The global industrial wireless solutions market is estimated to be valued at US$14.229 billion in 2019.
The Industrial Wireless Solution market is expected to witness moderate growth over the forecast period driven by various advantages it offers such as easy maintenance, control, and monitoring. Owing to a significant return on investment and other several benefits, wireless sensor networks are rapidly replacing wired sensor networks across different industry sectors. The emerging trend of BYOD (Bring-Your-Own-Device) policy due to the rising number of smartphone users is one of the key drivers of the global industrial wireless solution market. The growing need for automation in both process and discrete industries along with the falling prices of wireless sensors is further augmenting the demand for industrial wireless solutions over the forecast period. A surge in demand for robotic automation across different industry sectors such as mining and chemical to maximize productivity, reduce human errors, and provide workers’ safety will propel the industrial wireless solution market growth.
Technological advancements to increase security and the growing need for smart factories in North America are boosting the demand for these solutions in the region. APAC region is projected to witness the fastest regional market growth due to increasing industrial activities in the region. Furthermore, high investments in smart cities in emerging economies will boost the growth of the APAC industrial wireless solution market. However, rising data and network security concerns and a lack of awareness regarding the wireless solution offered by various vendors are some of the key challenges to the market growth during the forecast period.
Growing BYOD trend.
The market is expected to surge in the coming years, due to the rising Bring Your Device (BYOD) trend, worldwide. The BYOD had been increasing over the past few years, due to the changing workplace employee trends. Novel users have been entering the workforce and are becoming more comfortable with their own devices. According to Dell, one of the major tech giants in the market, 50% of 30+ and 61% of Gen Y workers believe and have stated that the tech tools they use in their daily and personal lives have been more productive and effective than those they use in their work life. Dell had also stated that 60% of the people they surveyed had been using a smartphone for their work and around 31% have been desiring one. Cisco, one of the key players in the market, had stated that firms favouring BYOD have been making a yearly saving of around US$350, per employee. Moreover, with the rise and the impact of the COVID-19 pandemic, the companies are expected to favour the growth of BYOD, in the next years.
Major companies have been making significant developments in the market, in the past few years.
Growth of 5G.
The market is expected to surge in the coming years, due to the rise in the rollout of the 5G network, worldwide. China, one of the major economies in the world, had stated that it would be rolling around 822 million 5G base stations by the year 2025. The United States is also making significant developments in the market. Major US companies, such as AT&T, Verizon, and T-Mobile had been amid a major rollout of 5G in mid-band spectrum to millions of POPs. Qualcomm, one of the key players in the market, had been inventing novel 5G technologies that would bring novel and advanced opportunities and capabilities for private industrial networks. Siemens provides an Industrial 5G router SCALANCE MUM8561 for wireless connectivity. These developments are expected to surge the market growth.
|Market size value in 2019||US$14.229 billion|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Solution Type, Enterprise Size, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Emerson Electric Company, Honeywell International Inc., Siemens AG, Yokogawa Electric, Belden Inc., ABB Ltd., AT&T, Cisco Systems Inc., Phoenix Contact GmbH & Co. KG, Eaton|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global industrial wireless solutions market?
A1. Industrial Wireless Solution Market is estimated to be valued at US$14.229 billion in 2019.
Q2. Who are the major players in the industrial wireless solutions market?
A2. Prominent key market players in the industrial wireless solutions market include Emerson Electric Company, Honeywell International Inc., Siemens AG, Yokogawa Electric, Belden Inc., ABB Ltd., AT&T, Cisco Systems Inc., among others.
Q3. How is the global industrial wireless solutions market segmented?
A3. The industrial wireless solutions market has been segmented by solution type, enterprise size, end-user industry, and geography.
Q4. What factors are anticipated to drive the industrial wireless solutions market growth?
A4. The emerging trend of BYOD (Bring-Your-Own-Device) policy due to the rising number of smartphone users is one of the key drivers of the global industrial wireless solution market.
Q5. Which region holds the largest market share in the industrial wireless solutions market?
A5. Asia Pacific region is projected to witness the fastest regional growth in the industrial wireless solutions market due to increasing industrial activities in the region.
Emerson Electric Company
Honeywell International Inc.
Cisco Systems Inc.
Phoenix Contact GmbH & Co. KG
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