Industrial Wireless Sensor Networks (IWSN) Market Size, Share, Growth Analysis, By Offering(services, software, and hardware), By End use(Building Automation, Banking, Financial Services, and Insurance (BFSI)), By Region - Industry Forecast 2024-2031

Industrial Wireless Sensor Networks (IWSN) Market size was valued at USD 4.97 billion in 2021 and is poised to grow from USD 8.62 billion in 2022 to USD 9.02 billion by 2030, growing at a CAGR of 7.13% in the forecast period (2023-2030).

The major competitors in the market offer services for garbage collection, transportation, and disposal through vertical integration throughout the supply chain. As a result, operational costs are optimised, profit margins are raised, and the enterprises are able to capture a large portion of the market. 'ABB Ltd.', 'Emerson Electric Co.', 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Yokogawa Electric Corporation', 'Texas Instruments Inc.', 'Endress+Hauser AG', 'NXP Semiconductors N.V.', 'STMicroelectronics N.V.', 'Linear Technology Corporation', 'Atmel Corporation', 'Analog Devices, Inc.', 'Broadcom Inc.', 'General Electric Company', 'Rockwell Automation, Inc.', 'Advantech Co., Ltd.', 'Cisco Systems, Inc.', 'Digi International Inc.', 'Murata Manufacturing Co., Ltd.'

Since wireless networks are crucial to driverless automobiles, there has been a surge in demand for them globally in recent years. The increased popularity of driverless vehicles has fueled this requirement. These networks are used in a range of automotive applications, including as the management of car pollution, the prevention of vehicle theft, the control of headlight intensity, the identification of vehicle locations, and the monitoring of vehicle health. Additionally, the sensors used in autonomous vehicles help to strengthen vehicle connectivity and reduce the amount of maintenance needed. As a result, the use of these networks in the automotive industry is increasing.

The growing need for IWSN to improve industrial device connectivity and enable perfect wireless system communication is one of the key factors driving the market. To assess the enormous database of temperature, motion, pressure, gas, and chemicals, big data analytics, machine learning, and artificial intelligence (AI) are also being used more frequently. This is contributing to the market's growth, together with the developing network infrastructure.

During the anticipated period, Due to the presence of key players and technological improvements, North America is anticipated to hold the biggest market share over the projection period.