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

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™. 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.

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257 - Tables
47 - Figures
247 - Pages

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Scope of the Report

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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