INDUSTRIAL NETWORKING SOLUTIONS MARKET: OVERVIEW
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%. Many sectors want to improve the operational efficiency of their assets and production processes by utilizing convergence, digitalization, and the emerging solutions in the IIoT and Industry 4.0. These initiatives must securely link the production settings utilizing widely used networking technologies to provide industries and their significant partners access to a rich supply of real-time visibility, fresh data, and remote access to the systems and assets in operational environments. Because LTE/4G can currently support numerous industrial purposes and digitalization activities, the time is ripe for Industry 4.0. Additionally, it is essential to promote the usage of cellular technology in industrial verticals and provide the foundation for next sophisticated networking use cases.
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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.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: TREND
Increasing Utilization of Wireless Networks
The increased need for standardized wireless technologies, particularly during the COVID-19 pandemic, is one of the main factors propelling the market expansion for industrial networking solutions throughout the expected timeframe. Since wireless networking is becoming more prevalent in today's industrial context, the need for industrial networking design will increase as these technologies are implemented more broadly on factory floors. Additionally, the introduction of Ethernet and IIoT and the resulting rise in process automation might speed up industry growth since industrial Ethernet networks effectively carry and gather the data required to execute a particular task.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: DRIVERS
Increasing Demand for Predictive Maintenance Drive Market Growth
Global need for predictive maintenance is one of the reasons driving the market for industrial networking solutions. Industries may make operational adjustments to their assets and production processes with the help of convergence, digitalization, and the introduction of data analytics and data processing, which promotes market growth. The market is also impacted by the use of these solutions to get remote access to and real-time insight into the assets and systems in operational settings, as well as by the growth in demand for Software-defined Wide Area Network (SD-WAN) solutions. Additionally, rapid digitalization, significant expenditures, an increase in end-to-end business application assurance and uptime, the introduction of AI-enabled tools in IT operations, and the proliferation of wireless technologies all favorably affect the market for industrial networking solutions.
Global Industrial Networking Solutions Market Report Coverage
|Market Size in 2021:||USD 21.9 Billion|
|Forecast Period 2021-2030 CAGR:||22.06%|
|2030 Value Projection:||USD 59.50 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||195|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact Analysis Report, By Networ0k, By Deployment Type, By End-User, By Region|
|Companies Covered:||Cisco Systems Inc., Juniper Networks Inc., Dell EMC (Dell Technologies Inc.), Rockwell Automation, Inc., Sierra Wireless, Inc., Huawei Technologies Co., Ltd., ABB, Veryx Technologies, Belden Inc., Moxa, Inc|
|Growth Drivers:||1)The Asia Pacific region is anticipated to grow over the next few years of global Industrial Networking Solutions Market owing to the fast expansion of the network infrastructure in the region.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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INDUSTRIAL NETWORKING SOLUTIONS MARKET: RESTRAIN
Data Transmission Issues Limit Market Growth
It is anticipated that data transmission issues and the challenges associated with connecting antiquated systems to smart infrastructures would impede market progress. Concerns regarding data security and privacy are anticipated to be a challenge to the market for industrial networking solutions during the projected period.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: SEGMENTATION
The global Industrial Networking Solutions Market is segmented by Network Type (Wired, Wireless), Component (Hardware, Software, and Services), Deployment Type (On-premises, Cloud), End-User Industry (Automotive, Financial and Banking Industry, Telecommunication, Manufacturing, Logistics, and Transportation) and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
SEGMENTATION: BY REGION
Based on the Region, the Global Industrial Networking Solutions Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America region is dominating share of the global industrial networking solutions market due to the expanding usage of smart connected devices, the industrial Internet of things, and flexible networks. The constant rise in demand for IoT sensors and linked devices will facilitate the adoption of industrial networking solutions. The increased adoption of cloud and mobile technologies is what is driving the market for industrial networking solutions. The increased use of the industrial Internet of things and smart connected devices will increase demand for industrial networking solutions in South America. However, due to the tremendous expansion of the network infrastructure, Europe is the second-largest market for industrial networking solutions. Market expansion in the area will benefit from the implementation of industrial IoT solutions.
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The Asia Pacific region is anticipated to grow over the next few years of global Industrial Networking Solutions Market owing to the fast expansion of the network infrastructure in the region. Market expansion would have many chances as a result of rapid industrialisation. The government is supportive, China is predicted to lead the globe in deploying industrial networking technology. The trend toward automation is likely to be the main driver of the market for industrial networking solutions. Large investments from well-known manufacturing companies would boost demand for industrial networking solutions across Asia-Pacific.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: KEY PLAYERS
- Cisco Systems Inc.
- Juniper Networks Inc.
- Dell EMC (Dell Technologies Inc.)
- Rockwell Automation, Inc.
- Sierra Wireless, Inc.
- Huawei Technologies Co., Ltd.
- Veryx Technologies
- Belden Inc.
- Moxa, Inc.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: RECENT DEVELOPMENT
- April 2020- Cisco announced its plans to acquire Fluidmesh Networks, a privately held provider of wireless backhaul systems. By extending Cisco's industrial wireless networking services, Fluidmesh will support industries with moving assets and applications where dependable backhaul is mission-critical. Cisco's IIoT business will develop more quickly because to Fluidmesh's solution-based offers, scalability, and ties to systems integrators, allowing successful industrial wireless networking installations and extending its reach to more partners and end users.
- May 2020- Enterprise SONiC Distribution by Dell Technologies, a fresh set of fully supported open-source networking technologies, was unveiled by Dell Technologies. Organizations are increasingly relying on new hybrid cloud models to do business, which has caused inefficiencies and unneeded complexity in the traditionally monolithic and proprietary approach to networking. The work started by Microsoft Corporation is being built upon by Dell Technologies as part of the open-source Software for Open Networking in the Cloud (SONiC) project.
INDUSTRIAL NETWORKING SOLUTIONS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Industrial Networking Solutions Market. The Global Industrial Networking Solutions Market is segmented by Network Type, Component, Deployment Type, End User, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Industrial Networking Solutions Market.
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