Industrial Networking Solutions Market

Global Industrial Networking Solutions Market Size (2024 to 2029)

The global industrial network solutions market size is predicted to reach USD 25.40 billion in 2024 and USD 65.88 billion by 2029, growing at a CAGR of 21% during the forecast period.

The backbone of any automation system architecture, an industrial network solution provides a powerful means of data exchange, control, and flexibility to connect to various devices. Unlike traditional communication networks, these solutions require wired and wireless network systems and are used in product distribution, technical support, and IT services. An industrial network solution is an essential part of any automation system architecture, as it is committed to providing efficient means of data exchange and controllability and data flexibility to connect multiple devices. In general, communication networks are used to allow data communication between computers and other devices. These networks are used to distribute various products and provide technical support, which must be wired and wireless network systems. The industrial ecosystem is moving away from fieldbus technologies based on proprietary networks to communication protocols over standard networks such as Ethernet, 802.11 Wi-Fi, and the IP wallet protocols (for example, TCP and UDP). This focus on open network standards is a fundamental aspect for the devices that make up the industrial ecosystem to communicate through converged public networks, which greatly improves the accessibility of data and information.

Global Industrial Networking Solutions Market Drivers:

Some of the major market drivers are the rise of wireless technologies in industry operations, the growing need for predictive maintenance, the increase in cyberattack and ransomware cases, and the increased demand for SDWAN solutions. The need for state-of-the-art industrial networks has not only led to the use of networks. Still, the use of network services and an increased need for support drive the global market for industrial network solutions.

Manufacturing is subject to improvement and optimization programs throughout the life cycle of the products manufactured. The tendency is that process improvements need to be made quite frequently and almost continuously in some cases. More and more IIoT sensors are added to existing operations for more efficient process improvement. For example, the United States Food and Drug Administration (FDA) has urged manufacturers to take a risk-based approach to meeting regulatory and product quality requirements through drug screening technology—process (PAT). A fundamental element of PAT is the continuous online monitoring of the process dedicated to transforming raw materials into finished products. This monitoring technique requires additional instruments and sensors for the process, and the new sensors will require industrial networks to communicate with the control systems.

In today's digital manufacturing environments, there are too many sensors and devices and too much data to rely on manual processes. There is a growing need for manufacturing organizations to automate the monitoring of plant-wide systems and their responses to abnormal conditions, such as equipment showing signs of stress. As most industrial operations take place over a long period, sensors must be adapted to existing machines, which can be done efficiently with wireless communication technologies.

Mass customization in manufacturing has caused a radical change in assembly plants. Modern assembly lines and logistics must be agile and flexible to handle required product variability without compromising quality. To support flexible manufacturing, the network must be able to dynamically self-configure. Machine maintenance should be performed during scheduled downtime to maintain the highest production level in manufacturing. This is effective when machines can predict when and where failures are about to occur and then be repaired. This collected data must be communicated over several industrial networks for analysis purposes to be used for machine learning and driving business intelligence.

In June 2020, Veracity Industrial Networks, developer of Industrial Software Defined Network (SDN) technology for operational networks, announced a new round of seed funding, supported by existing investors Schweitzer Engineering Laboratories (SEL) and Option3Ventures, along with the latest strategy of DYNICS, Inc. and Interstates, Inc.

Impact of COVID-19 on the global industrial network solutions market:

The COVID-19 pandemic is expected to significantly influence global industrial spending in the coming years due to the non-operational state of various industries deemed non-essential by governments worldwide, facing huge losses expected to influence their spending. In technology through the end of 2021. In addition, COVID-19 is forcing several manufacturers to rely more on digitization and automation for long-term operations to reduce the financial impact of the pandemic and other potential economic challenges. The COVID-19 outbreak is expected to have a short-term effect and eventually disappear. However, in the long term, COVID-19 is an opportunity for industries to make much-needed operational improvements, focusing on improving network technologies amid the current pandemic.

GLOBAL INDUSTRIAL NETWORKING SOLUTIONS MARKET REPORT COVERAGE:

This research report on the global industrial networking solutions market has been segmented and sub-segmented based on the component, organization size, network type, application, vertical industry, and region.

Global Industrial Networking Solutions Market - By Component:

• Solution    

• Services  

In terms of components, it is divided into solutions and services.

Global Industrial Networking Solutions Market - By Organization Size:

• Large Enterprises 

• Small & Medium Enterprises      

Depending on the organization's size, it is segmented into large companies and small and medium enterprises.

Global Industrial Networking Solutions Market - By Network Type:

• Wireline Networking          

• Wireless Networking     

The type of network is divided into wired networks and wireless networks.

Global Industrial Networking Solutions Market - By Application:

• Remote Monitoring            

• Asset Tracking & Management      

• Supply Chain Management              

• Real-Time Streaming & Video         

• Emergency & Incident Management           

• Predictive Maintenance    

It is categorized by application into remote monitoring, asset tracking and management, supply chain management, real-time streaming and video, emergency and incident management, and predictive maintenance.

Global Industrial Networking Solutions Market - By Vertical Industry:

• BFSI            

• Retail & E-Commerce         

• Manufacturing      

• Government & Defense   

• Energy & Utilities  

• IT & Telecom          

• Education

• Healthcare          

The industrial network solutions market is categorized by industry vertical into BFSI, Retail and e-commerce, Manufacturing, Government and defence, Energy and utilities, IT and telecommunications, Education, Health, and others.

Global Industrial Networking Solutions Market – By Region:

• North America

• Europe

• Asia-Pacific 

• LAMEA

• MEA

The North American region dominated the market with significant growth due to advancements in technologies, the adoption of Industry 4.0, and the integration of IoT solutions in the global industrial networking solutions market.

KEY MARET PLAYERS:

The major players operating in the global industrial networking solutions market include

1. Huawei Technologies Co. Ltd.

2. Cisco System Inc.

3. Belden Inc.

4. Moxa Inc.

5. Rockwell Automation Inc.

6. Juniper Networks Inc.

7. Sierra Wireless

8. Eaton Corporation Inc

9. Aruba Networks

RECENT DEVELOPMENTS:

• In April 2020, Cisco announced its intention to acquire Fluidmesh Networks, a provider of wireless backhaul systems. Fluidmesh will further expand Cisco's industrial wireless network offerings to industries with assets and mobile applications in situations where a reliable link is critical. Cisco's scale, coupled with Fluidmesh solution offerings and systems integrator relationships, will accelerate Cisco's IIoT business to enable successful industrial wireless network deployments and extend its reach to diverse partners and end users.

• In May 2020, Dell Technologies announced the Enterprise SONiC distribution of Dell Technologies, a new set of fully supported open-source networking solutions. As industries increasingly rely on modern hybrid cloud models to do business, the historically monolithic and proprietary approach to networks has created inefficiencies and unnecessary complexity. Dell Technologies builds on the work of Microsoft Corporation as part of the Open Source Software for Open Networks in the Cloud (SONiC) project.