industrial wireless solution market value is USD 2.55 billion and is expected to CAGR of 25.0% along with the industrial wireless solution market size of USD 9.35 billion during the forecast period 2017-2023.
Industrial Wireless Solution Market Overview
In 2017, the global industrial wireless solution market value is witnessed as USD 2.55 billion and is expected to exhibit a significant CAGR of 25.0% along with the industrial wireless solution market size of USD 9.35 billion during the forecast period 2017-2023.
The industrial wireless solutions are highly based on radio waves that occur at the physical layer of a network. Due to the development of radio frequencies and other connected devices solution like the Industrial Internet of Things (IIoT) in industries, there is a high requirement for wireless solutions. To connect the various devices like tablets, computers, servers, and Wi-Fi routers, there is a need for radio waves.
The wireless devices provide higher operational efficiency and fast decision-making capabilities which make them ideal to use in various industries. Furthermore, wireless devices are having various advantages like ease of deployment and less infrastructural costs. Most of the consumers are shifting from enterprises to cloud-based solutions which are expanding the growth of the industrial wireless solution market. There is also an increase in IIoT services.
The COVID-19 pandemic starts in December 2019 in China and spread all over the world. This pandemic impacts all the world physically, mentally, and financially. Almost all the business sectors fall down their sales. To control the spread of the virus, various countries’ governments imposed lockdowns, and stringent rules like traveling bans, public places like restaurants, theatres, and schools closed, manufacturing industries off, and limited timings to the retailer businesses. Due to the lockdown, the manufacturing industries face a lot of issues like shortage of workers, lack of raw materials, and supply chain disruptions which lead to stoppage of production.
Moreover, most of the electronic components are imported from China which is drastically impacted by the pandemic, and its products are restricted in our country. This factor reduces the production of electronic components and the electronic industry gets slow down. Hence the industrial wireless solution market was also negatively impacted by the pandemic for a period. Further, post-COVID-19, due to the superior benefits of the industrial wireless solution, it is preferred in various industries and recovers its profits rapidly.
Easy maintenance, control, and monitoring are the factors driving the industrial wireless solution market growth. The rising shift from enterprises to cloud-based services is enhancing the market growth. Growing IIoT services and the rising number of smartphone users lead to the emerging trend of BYOD (Bring Your Own Device) policy is boosting the market growth. In both process and discrete industries, there is a raising need for automation and wireless sensors prices are going to be slow down which leads to the rising demand for industrial wireless solutions in the assessment period.
To increase productivity, reduce human errors, and provide workers’ safety, there is an increase in demand for robotic automation across different industry sectors like mining and chemical are accelerating the growth of the market. The rising adoption of SDWAN solutions in various industries is escalating the industrial wireless solution market growth.
Rising concerns regarding data security and connectivity issues are hampering the growth of the market. Wireless devices and sensor nodes consume high power which is restraining the industrial wireless solution market growth.
Growing the adoption of wireless devices in industries due to the benefits of wireless solutions like high operational efficiency and rapid decision-making capabilities are the industrial wireless solution market opportunities.
Globally, the lack of an expected wireless standard is the major challenge to the market growth. Moreover, the lack of awareness among the consumers regarding the benefits of the wireless solution offered by various vendors is limiting the growth of the market.
The global industrial wireless solution market has been divided into four segments based on vertical, type, organization size, and region.
The industrial wireless solution market types are analyzed into mobile computing devices, wireless field instruments, and wireless networks.
The industrial wireless solution market by vertical is bifurcated into the process industry and discrete industry. Further, the process industry is sub-segmented into energy & utilities, chemicals & materials, food & beverage, and others. The discrete industry is sub-segmented into medical devices, automotive, semiconductor & electronic, and transportation. Out of these two, the discrete industry segment is holding the largest market share due to the IIoT technologies making the industries reduce their time-to-market and maintain a competitive advantage in the market.
The industrial wireless solution market by organization size is classified into large enterprise and small and medium-sized enterprises.
Region-wise, the global industrial wireless solution market is divided into four main geographies like Europe, Asia-Pacific, North America, and the Rest of the World. Among them, North America is dominating the largest market share due to the presence of network service providers and wireless solution providers widely.
Geographically, the industrial wireless solution market by region is categorized into four major regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Out of these regions, North America is holding the largest industrial wireless solution market share for the wide presence of network service providers and wireless solution providers. Due to the presence of major IT & Telecomm vendors like Qualcomm, and Cisco Systems Inc, the US is holding the largest market in this region. Moreover, introducing new technologies like IoT and Artificial Intelligence with wireless networks is boosting the market growth in this region.
Asia-Pacific is said to be the fastest-growing region due to the growing demand for wireless connectivity and rising investments in emerging countries like India, China, South Korea, and Japan. The adoption of wireless solutions is increasing at a double rate with the rise in the semiconductor industry. The Observatory of Economic Complexity estimates that the United States and Canada are having 189 industrial robots per every 1000 workers on average and stand at the second largest and twelfth largest export economies globally.
The prominent key players in the industrial wireless solution market outlook are the following:
Among them, ABB limited enterpriser is one of the leading enterpriser offering wireless devices like antennas, mesh routers, wireless I/O modules, wireless power suppliers, and wireless sensor/actuator interfaces for both the industrial and process automation sectors.
This global industrial wireless solution market research includes the Market Overview, COVID-19 Analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the industrial wireless solution market drivers, restraints, challenges, and opportunities. The industrial wireless solution market forecast segments into four forms as vertical, type, organization size, and region.
The industrial wireless solution market trends have been segmented into four forms globally based on the vertical, type, organization size, and region.
Wireless field instruments, mobile computing devices, and wireless networks are the three types of market.
Process industry and discrete industry are two verticals of the market.
By Organization Size
Large enterprises and small and medium-sized enterprises are two types of organization sizes.
Asia-Pacific, Europe, North America, and the Rest of the World are the four main geographies included in the global market of the industrial wireless solution.
|Market Size||USD 9.35 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Organization Size, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Opportunities||The adoption of wireless devices in industries has been witnessed to increase as they provide higher operational efficiency and rapid decision-making capabilities.|
|Key Market Drivers||
USD 9.35 billion.
Consolidation of major IT vendors.
High power consumption.
Mobile computing devices, wireless field instruments, and wireless networks.