New York, NY, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Industrial Networking Solutions Market Share, Size, Trends, Industry Analysis Report, By Offering; By Technology; By Networking Type; By Service; By Enterprise; By Vertical; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.
The global industrial networking solutions market size and share is currently valued at USD 29.05 billion in 2023. It is anticipated to generate an estimated revenue of USD 150.68 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 20.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What are Industrial Networking Solutions? How Big is Industrial Networking Solutions Market Size & Share?
Industrial networking solutions refer to the use of networking technologies and protocols to connect various devices and systems within an industrial environment. These environments can take multiple forms, including factories, manufacturing plants, process control systems, transportation systems, and other industrial environments. Industrial networking solutions were developed to provide seamless data interchange and connectivity in industrial settings. They encompass several essential elements and attributes, which include industrial internet of things (IIOT), ethernet and industrial ethernet, wireless communication, fieldbus protocols, cloud computing and edge computing, and cybersecurity.
Industrial network solutions offer several benefits, such as improved productivity, enhanced safety, and increased resiliency. Also, they promote intelligent decision making by enabling seamless data exchange and automation. Furthermore, these solutions are crucial for the implementation of initiatives where interconnected systems play a pivotal role. The rapid expansion of the smartphone and tablet market has led many businesses to adopt these solutions, impacting the industrial networking solutions market size favorably.
Industrial Networking Solutions Market: Key Companies
- A5G Networks
- ABB
- Belden
- Celona
- Cisco
- Dell Technologies
- Eaton
- GE Digital
- Graphiant
- HPE
- Huawei
- Juniper Networks
- Kyland Technology
- Litmus Automation
- Moxa
- Nokia
- Red Lion Controls
- Rockwell Automation
- Siemens
- Veryx Technologies
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Key Highlights
- Rising adoption of industry 4.0 and widespread use of wireless technologies are the primary factors supporting the growth of the market.
- The industrial networking solutions market segmentation is primarily based on offering, technology, networking type, enterprise, vertical, and region.
- North America witnessed the largest revenue share in 2023
Market Developments
- Growth Drivers:
- Rising adoption of 4.0: The rapid adoption of industry 4.0 principles worldwide has led to a significant rise in demand for industrial networking solutions. The seamless integration of cyber-physical systems, which enable real-time collaboration between physical machinery and digital systems, is primarily fueling this transformative shift. Besides, industry 4.0 prioritizes interoperability, and industrial networking standards like UA and MQTT are crucial for ensuring critical communication.
- Broad use of wireless technologies: Industrial IoT (IIoT) refers to the integration of IoT technology into a variety of industrial processes like automation, optimization, and maintenance. The integration enables businesses to improve the efficiency and dependability of their processes. With significant improvements in the performance and efficiency achieved through industrial processes, the industrial networking solutions market demand is projected to rise. Furthermore, the growing usage of wireless technologies in industrial operations is anticipated to impact the industry favorably.
Industry Trends:
- Widespread use in various applications: Industrial networking solutions are utilized in a wide range of applications, which include predictive maintenance, remote tracking, and incident management. Besides, the solutions developed by industrial networking solutions market key players serve a diverse range of industries, which include food and beverage, chemicals, machine manufacturing, medical devices, and logistics and transportation.
Restraints:
- High costs: The primary investment in software, which includes reliable equipment for hard industrial environments and sophisticated software for security and communication, accounts for a major portion of the total costs. Integrating the old legacy systems with the current networking solutions demands additional investments in both equipment and personal training. Besides, updating firmware and implementation of cybersecurity measures further increase the burden. Uncertainty about return on investment may lead to reluctance in using these technologies.
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Segmentation Overview
- The Services Segment Accounted for the Largest Revenue Share
By offering, the services segment accounted for the largest industrial networking solutions market share. Industrial networking solution services include activities like network orchestration, testing and auditing, provisioning, consulting, and training and education. Also, network planning, optimization, support, and maintenance are covered under the services segment. All of these services are essential for meeting the diverse needs of clients, impacting the segment’s growth favorably.
- The Wireless Networking Segment Witnessed the Largest Market Share
Based on networking type, the wireless networking segment accounted for the biggest share of the market. This is primarily because wireless networking can seamlessly connect several devices in a variety of settings without the need of costly cable installations. Radio communication is extensively employed in the design and operation of administrative telecom networks, with the physical layer of the model being the primary interface.
- The Chemicals and Materials Segment Witnessed the Fastest Market Growth
The chemicals and materials segment is anticipated to witness the fastest industrial networking solutions market growth. The rising utilization of advanced networking technologies like IIoT and WLAN has played a pivotal role in optimizing manufacturing methods and enhancing business operations in the manufacturing and construction sector. With IoT-enabled monitoring solutions and predictive analytics, it’s possible to monitor the throughput and quality in the chemical and materials vertical continuously.
Industrial Networking Solutions Market: Report Dynamics & Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 150.68 Billion |
| Market size value in 2024 | USD 34.83 Billion |
| Expected CAGR Growth | 20.1% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | ABB, A5G Networks, Belden, Celona, Cisco, Dell Technologies, Eaton, GE Digital, Graphiant, HPE, Huawei, Juniper Networks, Kyland Technology among others |
| Segments Covered | By Offering, By Technology, By Networking Type, By Service, By Enterprise, By Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: North America dominates the market for industrial networking solutions. The rapid adoption of industry 4.0 and the rising integration of the Industrial Internet of Things (IIoT) are the primary factors driving the growth of the region in the industry. The shift towards industry 4.0 has resulted in increased demand for complex networking solutions that allow seamless communications and data exchange within industrial processes. Companies are increasingly adopting intelligent sensors and interconnected devices to enhance efficiency and decision-making processes through real-time analysis.
Asia Pacific: The industrial networking solutions market in the Asia Pacific region is witnessing the fastest growth. This is primarily because of the quick development of network infrastructure and rapid expansion of industrial activity. With strong support from the government, China is poised to embrace industrial networking solutions. Besides, rising automation and substantial investments from industry players are projected to boost the demand for these solutions in APAC.
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Key Questions Answered in the Report:
What is the expected industry size of industrial networking solutions?
Ans: The market size is projected to reach USD 150.68 Billion by 2032
Who are the key players in the industrial networking solutions market?
Ans: ABB, A5G Networks, Belden, Celona, Cisco, Dell Technologies, Eaton, GE Digital, HPE, Rockwell Automation, and Siemens are the top players in the market.
Which region contributes notably towards the market growth?
Ans: North America contributes notably towards the industrial networking solutions industry growth.
What will be the expected CAGR of industrial networking solutions during the forecast period?
Ans: The industrial networking solutions market is projected to exhibit a CAGR of 20.1% during the forecast period.
Polaris Market Research has segmented the industrial networking solutions market report based on offering, technology, networking type, service, enterprise, vertical, and country:
By Offering Outlook
- Technologies
- Services
By Technology Outlook
- SD-WAN
- WLAN
- IIoT
By Networking Type Outlook
- Wireline Networking
- Wireless Networking
By Service Outlook
- Network Planning & Optimization
- Network Integration
- Network Orchestration
- Training & Education
- Network Consulting
- Network Provisioning
- Network Security
- Network Auditing & Testing
- Support & Maintenance
By Enterprise Outlook
- Supply Chain Management
- Asset Tracking & Management
- Emergency & Incident Management
- Remote Monitoring
- Real-Time Streaming & Video
- Predictive Maintenance
By Vertical Outlook
- Process Industry
- Energy & Utilities
- Chemicals & Materials
- Food & Beverage
- Water & Waste Management
- Other Process Industries
- Discrete Industry
- Automotive
- Semiconductors & Electronics
- Logistics & Transportation
- Machine Manufacturing
- Medical Devices
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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