Industrial Networking Solutions Market Revenue Growth Predicted by 2023
Posted by Akshay Solanki on February 16th, 2021
Industrial networking solutions is a necessity for enterprises across various industry verticals to create an end-to-end robust network architecture. The widely used technology for this robust, secured, and scalable network is the use of industrial Internet of Things (IIoT). IIoT is used to establish a connection between different business processes/systems using automation. The major benefit of adopting industrial networking solutions is improved return on investment, increased efficiency in the manufacturing process, and digital transformation. However, concerns regarding data theft, malware attacks, and ransomware are still restraining the growth of industrial networking solutions market.
The global market for industrial networking solutions is driven by increasing adoption rate of IIoT solutions across different industries, along with the increased demand for software-based networking to reduce the latency and increase resource access time. The market is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of industrial networking solutions market is covered for major regions such as North America, Europe, Asia-Pacific and the rest of the world. North America is expected to lead the global industrial networking solutions market during the forecast period. It is an established region in terms of IT infrastructure and adoption of new technologies with heavy expenditure from active market players on research and development. One of the major contributors of the leading market share of the region is the US. The US holds nearly 60% of the key IT vendors that develop and invest in new technologies. US is expected to dominate the North American market due to increased demand for SDWAN across various industries. This increased demand for SDWAN is the result of faster and rapid adoption of cloud and cloud computing services by major enterprises in the US.
On the other hand, Europe lags behind North America in terms of information & technology. However, Germany, the Netherlands, and the UK are among the highest contributing nations in terms of IT advancement and technological developments. The higher deployment rate of data centers across the Europe region is a major factor due to which enterprises are realizing the need for industrial networking solutions.
Considering the region with the highest growth rate, Asia-Pacific is expected to have advancement in wireless technology for industrial operations. Japan is one of the advanced countries in Asia-Pacific that has witnessed an increased adoption of IIoT based technologies. Furthermore, countries like China, India, South Korea, and Taiwan are enhancing their existing communications system technology and replacing their traditional industrial processes with the help of robotics and IoT. Organizations such as SAARC, BRICS, and ASAN provide initiatives to develop enhanced IT infrastructure.
The key players in industrial networking solutions market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. The major players are — Siemens AG (Germany), Cisco Systems Inc. (US), Juniper Networks (US), Dell Inc. (US), Moxa Inc. (US), ABB (Switzerland), Eaton (Ireland), Huawei Technologies Co. Ltd (China), Rockwell Automation Inc. (US), and Hewlett Packard Enterprise Development LP (US). These players contribute a major proportion towards market growth.
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About the AuthorAkshay Solanki
Joined: December 29th, 2020
Articles Posted: 475
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