According to our latest study on "Industrial Networking Solutions Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by component, Industry Vertical, Deployment, Organization Size," the Industrial Networking Solutions market size was valued at US$ 29.45 billion in 2023 and is expected to reach US$ 137.70 billion by 2031; it is estimated to record a CAGR of 21.3% from 2023 to 2031.
The Industrial Networking Solutions market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively.
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
The market in Asia Pacific is witnessing significant growth due to the convergence of automation, government initiatives, and a robust manufacturing sector. This growth is driven by technological developments, including the integration of the Industrial Internet of Things (IIoT), edge computing, and wireless communication. These technological developments have greatly improved connectivity and real-time monitoring capabilities in industrial environments, leading to increased efficiency and productivity.
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 terms of market share and France experiencing the fastest growth in the region. The market's growth is principally driven by the implementation of IIoT 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.
Key Findings of Industrial Networking Solutions Market Study:
The industrial networking Solutions market analysis has been carried out by considering the following segments: connectivity, component, deployment, end-use industry, and geography. Based on component, the market is divided into hardware and software and services. The hardware segment held a larger industrial networking Solutions market share in 2023. Based on connectivity, the market is divided into wired and wireless. Based on deployment, the market is bifurcated into on-premises and cloud. Based on end-use industry, the market is segmented into automotive, BFSI, manufacturing, telecommunication, logistics & transportation, and others. The market is geographically segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South and Central America.
The software and services segment held significant industrial networking Solutions market share in 2023. The software and services category includes the necessary components for developing and operating resilient, secure, and efficient communication networks in industrial contexts. The software section offers Solutions for physical network infrastructure, virtualization and control, and SDN applications, while the services segment comprises professional and managed services. These software and services are essential for providing advanced networking Solutions that assist industries in increasing efficiency and streamlining IT service delivery operations.
ABB, Belden Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., Moxa Inc., Nokia, Rockwell Automation, Inc., Semtech, and Siemens are among the key players profiled in the Industrial Networking Solutions market report. Several other major players were studied and analyzed during the Industrial Networking Solutions market analysis to get a holistic view of the market and its ecosystem. The Industrial Networking Solutions market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current Industrial Networking Solutions market trends and their foreseeable impact during the forecast period.
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