Market Research Future published a research report on “Industrial Wireless Solution Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR), in its research report, highlights that the global demand 2020 is projected to rise rapidly over the forecast period, ensuring substantial market valuation from USD 2.55 billion in 2017 to USD 9.35 billion by 2023, and a healthy 25% CAGR over the review period.
Drivers and Restraints
In technology, the introduction of wireless technologies plays a major role in the rapid growth of radio frequencies and other connected computer applications, such as the industrial Internet of Things (IIoT). The industrial wireless solution is based prominently on the radio waves that generally occur at a network’s plysical layer. Radio waves are required in industries to connect various devices, such as tablets, computers , servers and even Wi-Fi routers. The adoption of wireless devices in industries has been witnessed to increase as they provide higher operational efficiency and rapid decision-making capabilities. In addition, wireless devices are easy to deploy, and lower infrastructure costs.
The factors leading to the development of the demand for wireless infrastructure in the augmented shift from businesses to cloud-based services and growing IIoT services. Additionally , the increased adoption of SDWAN solutions in industries also contributes to market growth. There are, however, numerous factors refraining from market growth. These factors include data security concerns, and connectivity issues. Furthermore, high power consumption from wireless devices, sensor nodes and the lack of a global wireless standard pose a challenge to the Industrial Wireless Solution Market.
The global industrial wireless solution market for industrial applications is segmented into form, organizational size, vertical and area.
The industrial wireless solution market is segmented by type into wireless field tools, mobile computing devices and a wireless network.
The industrial wireless solution market is bifurcated into large enterprises and small and medium sized enterprises by organizational size.
Theindustrial wireless solution market is segmented vertically into process industry, and discrete industry. Furthermore, the process industry segments into food & beverage, chemicals and materials, energy and utilities, and others. Additionally, discrete industry is segmented into automobile, semiconductor & electronics , medical equipment, and transport.
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The Industrial Wireless Solution market size along with the current trends and growth prospects have been evaluated across the key regions of North America, Asia Pacific/APAC, Europe, and the rest of the world/ROW.
The Industrial Wireless Solution market in North America has observed notable advancements in recent years. The region stands at the forefront when it comes to fast adoption of latest technologies, such as virtual reality (VR) and augmented reality (AR) in the entertainment and gaming industries. Other than this, promotional initiatives by the government to boost security operations and regulatory activities also encourage the growth of the Industrial Wireless Solutions market in the region.
The fastest growth rate can be gained by the APAC market as a result of the increasing consumption of Internet of Things and consumer electronics. The soaring demand for convenience and comfort in product usage also stokes the market growth in the region. India and China are some of the fastest-expanding economies, marked with a massive surge in disposable income and digitization across diverse industries, which works in favor of Industrial Wireless Solution industry.
Notable contenders in the worldwide market for Industrial Wireless Solution include Robert Bosch GmbH (Germany), Infineon Technologies (US), Texas Instruments Inc. (US), TDK Corporation (US), Atmel Corporation (US), Google Inc. (US), Analog Devices, Inc. (US), ABB Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Omron Corporation (Japan), to mention a few.
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