Global Industrial Wireless Solution market to reach USD 9.35 billion by 2023

The market was valued at USD 2.55 billion in 2017 and is expected to reach USD 9.35 billion by the end of the forecast period with a CAGR of 25.0% .

A recent study by Market Research Future has estimated that the global industrial wireless soluation market would grow with a CAGR of 25% and reach to USD 9.35 billion by 2023. According to the research, the global size of the industrial wireless soluation market was estimated to be about USD 2.55 billion in the year 2017.

Industrial wireless solutions has become a need in various industries to improve business agility and support work mobility, said the report. Wireless standards are easily adaptable and flexible to meet the changing business needs. One of the major benefit of industrial wireless solution is the improved network efficinecy. However, the major concern in adoption of industrial wireless solution remains the data security.

Key Players

The key players in the industrial wireless solution 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. Some of them are—Cisco Systems Inc (US), Eaton Corporation PLC (Ireland), ABB Limited (Switzerland), Belden Inc (US), Emerson Electric Company (US), Honeywell International Inc (US), Siemens AG (Germany), Yokogawa Electric (Japan), AT&T (US), and Phoenix Contact GmbH & Co (Germany). Apart from the top key players, the other players contribute nearly 30–35 % in the industrial wireless solution market.

Regional Analysis

The market for industrial wireless solution is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of industrial wireless solution market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).

The market of industrial wireless solution is expected to be dominated by North America during the forecast period. North American market in highly competitive in terms of providing wireless networking solutions. Moreover, the cost of cloud infrastructure is lower as compared to other regions. Various industries are moreover increasing their use of software-based services in the US and Canada.

On the other hand, Asia-Pacific region is expected to be the fastest growing region in industrial wireless solution market. The growth in Asia-Pacific is owing to the increasing demand for rationalization the business operations over cloud-based platform.

(With inputs from Market Research Future)