(MENAFN- GlobeNewsWire - Nasdaq) The industrial networking solutions market size is expected to reach US$ 137.70 billion by 2031 from US$ 29.45 billion in 2023 to record a CAGR of 21.3% from 2023 to 2031.
US & Canada, Oct. 17, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global Industrial Networking Solutions market is observing significant growth owing to the growth of the Industrial Internet of Things (IIoT). As more industrial devices and equipment become connected, there is a growing need for robust networking solutions that can support the ever-increasing number of connected devices, handle the massive amounts of data generated, and ensure secure and reliable communication. Browse Detailed Insights:
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the industrial networking solutions market comprises a vast array of hardware and software which are expected to register strength during the coming years.
Global Industrial Networking Solutions Market experiences growth due to increasing adoption of wireless technologies.
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Overview of Report Findings:
1. Market Growth: The global industrial networking solutions market size was valued at US$ 29.45 billion in 2023 and is projected to reach US$ 137.70 billion by 2031; it is expected to register a CAGR of 21.3% during 2023–2031. The global industrial networking solutions market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. Firstly, there is a rising demand for wireless technologies in industrial settings. Industries are increasingly adopting wireless solutions to enhance flexibility, mobility, and scalability in their networks. Furthermore, the need for predictive maintenance is driving the adoption of industrial networking solutions among numerous industries.
2. Technological Innovations: Industry 4.0 is the result of the digital transformation in numerous industries, bringing real-time decision-making, increased productivity, flexibility, and agility to alter the business's operations. Industry 4.0 allows stakeholders to optimize facilities and increase efficiency by leveraging interconnected industrial equipment and advanced computation. The Fourth Industrial Revolution refers to the rapid transformation of 21st-century technology, industries, societal patterns, and procedures as a result of interconnectedness and intelligent automation.
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3. Rising Need for Predictive Maintenance: The increasing need for predictive maintenance is a key factor contributing to the growing industrial networking solutions market size. Industrial networking solutions offer the capability to monitor operations in real-time and predict maintenance requirements, enabling organizations to optimize their maintenance activities and minimize downtime. By utilizing technologies such as the Industrial Internet of Things (IIoT) and advanced analytics, organizations can proactively identify potential equipment failures before they happen. This enables planned repairs and reduces the occurrence of unexpected breakdowns, ultimately leading to enhanced operational efficiency and cost savings. The adoption of industrial networking solutions facilitates seamless connectivity and empowers organizations to make informed decisions based on data for optimal maintenance optimization.
4. Increasing Adoption of Wireless Technologies: There is a growing utilization of wireless technologies in industrial operations, driven by the demand for flexibility, mobility, and scalability in industrial networks. Wireless networks offer advantages such as easy reconfiguration, adaptability to changing environments, seamless connectivity on the go, and the ability to add new devices and expand network coverage without extensive infrastructure modifications. This trend allows organizations to futureproof their network infrastructure and prepare for advancements in wireless technology. Ultimately, the adoption of wireless technologies in industrial operations is revolutionizing the design and deployment of industrial networks, providing greater flexibility, mobility, scalability, and futureproofing capabilities.
5. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. North America is expected to register the highest CAGR during the forecast period.
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Market Segmentation:
Based on components, the market is divided into hardware and software & services. The hardware segment held the largest industrial networking solutions market share in 2023.
Based on deployment, the market is bifurcated into on-premises and cloud. The on-premise segment held the largest industrial networking solutions market share in 2023.
Based on connectivity, the market is categorized into wired and wireless. The wired segment held the largest share of the industrial networking solutions market in 2023.
Based on the End-Use industry, the market is segmented into automotive, BFSI, manufacturing, telecommunication, logistics & transportation, and others. The manufacturing segment held the largest industrial networking solutions market share in 2023.
The Industrial Networking Solutions market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development:
Key Players: A few major companies operating in the global industrial networking solutions market include ABB, Belden Inc.; Cisco Systems, Inc.; Hewlett Packard Enterprise Development LP; Huawei Technologies Co., Ltd.; Moxa Inc.; Nokia; Rockwell Automation, Inc.; Semtech.
Trending Topics: Industrial Wireline Networking, Industrial Ethernet, Network as a Service.
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Global Headlines on Industrial Networking Solutions Market:
"Belden Inc., a leading global supplier of network infrastructure and digitization solutions, announces new products designed to help mission-critical environments."
"Moxa Inc., a leader in industrial communications and networking, announced the launch of its next-generation industrial Ethernet switches, the EDS-4000/G4000 Series."
"Nokia announced new pre-tested and pre-integrated segment solutions to guide manufacturing and logistics companies on how to approach their digital transformation to achieve strategic goals, use case needs and return on investment (ROI)."
"Semtech Corporation, a leader in high-performance semiconductors, IoT systems and cloud connectivity services, unveiled its latest innovations poised to shape the future of 5G and pave the way for 6G."
Cisco announced an expansion of the Cisco Catalyst 9000 portfolio, based on the powerful Unified Access Data Plane (UADP) ASIC silicon, to bring more enterprise-grade switching capabilities to the industrial edge for industries operating in harsh environments and supporting critical infrastructure such as utilities, oil and gas, roadways, and rail. Operational connectivity in industrial spaces is growing exponentially as organizations seek to improve efficiencies, employee safety, and business agility and support hybrid work. As the operational world evolves, IT expertise is required to scale and secure the network as operational technology (OT) systems are brought onto the corporate networks.
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The integration of IIoT devices and sensors with industrial networking solutions has a profound impact on the market. It creates a strong demand for advanced networking technologies that can effectively facilitate the connectivity and data exchange requirements of IIoT devices. This includes the need for robust cybersecurity measures, efficient cloud computing capabilities, reliable edge computing infrastructure, and seamless integration with mobile technologies. As the industrial sector increasingly embraces IIoT integration, it is expected that the market for industrial networking solutions will experience substantial growth. In response to this trend, companies such as RS Components are partnering with HMS Networks to expand their product offerings and cater to the evolving needs of the industrial sector. This collaboration aims to deliver a comprehensive range of networking solutions that enable the seamless integration of IIoT devices and sensors, providing customers with an integrated and efficient networking ecosystem. The integration of IIoT devices and sensors with industrial networking solutions not only drives the demand for advanced networking technologies but also fuels the growth of the industrial networking solutions market.
The industrial networking solutions market in Europe holds a significant position within the global market. Europe is the third-largest market for industrial networking solutions, with Germany leading in industrial networking solutions market share and France experiencing the fastest growth in the region. The market's growth is primarily driven by the implementation of industrial IoT solutions, which have a positive impact on regional market expansion. The deployment of industrial IoT solutions and the rapid development of network infrastructure are key factors responsible for driving the market in Europe.
Conclusion:
By leveraging advanced networking technologies, industries can monitor and analyze data in real time, enabling them to analyze potential issues and perform proactive maintenance, thus minimizing downtime and optimizing operational efficiency. Another significant driver is the growth of the Industrial Internet of Things (IIoT). As more industrial devices and equipment become connected, there is a growing need for robust networking solutions that can support the ever-increasing number of connected devices, handle the massive amounts of data generated, and ensure secure and reliable communication. In addition to these drivers, other factors, such as the increased focus on cybersecurity, the integration of cloud computing in industrial networks, and the demand for high-speed and low-latency communication, are also contributing to the industrial networking solutions market growth.
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The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system technology integrators, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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