Global Industrial Networking Solutions Market Size to grow by US$ 66.01 Bn in 2030.
The global Industrial Networking Solutions Market was valued at USD 22.84 billion in 2021. The market is projected to grow by USD 66.01 in 2030, at a CAGR of 22.01%.
The IT environment has changed as a result of the rapid growth of technology and the industrial revolution. Industrial networking solutions are driven by the growing trends of the industrial internet of things and Industrial Ethernet (IE). In addition, to give industries and their important partners access to a rich supply of real-time visibility, new data, and remote access to the systems and assets in operational environments, these programs must securely connect the production environments using common networking technologies to propel the market growth during the forecast period. Moreover, the moment is ideal for Industry 4.0 because LTE/4G can already help many industrial uses and digitalization initiatives. Modern networking solutions aid businesses in increasing productivity and streamlining IT service delivery processes. As a result, there is unprecedented growth in the market for industrial networking solutions.
The COVID-19 epidemic will have a considerable influence on global industrial spending over the coming years due to the non-operational state of numerous companies that governments throughout the world have designated non-essential and are experiencing significant losses. This will affect their tech spending through the end of 2021. To lessen the financial impact of the pandemic and other potential economic issues, COVID-19 is also requiring different manufacturers to rely increasingly on automation and digitalization for long-term operations. The COVID-19 epidemic is anticipated to have a transient impact and soon disappear. On the other hand, COVID-19 provides an opportunity for businesses to implement much-needed operational changes with a focus on advancing networking technologies in light of the present epidemic.
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One of the key factors driving the market growth for industrial networking solutions during the anticipated timeframe is the strong demand for standardized wireless technologies, particularly during the COVID-19 pandemic. Due to mobile and linked devices, cloud-based systems, etc., sectors are seeing an enormous rise in the generation of data. Huawei projects that by 2020, there may be more than 50 billion connected devices and that more than half of all data may be evaluated, processed, and stored at the network edge. Furthermore, machine-to-machine or Internet of Things (IoT) devices, which are susceptible to attacks, will make up 46% of network devices by 2020, according to Cisco. The industries must be equipped with wide area networks that can adapt to future network needs if they are to fully realize the promise of these connected gadgets.
The rising demand for predictive maintenance across the globe is the key factor fueling the expansion of the market. With the aid of convergence, digitization, and the introduction of data analytics and data processing, businesses can make operational changes to their assets and production processes, which accelerates the market growth. Utilizing these solutions to gain real-time visibility into and remote access to the assets and systems in operational contexts, as well as the rise in demand for Software-defined Wide Area Network (SD-WAN) solutions, has a further impact on the market. Additionally, the market for industrial networking solutions is positively impacted by fast digitization, high investments, an increase in end-to-end business application assurance and uptime, the advent of AI-enabled tools in IT operations, and the spread of wireless technologies.
The Asia Pacific region is expected to witness the highest growth rate during the forecast period due to the rapid development of the region's network infrastructure. Rapid industrialization would create a lot of opportunities for market expansion. China is expected to lead the world in implementing industrial networking technologies if the government is supportive. The market for industrial networking solutions is anticipated to be driven by the trend toward automation. Prominent manufacturing organizations have made large investments, which will increase the demand for industrial networking solutions throughout Asia-Pacific.
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KEY INDUSTRY DEVELOPMENTS:
April 2020- Cisco declared its intention to buy privately held wireless backhaul system company Fluidmesh Networks. Fluidmesh will help industries with moving assets and applications where dependable backhaul is mission-critical by expanding Cisco's industrial wireless networking services. With Fluidmesh's solution-based offers, scale, and connections to systems integrators, Cisco's IIoT business will grow faster, enabling successful industrial wireless networking deployments and expanding its reach to more partners and end customers.
May 2020- Dell Technologies introduced Enterprise SONiC Distribution by Dell Technologies, a new collection of fully supported open-source networking technologies. The formerly monolithic and proprietary approach to networking has produced inefficiencies and unnecessary complexity as organizations increasingly rely on new hybrid cloud models to conduct business. In the context of the open-source Software for Open Networking in the Cloud (SONiC) project, Dell Technologies is expanding on the work pioneered by Microsoft Corporation.
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