Industrial Wireless Solution Market Trends

Introduction

As we approach 2024, the wireless solutions for industry will undergo significant changes. These changes are being driven by several macroeconomic factors. IoT and AI are enhancing the connectivity and efficiency of industry, enabling real-time data analytics and automation. Regulations to improve safety and regulatory compliance are driving companies to implement more robust wireless solutions. The changing demands of consumers for sustainable and efficient operations are also driving companies to adopt new wireless solutions. These trends are strategically important for companies because they not only influence their competitive positioning but also shape the future of industry.

Top Trends

1. Increased Adoption of 5G Technology
   With the introduction of 5G, the data transmission rate and latency for industrial wireless solutions are set to increase significantly. In the case of companies like Siemens, the systems are being designed to enable real-time control and monitoring. According to a study, the introduction of 5G could improve the productivity of industry by up to 30 percent. This is expected to be a major boost to the development of IoT and smart factory applications.
2. Enhanced Cybersecurity Measures
   As wireless solutions become more and more interconnected, the risk of cyber attacks is growing. But leaders like Honeywell are developing advanced security systems to protect critical infrastructures. Nevertheless, it has been reported that in the past year, more than one in three industrial companies have been the victims of a cyber-attack. Probably the future will be a focus on security solutions based on artificial intelligence.
3. Integration of AI and Machine Learning
   Artificial intelligence and machine learning are being incorporated into wireless solutions for industry to optimize operations and perform predictive maintenance. Emerson, for example, uses these tools to analyse data from connected devices. Statistics show that this reduces downtime by 20–30%. This development is likely to lead to an increasing number of self-learning systems in industry.
4. Expansion of Industrial IoT Ecosystems
   The development of the Internet of Things in the field of industry is bringing with it a demand for wireless solutions that can connect the various devices and systems. This is where Cisco has a role to play. Its platforms provide the framework for a consistent wireless connection. It is expected that the number of Internet of Things devices in industry will amount to 75 billion by 2025. This development will lead to a significant improvement in the quality of decision-making and in operational efficiency.
5. Focus on Energy Efficiency
   Energy efficiency is becoming a key issue in industrial wireless solutions. Energy-efficient wireless is a priority for ABB. It has been estimated that energy-efficient wireless solutions can reduce operating costs by up to 25 percent. In addition, the integration of smart grids and of renewable energy sources will help to further improve the sustainable nature of industrial operations.
6. Growth of Edge Computing
   Edge computing is gaining ground in wireless industrial solutions. It allows data processing closer to the source. Wipro is deploying edge devices for real-time analytics. It is said that edge computing can reduce latency by up to 50 percent. It is expected that the future will see more de-centralised architectures, enhancing responsiveness in industrial applications.
7. Standardization of Wireless Protocols
   A need for the interoperability of wireless devices in an industrial environment is driving the standardization of wireless communication in the industry. The Phoenix Contact group of companies is advocating a unified communication standard. According to a study, the integration costs can be reduced by up to 40 percent with a standardized protocol. This trend will facilitate the smooth cooperation of various manufacturers and technical systems.
8. Remote Monitoring and Control Solutions
   Especially after the pandemic, the demand for remote control and surveillance systems grew rapidly. Yokogawa, for example, has developed a system that can be used anywhere. The remote solution reduces response time by half, according to statistics. This trend will probably lead to a more flexible working environment and greater operational resilience.
9. Development of Low-Power Wide-Area Networks (LPWAN)
   A new generation of wireless communication technology is emerging that is capable of connecting low-power devices in the industrial environment at low cost. AT&T is a leader in this field, pioneering a low-power, long-range wireless network. Its data show that a device’s battery can last up to 10 years on a single charge. This will make it easier to deploy the Internet of Things in industrial settings.
10. Emphasis on Data Analytics and Visualization
    Data analysis and visualization tools are becoming an essential part of industrial wireless solutions, making it possible to derive a better understanding of the collected data. GE is deploying advanced data analysis platforms to improve the visibility of its operations. It is estimated that effective data visualization can reduce decision-making time by as much as 30 per cent. In the future, developments will probably focus on easy-to-use, real-time data analysis tools.

Conclusion: Navigating the Industrial Wireless Landscape

The industrial wireless solution market in 2024 will be characterized by a high degree of competition and a high degree of fragmentation. The market will be divided into several large and small groups. In the industrial wireless solutions market, the trend is towards an increased demand for tailor-made solutions, especially in North America and Europe. Suppliers must strategically position themselves to meet changing customer needs by utilizing advanced capabilities such as artificial intelligence, automation and flexibility. While the traditional suppliers are focusing on improving their existing solutions, new suppliers are disrupting the market with agile and sustainable solutions. Suppliers must be able to combine these advanced capabilities in order to be able to lead in the rapidly changing environment, and it will therefore be necessary to focus on investments that match this strategic imperative.