Market Research Future (MRFR) estimates the global industrial wireless solution market size to reach USD 9.35 billion at a CAGR of 25.0% from 2020 to 2027 (forecast period).
Multiple Factors to Bolster Market Growth
The introduction of wireless solutions in industries has contributed significantly to the rapid growth of radio frequencies and other connected device solutions such as the industrial internet of things (IIoT). The industrial wireless solutions are heavily based on radio waves, which are often found at the physical layer of a network. Radio waves are required in companies to connect numerous devices such as tablets, computers, servers, and even Wi-Fi routers. It has been observed that the use of wireless devices in industries is expanding since they enable greater operational efficiency and faster decision-making capabilities. Furthermore, wireless devices are simple to deploy and have low infrastructure expenses.
The increased shift from business to cloud-based services, as well as increased IIoT services, are factors that contribute to the growth of the wireless infrastructure market. Furthermore, the rising usage of SDWAN solutions in industries contributes to market growth. However, a number of challenges are impeding the Industrial Wireless Solution Market growth. Concerns about data security and connectivity challenges are among these causes. Furthermore, the high power consumption of wireless devices and sensor nodes, as well as the lack of a globally accepted wireless standard, represent a hurdle to the business.
The global industrial wireless solution market has been segmented into type, organization size, and vertical.
By type, the global industrial wireless solution market has been segmented into wireless field instruments, mobile computing devices, and wireless networks.
By organization size, the global industrial wireless solution market has been segmented into large enterprises and small and medium-sized enterprises.
By vertical, the global industrial wireless solution market has been segmented into process industry and discrete industry. The process industry has been segmented into energy and utilities, chemicals and materials, food beverage, and others. The discrete industry has been further segmented into automotive, semiconductor electronics, medical devices, and transportation.
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North America to Dominate the Global Market
North America is likely to dominate the industrial wireless solutions market due to the widespread presence of important network service providers and wireless solution providers. Furthermore, the US is home to significant IT and telecom suppliers such as Qualcomm and Cisco Systems Inc, which are actively contributing to industrial wireless solutions and integrating emerging technologies such as IoT and Artificial Intelligence with wireless networks.
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), ATT (US), and Phoenix Contact GmbH Co (Germany), DataGear Inc (US), Ruckus Networks (US), OleumTech (US), Molex, LLC (US), General Electric (US), Neratec Solutions AG (Switzerland), Westermo Network Technologies AB (Sweden), Wipro Ltd (India), Value Line Inc (US), Cambium Networks, Ltd (US), Accenture PLC (US), Cognizant Technology Solutions Corp (US), Maestro Wireless Solutions Limited (China), Fluidmesh Networks LLC (US), Advantech Co., Ltd (Taiwan), HMS Industrial Networks (Sweden), and others.
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