Industrial Communication Market Size, Share and Analysis By Offerings(Software, Hardware, Services), By Communication Protocol (Industrial Ethernet, Fieldbus, Wireless), By End User (Automotive and Transportation, Aerospace & Defense, Food & Beverages, Electrical & Electronics, Industrial Manufacturing, Others) and Regional Forecast, 2024-2032

Industrial Communication or communication protocol is a type of network structure designed as per the need of the industrial field. It can also be defined as the set of protocols through which the data is transferred between the system and the device, even enabling them to communicate. Automation in manufacturing units, to reduce energy consumption, reduce labor cost, increase safety, increase efficiency, and better connectivity, is achieved through a proper Industrial communication network.  Industrial automation, dependency on faster, reliable and scalable communication, and growth of the 5G network among many others are some of the driving factors of the Industrial Communication market.

The companies are adopting industry 4.0 at a higher rate to increase the efficiency, productivity, and profitability. Industry 4.0 concept is inevitable without IIoT, and this is one of the major factors of Industrial Communication market growth.

• In February 2020, Honeywell and Tech Mahindra partnered on a project “Industries of Future” to expand their businesses on 5G, IoT, and Industry 4.0.

The governments of different nations are also promoting infrastructural and digital developments in industries to enhance the holistic development of the country thereby contributing to the growth of Industrial Communication.

However, the lagging standardization in Industrial Communication protocols seems to hamper the market growth. Due to the lack of properly structured interfaces and protocols there is a high chance of data misinterpretation and data breaches.

• According to The New Indian Express the number of cybercrimes related to data breaches increased from 27,000 in 2018 to more than 50,000 in 2019.

Impact of COVID-19 on the Global Industrial Communication Market:

The ongoing COVID-19 situations has forced the adoption of remote working services for companies due to the lockdown imposed by governments. But many companies, after analyzing the benefits, are planning to make remote working as part of their work culture. So the service segment of industrial communication is one of the positively affected segment by COVID-19.

The pandemic has also positively impacted the adoption of digital twin. The digital twin allows us to do data analysis of the operations by remotely monitoring the process thereby reducing the downtime. Therefore, mentioned factors are impacting the hardware or component segment of the market.

Key Insights

The report will cover following key insights:

• Micro and Macro Economic Indicators


• Drivers, Restraints, Trends and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on Industrial Communication Market


• Consolidated SWOT Analysis of Key Players

Regional Analysis

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APAC is expected have the highest CAGR for the market in the forecast period. The countries like China, India, and Korea are some of the major production hubs for electrical and electronic components, consumer electronic products, and automobile. The automation in the production processes in the mentioned industries are contributing to the market growth. Also, the governments in this region are taking initiations to increase automation in the industries there by increasing the market.

• For instance, the Singaporean Government along with Singapore Food Manufacturing Association (SFMA) and the Food Innovation Resource Centre are encouraging institutions to adopt various automation process and components like SCADA, PLC, and robots in food and beverages industry.

North America is dominating the market with the highest market share. The substantial increase in the

government initiatives to promote automation and digitalization in manufacturing industries is the leading factor of market growth.

The Europe is expected to have a significant growth for the market due to its focus on digitalization of industries and the increasing investment in the industrial communication market.

• On November 2021, The European Union has announced 2 billion Euros funding for Digital Europe Programme. The investment bifurcation will be on the areas of Cyber security, deploying common data spaces, R&D on AI based solutions, and to deploy a network of European Digital Innovation Hubs.

Key Players Covered

The report will include the profiles of key players such as ABB Ltd., Advantech Co. Ltd., Cisco Systems Inc., Emerson Electric Co., General Electric Co., National Instruments Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Texas Instruments Inc. among others.

Segmentation

Key Industry Developments

• In March 2020, Airtel (India) collaborated with Cisco to launch 5G-ready network. It is estimated to be the India’s largest till date with enhanced capacity, scale, and network availability. The collaboration is a strategic move to avail the early mover advantage for the growing demand for high speed internet connectivity.


• In January 2020, Cisco launched a new security architecture for IoT that is capable of providing IT and OT environments an enhanced visibility. This technology can increase the efficiencies of business decisions and digitization projects by offering collection and extraction of data from IoT connected products.