Industrial Communication Market Size, Share, And Growth Report 2032

Industrial Communication Market: Size

The global Industrial Communication market size was worth around USD 21.65 billion in 2023 and is predicted to grow to around USD 50.46 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.86% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Industrial Communication market on a global and regional level.

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Industrial Communication Market: Overview

Industrial communication describes the transmission of data between devices for communication. Alternatively, industrial communication integrates different data networks. As technology is advancing, communication plays a vital role in the smooth processing of organizations. Industrial communication aids in interconnecting various isolated systems to automate them. The rapid developments witnessed related to technology are a contributing factor to the industrial communication market growth. Additionally, this technique aids the progress of an organization.

The rising adoption rate of IoT by various industries has generated the need for establishing a link between different devices and exchange data in a safe, secure, and efficient manner. This is driving the global industrial communication market. Furthermore, the rising penetration of IoT applications has led to nominal changes in the way the products are fabricated, delivered, and utilized. AC drivers, water level monitoring sensors, and controllers are some important components of water treatment systems. Industrial communication eases communication in these electronic devices. However, the industrial communication market growth poses a risk to data security. Industrial communication works with real-time information and simultaneously provides data for operational purposes. This uncovers the real-time data received to potential threats, malware, and viruses that can use this data in an unauthorized manner.

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Industrial Communication Market: Segmentation

The study provides a crucial view of the industrial communication market by segmenting it based on communication protocol, component, application, and region. All the segments of industrial communication market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By component, the market is divided into hardware, software, and services.

On the basis of communication protocol, the market is categorized into industrial ethernet, fieldbus, and wireless. The fieldbus segment will grow rapidly in the future, due to fieldbus’ widespread implantation in key process companies. Furthermore, fieldbus aids in the combination of various wireless devices over a network and increases network efficiency.

Aerospace and defense, chemicals and fertilizers, mining, water and wastewater, automotive and transportation, engineering/fabrication, and others comprise the application segment of the global industrial communication market.

Industrial Communication Market: Report Scope

Industrial Communication Market: Regional Analysis

The regional segment comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe.

The Asia Pacific region is the leading producer of consumer goods. Korea, Japan, and India are the developing countries, owing to the expansion in electronic goods production. Thus, the Asia Pacific industrial communication market will be driven by these countries. Currently, North America is leading the industrial communication market globally, due to the high adoption of IoT and various technological advancements. Latin America is witnessing steady growth in the industrial communication market, which has led to an increase in its GDP and employment rate.

Industrial Communication Market: Competitive Players

Some noticeable players of the global industrial communication market are:

• Emerson Electric
• General Electric
• Honeywell
• Texas Instruments
• Schneider Electric
• Infineon Technologies
• Sick AG
• TE Connectivity
• Siemens
• Rockwell Automation

The Global Industrial Communication Market is segmented as follows:

Global Industrial Communication Market: Communication Protocol Analysis

• Fieldbus
• Industrial Ethernet
• Wireless

Global Industrial Communication Market: Component Analysis

• Software
• Hardware
• Services

Global Industrial Communication Market: Application Analysis

• Aerospace and Defense
• Mining
• Automotive and Transportation
• Chemicals and Fertilizers
• Engineering/Fabrication
• Water and Wastewater
• Others

Global Industrial Communication Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa