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Global Industrial Wireless Automation Market 2019-2023
April 22, 2019 | Business WireEstimated reading time: 2 minutes
The global industrial wireless automation market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global industrial wireless automation market is the rising use of M2M services across industries. Advances in wireless solutions have empowered end-users to deploy M2M services for managing several facets of the business. The major factor driving the M2M communications is the pervasive accessibility of low cost, ubiquitous connectivity and making collaborative decisions without direct human intervention to achieve better cost efficiency and time management. Hence, with the factors mentioned above and benefits associated with M2M services, industries and even government authorities across the regions are supporting the technology.
Global Industrial Wireless Automation Market: Advent of 5G—URLLC Technology
The advent of 5G telecommunication technology is expected to play a significant role in the global industrial wireless automation market. 5G will enable low-latency, high bandwidth communication between the device and the network, which is expected to address the mobile connectivity issues for loT devices in the future. Also, the inception of 5G will improve many existing use cases as well as generate new use cases that cannot be fulfilled by present technologies. This will require the network to deliver low latency and high reliability that are the key factors in addressing manufacturing use cases. Hence using the ultra-reliable low-latency communication (URLLC) capabilities of 5G operators and enterprises can address diverse high-performance use cases linked to industrial automation.
“Apart from the advent of 5G, the growing adoption of IIoT is one other aspect that is contributing to the growth of the market largely. The incorporation of lloT has opened a lot of opportunities such as just-in-time manufacturing and predictive maintenance for the industries to utilize. lloT provides a perfect opportunity for the industries to gain market share and cater to a wide range of customer base. lloT also helps the industries to improve their core competencies and strengthen their market shares,” says a senior analyst at Technavio.
Global Industrial Wireless Automation Market: Segmentation Analysis
This market research report segments the global industrial wireless automation market by end-user (process industry and discrete industry) and geographical regions (APAC, North America, Europe, MEA and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA and South America respectively. During the forecast period, the APAC region is expected to continue dominating as well as register the highest incremental growth due to the rapid economic growth and the various initiatives that aim at strengthening the respective domestic manufacturing industries.
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