Industrial Connectivity Market Size, Share, and COVID Impact Analysis, By Component (Hardware, Software, and Services), By Industry (Oil & Gas, Mining, Food & Beverage, Automotive, Defence & Aerospace, Telecommunications, Power & Energy, and Others), By Connectivity Type (Wired and Wireless), By Deployment Type (On-premise and Cloud), By Enterprise Type ((Small and Medium-sized Enterprises (SMEs) and Large Enterprises)), Regional Forecast, 2024-2032

Industrial connectivity refers to interconnected factories, machines, and independent devices which give plant and floor managers real-time access to the large volume of critical data that is being generated from machinery or industrial assets. Industrial connectivity solutions enable remote factory management, predictive maintenance, and centralized production planning and is the crucial step in the process of factory automation. Over the last few years, industrial connectivity has advanced at a rapid pace in response to the ever-changing needs of various industries. To stay ahead of the curve in a highly competitive market, factories must leverage the power of industrial connectivity solutions and become much more agile, safe, and efficient.

The industrial connectivity market is expected to exhibit significant growth in the upcoming years on account of rising need for improving overall equipment effectiveness (OEE), cutting cost, preventing unscheduled machine downtimes, and improving productivity. Unplanned downtime is costly and time-consuming. The average manufacturer deals with more than 800 hours of downtime annually, costing more than USD 50 billion. To tackle this issue, manufacturing organizations around the world are increasingly adopting digital transformation strategies to save time as well as money.

• In 2022, Hyundai Motor Company, an automotive manufacturing company and TeamViewer, a remote connectivity and workplace digitalization company announced a partnership. TeamViewer will digitize the business operations and manufacturing processes of Hyundai Motor Company, which aims to create a smart manufacturing platform and improve productivity and worker safety in a smart factory.

Impact of COVID-19 on the Industrial Connectivity Market:

The novel coronavirus pandemic has left an unprecedented impact on organizations, businesses, institutions, people, and, nearly every aspect of human life. The COVID-19 pandemic has changed the global economy and left manufacturers to explore new strategies for production to satisfy changing consumer demands, causing a drastic evolution through the search for agility both in operations and assets. The pandemic has had a positive impact on the industrial connectivity market growth. One of the significant effects of the pandemic was the increased dependency on remote work as well as remote monitoring capabilities. This has resulted in a surge in demand for industrial connectivity solutions that enabled remote access, monitoring, and control of critical assets.

Furthermore, cutting-edge technologies such as edge computing, cloud computing, and artificial intelligence (AI) became crucial for maintaining smooth business operations during the pandemic period. In the upcoming years, the increasing adoption of 5G, IoT, automation, and smart sensors is expected to propel the market growth in industrial connectivity worldwide.

By Industry- Industrial connectivity is increasingly being adopted in various industries including oil & gas, mining, food & beverage, automotive, defence & aerospace, telecommunications, power & energy, and others. Conventional production planning and execution strategies are of low competitive advantage. Hence, it is highly beneficial for businesses to digitalize production planning and execution. Especially, the automotive sector can benefit from the adoption of Industry 4.0 in many aspects. Presently, automotive companies across the world are leveraging the true benefits of Industry 4.0 through its continued adoption.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Key Players


• Impact of COVID-19 on the Global Industrial Connectivity Market


• Consolidated SWOT Analysis of Key Players

Regional Analysis

The global industrial connectivity market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

As of 2022, a significant market share was held by the Asia Pacific owing to rapid expansion industries including automotive, manufacturing, and power & energy sector. The emergence of advanced technologies such as 5G and the Internet of Things (IoT) has further augmented the market growth. Moreover, governments in the Asia Pacific are promoting various initiatives for the digitalization and automation of industries, further augmenting the demand of industrial connectivity solutions.

The distribution of the global industrial connectivity market by region is as follows:

• North America – 24%


• South America – 6%


• Europe – 18%


• Middle East and Africa – 9%


• Asia Pacific – 43%

Key Players Covered

The key players in this market are PTC, Honeywell International Inc., TE Connectivity, Smiths Group plc, Siemens, Analog Devices, Inc. (ADI), IBM, Telefonaktiebolaget LM Ericsson, Intel Corporation, Nokia, and others.

Segmentation

Key Industry Developments

• April 2023: Nokia, a multinational communications and information technology company, expanded its industrial edge applications by launching third-party applications for MX Industrial Edge (MXIE) to facilitate enterprises’ transition to Industry 4.0. MXIE’s 4.9G/5G private wireless connectivity coupled with the low latency processing power helps enterprises with the collection, integration, and analysis of critical data.


• June 2022: Renault Group and Atos launched ID@scale, a service for industrial data collection to aid manufacturing companies in their journey toward industry digitalization. This service allows manufacturers to collect and structure data from industrial equipment at scale to improve operational excellence and product quality.