USD 13.7 billion
Industrial Networking Solution Market Size, Share, Growth Analysis, By Component(Solution and Services), By Networking Type(Wireline Networking and Wireless Networking), By Application(Remote Monitoring, Asset Tracking and Management, Supply Chain Management, Real-Time Streaming and Video), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2233 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
88
|Figures:
73
Industrial Networking Solution Market Insights
Global Industrial Networking Solution Market size was valued at USD 13.7 billion in 2022, USD 16.8 billion in 2023 and is projected to grow USD 70.09 billion by 2031, growing at a CAGR of 22.6% in the forecast period (2024-2031).
The main drivers of the industrial networking solutions market's expansion are the rise in the industrial Internet of things and the spread of wireless technologies in industrial operations. The market is also growing as a result of rising demand for industrial ethernet and wireless technologies as well as the introduction of data analytics and data processing. However, issues with data transfer, privacy, and security are impeding the market's expansion. Furthermore, it is projected that the market will see significant growth due to the extensive use of personal devices in the workplace and the ongoing rise in IoT device count.
Any automation system architecture must include an industrial network solution as its foundation since it offers strong channels for data interchange, controllable data, and adaptability in connecting diverse devices. The movement of information or data, typically in digital format, from a transmitter to a receiver via a link connecting these two is referred to as data communication. Data connection between computers and other devices is made possible through traditional communication networks. These networks, which require wired and wireless networking systems, are used for product distribution, technical assistance, and IT services.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Services
Growth Rate
22.6% CAGR
Global Industrial Networking Solutions Market ($ Bn)
Country Share by North America (%)
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Industrial Networking Solution Market Segmental Analysis
The global industrial networking solution market is segmented based on component, networking type, application and regional type. In terms of component, the market is bifurcated into solutions and services. Based on networking type, the market is bifurcated into wireline networking and wireless networking. In terms of application, the market is grouped into remote monitoring, asset tracking and management, supply chain management, real-time streaming and video, emergency and incident management and predictive maintenance. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Component access holds the larger market share during the forecast period as a result of the growing demand.
Analysis by Component
As per categorization by component, the market is classified into solution and services. Among these, solution earned the largest share and continues to dominate the market. In order to improve connection and efficiency across industrial sectors, sophisticated networking technologies are being widely innovated and adopted in the global industrial networking solutions market. Businesses are using Industrial Internet of Things (IIoT) solutions more often, utilizing edge computing, 5G, and software-defined networking (SDN) technologies to enable remote monitoring and real-time data analytics. This trend is fueled by the market's substantial development potential and is driven by the demand for predictive maintenance, optimized production processes, and streamlined operations.
Due to a number of important variables, networking services are expected to grow at the fastest rate in the global industrial networking solution market. First of all, a strong and dependable network infrastructure is required to allow the networking of diverse industrial devices and systems as Industry 4.0 efforts become more widely adopted. Second, as enterprises place a higher priority on data security, scalability, and operational efficiency, the need for sophisticated networking services including network security, managed services, and cloud-based solutions is growing. The industrial networking market is anticipated to rise significantly as a result of this increased demand for all-inclusive networking services.
Analysis by Application
The use and innovation of wireless networking are growing significantly in the global market for industrial networking solutions. Wireless networking solutions are becoming more and more popular in industrial sectors due to their affordability, scalability, and flexibility. Real-time monitoring, asset tracking, and predictive maintenance are made possible by the seamless connectivity that is made possible by technologies like Wi-Fi 6, LoRaWAN, and 5G in industrial settings. There is a movement occurring in the networking industry towards wireless solutions due to the demand for more mobility, simplified infrastructure, and increased operational efficiency in industrial environments.
As wireline networking is stable and dependable, which is essential for industrial operations, it is expected to grow at the quickest rate in the global industrial networking solution market. Although wireless technologies are more flexible, landline networking guarantees reliable connectivity, particularly in settings with high levels of interference or strict security regulations. Furthermore, wireline technologies, including as Ethernet and fiber optic cables, offer lower latency and higher bandwidth, which are necessary for managing the massive amounts of data produced by industrial IoT devices and facilitating real-time control and communication. Due to these benefits, wireline networking is positioned as the foundation of industrial connection and is expanding quickly in the market.
Global Industrial Networking Solutions Market By Component (%)
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Industrial Networking Solution Market Regional Insights
As North America, and especially the United States, has been an early adopter of cutting-edge technologies like industrial automation, the Internet of Things, and Industry 4.0, the region leads the global market. In order to facilitate communication and data sharing in these technologically advanced industries, this has increased demand for industrial networking solutions. Due to the region's rapid industrialization and the expansion of many of its manufacturing sectors, Asia-Pacific is the region with the fastest rate of growth in the global market for industrial networking solutions. Strong networking solutions are needed to link and streamline industrial operations in light of this expansion.
The areas of Europe, Latin America, and the Middle East and Africa (MEA) have particular growth prospects in the global market for industrial networking solutions. Due to its emphasis on automation and strict industrial rules, Europe leads the world in adoption. Latin America is seeing exceptionally fast growth as a result of growing industrial sectors and government programmes promoting digital transformation. MEA is expanding significantly thanks to investments in the manufacturing, oil and gas, and infrastructure sectors. Due to investments in cutting-edge networking technologies and rising industrialization, Latin America is the region with the quickest rate of growth among them.
Global Industrial Networking Solutions Market By Geography
- Largest
- Fastest
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Industrial Networking Solution Market Dynamics
Drivers
Industrial Processes in Need of Automation
- Using control systems to monitor and manage industrial processes is known as industrial automation. This may contribute to increased production, safety, and efficiency. The capability to link industrial systems and devices to the internet and to one another is known as industrial connectivity. Enhancing visibility, collaboration, and decision-making can be facilitated by this.
Increasing Adoption of Industry 4.0
- The increasing need for industrial networking solutions can be attributed in large part to the broad acceptance of Industry 4.0 ideas. The seamless integration of cyber-physical systems (CPS), in which actual machinery works in real time with digital systems, lies at the core of this revolutionary paradigm change. For machines, sensors, and control systems in smart factories to communicate and coordinate, a strong industrial networking infrastructure is required.
Restraints
Scalability Challenge
- For industrial networking systems, scalability presents a significant problem that includes hardware, software, and overall infrastructure considerations. Industrial environments are experiencing an increase in linked devices and systems, which presents challenges in the form of hardware restrictions related to device capacity, processing power, and memory. Scalability issues are exacerbated by the expenses of upgrading to ruggedized equipment that can endure inclement weather.
Overall Cost Constraint
- A significant portion of the total expenses is attributed to the initial software investment, which includes specialised software for communication and security as well as ruggedized equipment designed for demanding industrial settings. It costs extra to integrate legacy systems with contemporary networking solutions since adapters, gateways, and employee training are needed. The cost is increased by ongoing maintenance, which includes cybersecurity precautions, firmware upgrades, and equipment care.
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Industrial Networking Solution Market Competitive Landscape
Many significant multinational competitors fighting for market share define the competitive landscape of the industrial networking solution. Companies that provide complete networking solutions specifically designed for industrial applications, such Cisco Systems, Siemens AG, Rockwell Automation, and Schneider Electric, dominate the industry. In order to meet the changing connection needs of industrial sectors globally, these industry titans never stop innovating to provide cutting-edge solutions including industrial routers, switches, and gateways.
Top Player’s Company Profiles
- Veryx Technologies. (US)
- Sierra Wireless (Canada)
- Moxa Inc. (China)
- Eaton (US)
- Siemens (Germany)
- General Electric (US)
- Rockwell Automation Inc. (US)
- Huawei Technologies Co. Ltd. (China)
- Dell Inc.(US)
- Juniper Networks Inc. (US)
- Hewlett Packard Enterprise Development (US)
- LP (US)
- ABB (Switzerland)
- Belden Inc. (US)
- Schneider Electric (Germany)
- Actelis Networks Inc. (US)
- Cisco System Inc. (US)
Recent Developments
- In July 2023, The MegaFlex DPA UPS system, which delivers excellent energy efficiency and a reduced footprint of up to 45% for the Indian data center industry, was introduced by ABB India's Electrification company. ABB is positioned as a technical leader in the area thanks to this creative UPS solution, which expands the company's offering, meets the expanding demand in the data center business, and supports sustainability goals.
- In February 2023, HCL Technologies and Dell worked together to introduce innovative 5G solutions and update networks for businesses and telecom providers. The objective of this strategic alliance was to improve network performance and provide cutting-edge solutions to customers in the business and telecommunications industries. The company benefited from the partnership between HCL Technologies and Dell by diversifying its offerings, especially in the area of network modernization.
- In December 2023, In order to provide programmable network applications for businesses utilizing Nokia Network as a Code platform, Nokia partnered with Innova Solutions. Businesses in areas including banking and financial services, technology, life sciences, retail, logistics, and transportation will see faster digital transformations as a result of the deal.
Industrial Networking Solution Key Market Trends
- Business Networking Advancements With Wi-Fi Gadgets: Wi-Fi enabled devices are also leading the way in workplace networking. In locations where normal connections are either impractical or too expensive, wireless solutions come in quite handy. When necessary, they are able to adapt and develop. Smart and dynamic industrial networks are conceivable with Bluetooth, Wi-Fi, and other digital protocols. This is crucial if a business decides to use the concept of "smart factories," where touch and real-time data are essential for improving operations.
- Impact of Edge Computing on Industrial Connectivity: Another significant development that has altered how business network's function is edge computing. Many commercial tasks used to need the use of centralized computer technologies. However, since the advent of edge computing, this approach has undergone significant modification. Companies should interact with data in locations close to its source, such as the plant floor, to make decisions more quickly. Wait times will be reduced as a result. Machines on the edge can connect to the main industrial network more easily thanks to edge networking. This is a result of the trend towards edge computing.
Industrial Networking Solution Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, robust industrial networking solutions are in high demand due to the growing adoption of Industry 4.0 principles, which emphasize seamless integration of cyber-physical systems for greater industrial automation and connection. Industrial networking systems face a scalability challenge due to a combination of factors such as hardware constraints, the need for ruggedized equipment to withstand harsh conditions, and overall cost constraints from initial software investments, legacy system integration, and ongoing maintenance, which includes firmware upgrades and cybersecurity measures.
Major multinational players like Cisco Systems, Siemens AG, and Schneider Electric, who consistently innovate to offer comprehensive networking solutions tailored for industrial applications, including industrial routers and gateways, to address the changing connectivity needs of industrial sectors worldwide, characterise the competitive landscape of the industrial networking solution market. Technological developments in Wi-Fi enabled corporate networking to allow for flexible and adaptive wireless solutions, which are essential for creating intelligent and dynamic industrial networks, especially when considering "smart factories" that depend on touch and real-time data. By enabling data processing closer to the source, decreasing wait times, and making it easier for edge devices to connect to the main industrial network, edge computing revolutionises corporate networks and improves industrial connectivity and efficiency.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 13.7 billion |
| Market size value in 2031 | USD 70.09 billion |
| Growth Rate | 22.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Networking Solution Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Networking Solution Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Networking Solution Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Networking Solution Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Networking Solution Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Networking Solution Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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