New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Industrial Networking Solutions Market: By Component, By Deployment, Industry Vertical Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2023 to 2032 in a healthy CAGR of approximately 22.60% to attain a valuation of around USD 70.0 Billion by the end of 2032.
Key Players
Eminent market players profiled in the global Industrial Networking Solutions market report include
- Siemens AG (Germany)
- Cisco Systems Inc. (US)
- Juniper Networks (US)
- Dell Inc. (US)
- Moxa Inc. (US)
- ABB (Switzerland)
- Eaton (Ireland)
- Huawei Technologies Co. Ltd (China)
- Rockwell Automation Inc. (US)
- Hewlett Packard Enterprise Development LP (US)
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Industrial Networking Solutions Market Report Scope:
| Report Metrics | Details |
| Industrial Networking Solutions Market Size by 2030 | USD 70.37 Billion by 2030 |
| Industrial Networking Solutions Market CAGR during 2022-2030 | 22.60% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Asia-Pacific is expected to be the fastest growing region in the industrial networking solutions market due to rise in wireless technology in industrial operations. |
Market Drivers
Growing Demand for Wireless Networks to Boost Market Growth
One of the key reasons driving the market expansion for industrial networking solutions over the anticipated timeframe is the rising demand for standardized wireless technologies, chiefly during the COVID-19 pandemic. The requirement for industrial networking designs will expand as wireless networking becomes more common in today's industrial context and as these technologies are more widely adopted on factory floors.
Market Opportunities
Rising Adoption of Automation to offer Robust Opportunities
The market for industrial networking solutions is expanding for the rising demand for automation across numerous industries. The product is being used for automation in more and more industries as the number of linked devices grows.
Market Restraints and Challenges
Privacy Concerns to act as Market Restraint
Privacy concerns, increasing complexities to connect systems to smart infrastructure, and data security may act as market restraints over the forecast period.
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Market Segmentation
The global industrial networking solutions market has been bifurcated based on industry vertical, deployment, technology, and component.
By component, service will lead the market over the forecast period.
By technology, SDWAN will domineer the market over the forecast period.
By deployment, the market is classified into cloud and on-premise.
By industry vertical, automotive and transportation will spearhead the market over the forecast period.
COVID-19 Analysis
Infection with the coronavirus led to an increase in need for the industrial networking solutions. Since a sizable portion of the working populace was forced to switch to working from home rather than an office, there was a sizable need for products that would enable effective information management. Due to the fact that most brick-and-mortar establishments had to close or were open only temporarily, the online retail sector also saw a huge surge in internet traffic. The huge volume of data generated during the pandemic led to a commensurate increase in need for the product to ensure the efficient operation of numerous companies.
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Regional Analysis
North America to Head Industrial Networking Solutions Market
During historical forecast period, the North American region is anticipated to hold the biggest market share in the global market for industrial networking solutions. Similar trends are anticipated to continue for the market's current forecast period, which will finish in 2030. The adoption of smart connected devices is one of the main drivers of this expansion in the North American region, which is followed by the advent of other emergent variables like the IIoE and agile networks. Additionally, the presence of various market participants in the global market trends, such as Managed Service Providers (MSPs), industrial networking solution providers, among other trustworthy organizations like technology consultants, & network operators, of late has partnered with key players to improve the organizational networking ecosystem in North America. Due to factors like agile networks, the IIoE, & the acceptance of smart connected devices, North America will have the highest share of the market. Cooperation between Aruba Networks and the dairy product producer and retailer Tillamook County Creamery Association has been established. As a result, TCCA was able to set up an entirely wireless network at its new office in Portland, Oregon. The use of smart connected devices, the IIoE, and agile networks are some of the drivers driving this expansion. In the US, for instance, smart solutions have been introduced into sectors like energy and utilities, intelligent buildings industrial automation, and infrastructure, & public safety since 2012. Although the majority of smart city initiatives in the US are almost finished, the country is anticipated to experience slow growth in the pitch in the years to come.
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APAC to Have Admirable Growth in Industrial Networking Solutions Market
As a significant participant in the industrial networking solutions market, the APAC region is anticipated to contribute to the industry's great degree of momentum in the assessment period. Asia Pacific (APAC) is home to developing nations including Japan, India, Singapore, China, and Australia, all of which are predicted to see rapid expansion in the market for industrial networking solutions. Asia has always been a lucrative market for industrial networks and has seen the advanced and dynamic adoption of new technologies including the SDWAN, IIoT, and WLAN. Also, the development of the telecom industry in this area is anticipated to support the market for industrial networking solutions. Moreover, the telecom service providers within this area provide connectivity solutions to aid in government activities and advance the development of a smart, networked society. Accelerated industrialization would create a lot of room for market expansion. China is expected to lead the world in implementing industrial networking technologies if the government is supportive. By the end of 2019, the Japanese government launched a 5G spectrum, which had a good effect on market expansion. The market for industrial networking solutions is anticipated to be driven by the trend towards automation. Prominent manufacturing organizations have made large investments, which will increase demand for industrial networking solutions throughout Asia-Pacific.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
