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

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.