Chicago, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global Industrial Networking Solutions (INS) Market size is projected to grow from USD 29.2 billion in 2023 to USD 73.3 billion by 2028, at a CAGR of 20.2% during the forecast period 2023 to 2028, according to a new report by MarketsandMarkets™.
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The Industrial Internet of Things (IIoT) is a key driver of industrial networking technologies. Connectivity and communication between machines, devices, and systems allow for real-time data monitoring and analysis, which leads to better decision-making and predictive maintenance.
The demand for wireless connectivity solutions in industrial settings is increasing. Technologies like Wi-Fi, Bluetooth, and Industrial Wireless are being deployed for more flexible and scalable industrial networking.
Industrial Networking Solutions (INS) Market Growth Dynamics:
Drivers:
- Growing need for predictive maintenance
- Increasing demand for SD-WAN solutions
- Proliferation of wireless technologies in industry operations
- Advent of data analytics and data processing
- Increasing adoption of industry 4.0
Opportunities:
- Growing integration of IIoT
- Convergence of OT and IT
Restraints:
- Data security and privacy concerns
- Cost constraint
List of key players in Industrial Networking Solutions (INS) Market:
- Cisco (US),
- Juniper Networks (US),
- Huawei (China),
- Dell Technologies (US),
- Rockwell Automation (US),
- Eaton (Ireland),
- Nokia (Finland),
- HPE (US),
- ABB (Switzerland),
- Belden (US),
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By offering, the technologies segment is expected to grow with the highest CAGR during the forecast period
The technologies segment in the industrial networking solutions market has been further classified into WLAN, IIoT, and SDWAN technologies, which support various industrial networking applications. As various wireless networking technologies have advanced, several WLAN technologies have also emerged, including narrowband, spread spectrum, frequency hopping spread spectrum, and direct sequence spread spectrum. SDWAN has become one of the key elements of network automation, allowing enterprises to create a cover for the existing network. It also can offer a flexible and secure networking solution that does not require ripping and replacing the existing connections.
By technology, the IIoT segment is expected to hold the largest market size during the forecast period
IIoT is defined as a vast number of connected industrial systems that communicate and coordinate data analytics and its actions to improve an industry’s performance and enhance the efficiency of the industrial sector. IIoT provides a digital interface to the physical world with the help of sensors and actuators and transforms machines into smarter machines through local processing and communications. Industries have seen great potential in leveraging the benefits of the industrial internet to offer unique customer experiences. One of the most significant advantages of the IIoT technology is that data is easily shared and analysed for better decision-making. For example, in a vendor-defined condition monitoring solution, the data being acquired and analyzed is not easily available; the system is limited to sending simple alarms to prevent a catastrophic failure.
Major players operating in this market ecosystem not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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