The industrial networking solutions market size is expected to reach US$ 137.70 billion by 2031 from US$ 29.45 billion in 2023. The market is estimated to record a CAGR of 21.3% from 2023 to 2031. The increasing demand for SD-WAN solution is likely to remain a key market trend.
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.
Industrial networking is the use of networking technologies and protocols to connect industrial devices and systems, such as sensors, controllers, and other equipment, to allow for communication and data sharing. Industrial networks provide communication between control system components. Control communications can affect performance, quality, and reliability. Furthermore, control devices or the controller itself play an essential role in acquiring information to support layered analytics, such as Supervisory Control and Data Acquisition (SCADA), Artificial Intelligence (AI), and Machine Learning (ML). Further, the growing adoption of industrial networking solutions in automotive, BFSI, manufacturing, telecommunication, logistics, and transportation, among other industries, is expected to boost market growth during the forecast period.
Overall, the rise in demand for wireless technologies, the need for predictive maintenance, and the growth of the Industrial IoT are contributing to the growing industrial networking solutions market. This market presents significant opportunities for businesses operating in this marketplace to provide innovative and reliable networking solutions to meet the evolving needs of industries.
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. This enables organizations to enhance productivity, improve operational efficiency, and meet the growing needs of the industrial landscape, further boosting the industrial networking solutions market growth.
Market players are emphasizing product and technology development. For instance, in May 2022, Rajant Corporation—the pioneer of Kinetic Mesh wireless networks—and Acubis Technologies, a Kinetic Mesh Premier Partner (KMPP) in Australia, delivered the first FE1 series BreadCrumbs–Rajant Peregrine and Hawk–to a government-owned utilities provider in southwest Queensland. Acubis Technologies was selected to provide a wireless industrial networking solution capable of handling the demands of utility providers. The latest FE1 Series BreadCrumbs, Peregrine, and Hawk, with InstaMesh, proved to be the industrial networking solution of choice for the client, providing high bandwidth and ruggedized mobile connections throughout their entire operations. Such developments are boosting the industrial networking solutions market growth.
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. Multiple industries are looking to increase the operational efficiency of their assets and production systems through convergence and digitization, leveraging innovative technologies in the Industrial Internet of Things (IIoT) and Industry 4.0. However, these initiatives must securely connect production environments to standard networking technologies for industries and their key partners to gain access to a rich stream of new data, real-time visibility, and remote access to operational systems and assets. With Industry 4.0, industrial applications and digitalization efforts may benefit from LTE/4G.
Additionally, it is a key step to boost the adoption of cellular technology in industrial verticals and create the framework for future advanced networking. The benefits of Industry 4.0 processes, technologies, and systems include enhanced productivity and efficiency, better flexibility and agility, and increased profitability in networking solutions. Thus, the emergence of Industry 4.0 is expected to create opportunities for the industrial networking solutions market growth during the forecast period.
Key segments that contributed to the derivation of the industrial networking solutions market analysis are component, technology, and end user.
The regional trends and factors influencing the Industrial Networking Solutions Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Networking Solutions Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 29.45 billion |
| Market Size by 2031 | US$ 137.70 Billion |
| Global CAGR (2023 - 2031) | 21.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Industrial Networking Solutions Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Networking Solutions Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The industrial networking solutions market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial networking solutions market are listed below:
The "Industrial Networking Solutions Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Industrial Networking Solutions Market
The market is expected to reach a value of US$ 137.7 billion by 2031.
Increasing demand for SD-WAN solutions is a key trend in the market.
Cisco Systems, Inc., Nokia, Rockwell Automation, Inc., Hewlett Packard Enterprise Development LP, and Huawei Technologies Co., Ltd. are major players in the market.
Asia Pacific dominated the industrial networking solutions market in 2023.
The increasing adoption of wireless technologies and the rising need for predictive maintenance are driving the market growth.
The market is anticipated to expand at a CAGR of 21.3% during 2023-2031.