PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424973
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424973
Industrial Networking Solutions (INS) Market size was valued at USD 28,912 Million in 2023, expanding at a CAGR of 19.5% from 2024 to 2032.
Industrial network solutions encompass a range of technologies and protocols, including industrial Ethernet, PROFIBUS, Modbus, PROFINET, and SCADA. These solutions are specifically designed to establish reliable and secure communication between devices and systems within industrial environments. These environments typically include manufacturing plants, factories, process control systems, power generation facilities, transportation systems, and other harsh industrial settings. By utilizing specialized communication technologies and protocols, industrial networking optimizes efficiency, enhances productivity, improves safety, and increases resiliency. These solutions facilitate seamless data exchange, automation, and intelligent decision-making. They are essential for implementing Industrial Internet of Things (IIoT) and Industry 4.0 initiatives, where interconnected devices and systems play a pivotal role.
Industrial Networking Solutions (INS) Market- Market Dynamics
Increasing trend of the industrial internet of things and industrial Ethernet is expected to drive the growth of market
The integration of smart devices and sensors into industrial processes allows for data collection and analysis. To ensure efficient and secure communication between these connected devices, robust networking solutions are required. According to the latest IoT Analytics report, the number of global IoT connections grew by 18% in 2022, reaching 14.3 billion active IoT endpoints. It is projected that in 2023, the global number of connected IoT devices will increase by another 16% to 16.7 billion active endpoints. Although the growth rate in 2023 is expected to be slightly lower than in 2022, the number of IoT device connections is anticipated to continue growing in the coming years. This proliferation of IoT devices and sensors in industrial settings presents an opportunity for INS providers to offer solutions that facilitate seamless connectivity, data collection, and analysis. Industrial Ethernet, with its reliable and high-speed communication infrastructure designed for industrial applications, plays a crucial role in this regard.
Industrial Networking Solutions (INS) Market- Key Insights
As per the analysis shared by our research analyst, the global Industrial Networking Solutions (INS) market is estimated to grow annually at a CAGR of around 19.5% over the forecast period (2024-2032)
Based on Component segmentation, Services was predicted to show maximum market share in the year 2023
Based on Connectivity Type segmentation, Wireless was the leading type in 2023
Based on Deployment Type segmentation, Cloud was the leading type in 2023
Based on End-User segmentation, Manufacturing was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Industrial Networking Solutions (INS) Market is segmented on the basis of Component, Connectivity Type, Deployment Type, End-User, and Region.
The market is divided into three categories based on Component: Hardware, Software and Services. Services segment dominates the market. Industrial Networking Solutions (INS) encompass a variety of services aimed at facilitating the deployment, upkeep, and enhancement of networking infrastructure in industrial settings. These services are instrumental in guaranteeing the dependability, safety, and effectiveness of industrial networks.
The market is divided into two categories based on Connectivity Type: Wired and Wireless. The market is greatly influenced by the wireless sector, which holds a substantial portion. The implementation of wireless solutions offers improved flexibility in establishing and modifying industrial networks. Communication between mobile devices and sensors can be established without the constraints of physical cables.
The market is divided into two categories based on Deployment Type: On-premises and Cloud. The market is primarily dominated by the cloud deployment segment. A significant amount of data can be generated by industrial devices and sensors. Cloud platforms offer secure and scalable storage solutions to accommodate the large volumes of data produced by industrial processes.
The market is divided into six categories based on End-User: Automotive, Financial and Banking Industry, Manufacturing, Telecommunication, Logistics and Transportation and Other. The market growth is largely controlled by the manufacturing sector. Within the manufacturing industry, Industrial Networking Solutions (INS) are of utmost importance as they enhance efficiency, automation, and connectivity across various processes. By enabling real-time monitoring, INS allows for the continuous tracking of equipment status, production lines, and other vital parameters.
Industrial Networking Solutions (INS) Market- Geographical Insights
Geographically, this market is extensively spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The market in North America holds a dominant position, primarily driven by the increasing adoption of industry 4.0. The principles and objectives of Industry 4.0 closely align with the goals of North American industries. The region's industrial landscape greatly benefits from the emphasis on smart factories, automation, data-driven decision-making, and connectivity. Moreover, a significant 55% of North American companies have already embraced big data analytics to enhance their operational efficiency. In the United States, manufacturers are witnessing tangible returns on investment by implementing innovative Industry 4.0 techniques, leading to growth in both their top line and bottom line. Europe, on the other hand, stands as the second-largest region contributing to the market's growth, owing to its rapid industrialization.
Prominent companies in the Industrial Networking Solutions (INS) market engage in severe competition, offering a diverse range of networking solutions specifically designed for industrial applications. This competition revolves around factors such as technological advancements, security measures, scalability, and the ability to effectively tackle the unique challenges faced in industrial networking. The primary objective of these companies is to provide reliable and secure communication solutions for industrial applications. For instance, the recently introduced VMware Pulse IoT Center serves as a secure infrastructure management solution for IoT, empowering customers with complete control over their connected devices. With VMware Pulse IoT Center, customers can efficiently manage, operate, scale, and safeguard their IoT projects across the entire network, from the edge to the cloud.
In January 2022, Cisco unveiled its plan to enhance the Cisco Catalyst 9000 portfolio by leveraging the robust Unified Access Data Plane (UADP) ASIC silicon. This strategic move aims to provide industries operating in challenging environments, such as utilities, oil and gas, roadways, and rail, with advanced enterprise-grade switching capabilities at the industrial edge.
GLOBAL INDUSTRIAL NETWORKING SOLUTIONS (INS) MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Cisco Systems, Inc.
Juniper Networks, Inc.
Dell EMC
Rockwell Automation, Inc.
Sierra Wireless, Inc.
Huawei Technologies Co. Ltd
Aruba Networks HPE
Eaton Corporation
Nokia Corporation
ABB Ltd
Hirschmann (Belden Inc.)
Moxa Inc.
Red Lion Controls, Inc.
Antaira Technologies
Others