations almost continually. In order to increase process efficiency, additional IIoT sensors are being added to the current processes. For instance, the U.S. Food and Drug Administration (FDA) has provided producers with advice on how to use Process Analytic Technology to take a risk-based strategy to satisfying product quality and regulatory standards (PAT). Continuous inline monitoring of the process that converts raw materials into finished goods is a key component of PAT. Additional tools and sensors are needed for the process in order to use this monitoring approach, and in order for the new sensors to interact with the control systems, industrial networks will be needed.
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Asia-Pacific is anticipated to expand at the quickest rate due to the rapid expansion of the network infrastructure during the projected period. Additionally, this area has witnessed strong attempts to improve the industrial networking infrastructure in several nations. China is making a significant investment in the IIoT, backed by proactive and positive government support. As one of the largest economies in the world, operators and other ecosystem vendors are assisting in accelerating the delivery of compelling and secure industrial networking solutions, such as Low Power Wide Area networks like NB-IoT and LTE-M, which are assisting in the introduction of cutting-edge new services throughout China.
Global Industrial Services Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Engineering and Consulting, Installation and Commissioning, Operational Improvement and Maintenance), By Application (Distributed Control System, Programmable Logic Controller, Supervisory Control and Data Acquisition, Electric Motors and Drives, Human Machine Interface, and Others), By End User (Oil and Gas, Healthcare and Pharmaceuticals Chemicals, Automotive, Water and Wastewater, Chemicals, Food and Beverages, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030
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