The industrial networking solutions market size is supposed to develop from USD 7.99 Billion during the noteworthy conjecture time frame that had finished in 2017 to USD 24.82 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period.
The major factors that are expected to drive the growth of the industrial networking solutions market include the growth in demand for Software-Defined Wide Area Network (SDWAN) solutions followed by the rise in the need for predictive maintenance. In addition, the proliferation of wireless technologies in the functioning of industry operations and the advent of data analytics and data processing are some of the factors that are expected to boost market growth during the forecast period of 2017-2023. The industrial networking solutions market is segmented based on components that extend to technologies and services, application, deployment, vertical, and the global region.
The sudden outbreak of the global pandemic has created issues and concerns for the global industrial networking solutions market functioning and hence, the time for the market has been tough. The unavailability of raw materials and labor is likely to hamper the global market growth during the period.
However, the recent developments that have been undertaken by some of the prominent market players, such as new product launches and acquisitions, undertaken by the major market players are expected to boost the industrial solutions market growth and hence, help the market attain the projected revenue that has been set for the period.
For instance, one of the prominent market players Aruba Networks partnered with Tillamook County Creamery Association (TCCA), a manufacturer and seller of dairy products. This global market partnership enabled TCCA to deploy an all-wireless network at its new Portland, Oregon office. After the US, Canada, as a part of the North American region is expected to account for the major share in the industrial networking solutions market in North America. For instance, in September 2017, one of the companies - Sierra Wireless, which is one of the industrial networking solution providers in Canada, took to the market and introduced LTE-Advanced Pro cellular modules to offer fast IoT applications for mobile computing, networking, and industrial Machine-to-Machine (M2M).
Data security and privacy concerns are expected to be the major restraining factor for the growth of the industrial networking solutions market during the forecast period that will be ending in 2023.
The Asia-Pacific (APAC) is a prominent participating region in the industrial networking solutions market and is expected to grow at the highest CAGR during the forecast period attributed to the fact that it has witnessed the fastest growth rate, owing to the rapid development of the network infrastructure. Moreover, the APAC region has witnessed robust initiatives to upsurge the industrial networking infrastructure in different countries. For instance, IIoT initiatives that are mushrooming in Singapore form a part of a larger Smart Nation Initiative, which is expected to help foster stronger communities, create job opportunities, and improve public services.
The industrial networking solutions market has been studied based on the performance that has been recorded by the prominent segments of the global markets in various regions covered while preparing the report for the forecast period of 2021-2023. The market’s attainable revenue figures can be predicted and studied well over the sum that is recorded by the understated market segments:
By Application Area:
By Networking Type:
By Industry Size:
The North American region in the global industrial networking solutions market is estimated to account for the largest market share in the industrial networking solutions market during the historic forecast period that had ended in 2018. Similar trends are expected to follow for the ongoing forecast period for the market that will be ending in 2023. The major drawing factors that propel this growth in the North American region include an increase in the adoption of smart connected devices, followed by the emergence of other emergent factors like the Industrial Internet of Everything (IIoE), and agile networks. Moreover, the presence of different market stakeholders amid the global functioning of the market trends, such as industrial networking solution providers, Managed Service Providers (MSPs), amongst other reliable groups like technology consultants, and network operators, has partnered with major players to enhance the organizational networking ecosystem in North America. The APAC region as a prominent participating region of the industrial networking solutions market is likely to help the market enjoy an excellent degree of momentum during the period ending in 2023.
The industrial networking solutions market includes various vendors who are participating to help the market expand and are providing networking solutions and services to commercial clients across the globe. The prominent market companies are mentioned as follows:
Most of the prominent market companies have adopted partnerships, agreements, and collaborations as the key strategies to enhance their industrial networking solutions market reach for the ongoing forecast period that will be ending in 2023.
The main objective of the report is to define, describe, and forecast the industrial networking solutions market size based on components (technologies and services), application, deployment, vertical, and region. The report underlines the trends of the global market and further, provides detailed information on the major factors like the drivers, restraints, opportunities, and challenges that are responsible for influencing the market growth. The report attempts to forecast the market size concerning the 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America followed by understanding the trends that will have a positive impact on the market size in these locations. The global report strategically profiles the key market players and comprehensively analyzes their relevant core competencies. Moreover, it plays a fruitful role and helps to track and analyze the competitive developments, such as joint ventures, mergers and acquisitions, and new product developments, in the market.
|Market Size||USD 24.82 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), and Hewlett Packard Enterprise Development LP (US).|
|Key Market Opportunities||The rise in the adoption of IIoT solutions for industrial work processes has fueled the growth of industrial networking solutions market.|
|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.|
The North American region is likely to emerge as the largest growing region in the market.
The APAC region is expecting to grow at a prominent market rate during the period that ends in 2023.
The global market is likely to be witnessing expansion at a CAGR of 19.2%.