Industrial Networking Solutions Market worth $73.3 billion by 2028 - Exclusive Report by MarketsandMarkets(TM)

CHICAGO, Jan. 22, 2024 /PRNewswire/ -- The market for industrial networking solutions will see significant growth in the coming years due to important trends such edge computing adoption, 5G integration, industrial IoT development, cybersecurity emphasis, and AI and machine learning integration. In addition, there will be a focus on cloud integration, sustainable networking, and the use of robotics, augmented reality, and virtual reality to improve industrial processes. Global supply chain resilience and regulatory compliance will be given primary priority. Partnerships and collaborations are anticipated to be essential for fostering innovation and responding changing market conditions.

The Industrial Networking Solutions Market size is projected to grow from USD 29.2 billion in 2023 to USD 73.3 billion by 2028, at a CAGR of 20.2% during the forecast period, according to a new report by MarketsandMarkets(TM). The need for improved efficiency and reduced operational costs is driving the adoption of automation in various industries. Industrial networking solutions play a crucial role in connecting and coordinating automated systems and processes.

Browse in-depth TOC on "Industrial Networking Solutions Market"

257 - Tables
47 - Figures
247 - Pages

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Scope of the Report


                Report Metrics 
      
              Details


     Market size
      available for
      years                    
      2018-2028


     Base year
      considered                                                                                                                                                                  2022


     Forecast period           
      2023-2028


     Forecast units            
      Value (USD) Million/Billion


                                 Offering (Technologies, Services), Technology (SD-WAN, WLAN, IIoT), Service (Network Planning & Optimization, Network Integration, Network
                                   Orchestration, Training & Education, Network Consulting, Network Provisioning, Network Security, Network Auditing & Testing, Support &
                                   Maintenance), Application (Remote Monitoring, Asset Tracking & Management, Supply Chain Management, Real-Time Streaming & Video, Emergency &
                                   Incident Management, Predictive Maintenance), Vertical (Process Industry (Energy & Utilities, Chemicals & Materials, Food & Beverage, Water & Waste
                                   Management, Other Process Industries) Discrete Industry (Automotive, Machine Manufacturing, Semiconductors & Electronics, Medical Devices,
     Segments Covered              Logistics & Transportation)), Networking Type (Wireless Networking, Wireline Networking) and Region


     Region covered            
      North America, Europe, Asia Pacific, Middle East & Africa, Latin America


     Companies covered            Cisco (US), Juniper Networks (US), Huawei (China), Dell Technologies (US), Rockwell Automation (US), Eaton (Ireland), Nokia (Finland), HPE (US), ABB
                                   (Switzerland), Belden (US), Siemens (Germany), Moxa (US), Red Lion Controls (US), Veryx Technologies (India), Litmus Automation (US), Celona (US),
                                   GE Digital (US), Kyland Technology (China), Graphiant (US), A5G Networks (US)

Based on service, the network planning and optimization segment holds the largest market size during the forecast period

Network planning and optimization helps enhance the performance of network infrastructure for the betterment of network availability and secured data flow. Network planning mainly deals with traffic forecasting and capacity planning to stabilize the network's performance. It also helps in developing network strategies and action plans to achieve business-specific goals and provide timely inputs during the designing and architecting phase of the network. In an industrial scenario, network planning needs to cater to a vast environment of multiple interconnected facilities. An industrial network plays a pivotal role in automating the system architecture, as it facilitates data exchange, data controllability, and flexibility to connect multiple devices.

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Based on technology, the SD-WAN segment is expected to grow with the highest CAGR during the forecast period

SDWAN is a replacement for traditional routers; it provides a dynamic and policy-based application path for business functions. SDWAN uses cloud-based software and technologies to enhance and optimize the delivery of WAN services to the remote offices of an enterprise. Moreover, SDWAN is an emerging technology that revolutionizes networking and makes it faster, more reliable, and more manageable. The technology enables administrators to manage networks more agilely by controlling them with software-defined functions. Moreover, it provides a unified look at the network and offers a managed end-to-end solution that enables the scalability and stability of networks. In addition, SDWAN also provides an efficient and effective solution for designing, deploying, and managing distributed networks in today's complex and hybrid network environment.

Asia Pacific is expected to grow with the highest CAGR during the forecast period

The Industrial Networking Solutions Market in the Asia Pacific region has undergone significant growth and evolution. The Industrial Networking Solutions Market in the Asia Pacific region is dynamically influenced by several key factors fuelled by automation, government support, and a thriving manufacturing sector. Technological advancements, including integrating the Industrial Internet of Things (IIoT), edge computing, and wireless communication, have played a pivotal role in enhancing connectivity and real-time monitoring in industrial settings. Government initiatives across the region have further accelerated digital transformation, smart manufacturing, and infrastructure development, contributing to the expansion of the market. Global and regional players offer a diverse range of products and services, addressing the unique needs of various industry verticals such as manufacturing, energy, transportation, and healthcare.

Top Key Companies in Industrial Networking Solutions Market:

The Industrial Networking Solutions Market comprises major providers, such as Cisco (US), Juniper Networks (US), Huawei (China), Dell Technologies (US), Rockwell Automation (US), Eaton (Ireland), Nokia (Finland), HPE (US), ABB (Switzerland), Belden (US), Siemens (Germany), Moxa (US), Red Lion Controls (US), Veryx Technologies (India), Litmus Automation (US), Celona (US), GE Digital (US), Kyland Technology (China), Graphiant (US), A5G Networks (US). To increase their market share in the industrial networking solutions industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

Recent Developments

    --  In December 2023, Nokia partnered with Innova Solutions, to deliver
        programmable network applications for enterprises using Nokia Network as
        a Code platform. The agreement will accelerate the digital
        transformation of enterprises in industries such as banking/financial
        services, transportation and logistics, technology, life sciences,
        retail, and industrial sectors.
    --  In November 2023, Huawei launched its All-Scenario WLAN Solution, which
        continuously promotes the application of the Wi-Fi 7 standard technology
        in the enterprise market and continuously upgrades the network
        experience of customers in the education, healthcare, retail, and
        manufacturing industries.
    --  In May 2023, Juniper Networks partnered with ServiceNow, to deliver
        end-to-end automation for enterprise network service provisioning &
        monitoring.
    --  In February 2023, Cisco collaborated NTT, to to drive Private 5G
        adoption across the automotive, logistics, healthcare, retail, and
        public sectors to accelerate industry transformation.
    --  In December 2022, Rockwell Automation partnered with Fortinet, to secure
        operational technology environments and provide powerful cybersecurity
        protection to global customers through the convergence of advanced
        networking and security capabilities.

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Industrial Networking Solutions Market Advantages:

    --  Industrial networking solutions interconnect different machines,
        systems, and devices in an industrial setting with strong connectivity.
        Because of this connectedness, data interchange and communication are
        made easier and overall operational efficiency is increased.
    --  Real-time data transfer over industrial networks makes process
        monitoring swift and precise. This is critical for sectors in which
        prompt data is necessary for process optimisation, quality assurance,
        and decision-making.
    --  Through the simplification of communication, decrease in downtime, and
        optimisation of resource utilisation, the integration of industrial
        networking solutions improves operational efficiency. Lower operating
        expenses and increased productivity follow from this.
    --  Industrial operations can be remotely managed and monitored thanks to
        industrial networks. Because it enables centralised control and
        troubleshooting, this functionality is especially advantageous for
        industries with distributed processes.
    --  Scalability and flexibility in response to evolving industrial needs are
        key features of industrial networking solutions. Easy network expansion,
        device integration, and adaptability to changing operational
        requirements are all made possible by this flexibility.
    --  One major benefit is interoperability, since industrial networking
        solutions frequently follow standardised protocols, guaranteeing
        compatibility across numerous systems and devices from different
        vendors. This encourages an integrated and cogent industrial ecology.
    --  Redundancy characteristics are a common component of industrial
        networking solutions, which increase reliability. Redundant channels and
        backup systems are essential for sectors with high reliability
        requirements as they assist prevent communication disruptions and ensure
        operational continuity.

Report Objectives

    --  To determine, segment, and forecast the global Industrial Networking
        Solutions Market based on offering, technology, service, application,
        vertical, networking type, and region in terms of value.
    --  To forecast the size of the market segments to five main regions: North
        America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
    --  To provide detailed information about the major factors (drivers,
        opportunities, threats, and challenges) influencing the growth of the
        Industrial Networking Solutions Market.
    --  To study the complete value chain and related industry segments and
        perform a value chain analysis of the Industrial Networking Solutions
        Market landscape.
    --  To strategically analyze the macro and micro markets to individual
        growth trends, prospects, and contributions to the total Industrial
        Networking Solutions Market.
    --  To analyze the industry trends, patents, and innovations related to the
        Industrial Networking Solutions Market.
    --  To analyze the opportunities for stakeholders by identifying the
        high-growth segments of the Industrial Networking Solutions Market.
    --  To profile the key players in the market and comprehensively analyze
        their market share/ranking and core competencies.
    --  To track and analyze competitive developments, such as mergers &
        acquisitions, product launches & developments, partnerships, agreements,
        collaborations, business expansions, and Research & Development (R&D)
        activities.

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