At 22.8% CAGR, Asia Pacific Industrial Networking Solution Market is Projected to be Worth US$ 59,853.69 Million by 2031, Says Business Market Insights

According to Business Market Insights research, the Asia Pacific industrial networking solution market was valued at US$ 11,543.20 million in 2023 and is expected to reach US$ 59,853.69 million by 2031, registering a CAGR of 22.8% from 2023 to 2031. Integration of industrial internet of things and increasing demand for SD-WAN solution are among the critical factors attributed to the Asia Pacific industrial networking solution market expansion.

The integration of IIoT devices and sensors with industrial networking solutions has a profound impact on the market. It creates a strong demand for advanced networking technologies that can effectively facilitate the connectivity and data exchange requirements of IIoT devices. This includes the need for robust cybersecurity measures, efficient cloud computing capabilities, reliable edge computing infrastructure, and seamless integration with mobile technologies. As the industrial sector increasingly embraces IIoT integration, it is expected that the market for industrial networking solutions will experience substantial growth. In response to this trend, RS Components partnered with HMS Networks to expand their product offerings and cater to the evolving needs of the industrial sector. This collaboration aims to provide a comprehensive range of networking solutions that enable the seamless integration of IIoT devices and sensors, providing customers with an integrated and efficient networking ecosystem. The integration of IIoT devices and sensors with industrial networking solutions is expected to generate lucrative growth opportunities for the industrial networking solutions market during the forecast period.

On the contrary, high initial cost of industrial networking solutions hampers the growth of Asia Pacific industrial networking solution market.

Based on component, the Asia Pacific industrial networking solution market is bifurcated into hardware and software and services. The hardware segment held 69.0% share of the Asia Pacific industrial networking solution market in 2023, amassing US$ 7,960.37 million. It is projected to garner US$ 38,831.68 million by 2031 to expand at 21.9% CAGR during 2023-2031.

Based on deployment, the Asia Pacific industrial networking solution market is bifurcated into on-premise and cloud. The on-premise segment held 67.4% share of the Asia Pacific industrial networking solution market in 2023, amassing US$ 2,416.21 million. It is projected to garner US$ 13,440.77 million by 2031 to expand at 23.9% CAGR during 2023-2031.

Based on connectivity, the Asia Pacific industrial networking solution market is bifurcated into wired and wireless. The wired segment held 68.8% share of the Asia Pacific industrial networking solution market in 2023, amassing US$ 7,944.25 million. It is projected to garner US$ 40,082.99 million by 2031 to expand at 22.4% CAGR during 2023-2031.

Based on end-use industry, the Asia Pacific industrial networking solution market is segmented into automotive, BFSI, manufacturing, telecommunication, logistics and transportation, and others. The manufacturing segment held 30.0% share of the Asia Pacific industrial networking solution market in 2023, amassing US$ 3,468.27 million. It is projected to garner US$ 19,675.06 million by 2031 to expand at 24.2% CAGR during 2023-2031.

Based on country, the Asia Pacific industrial networking solution market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China held 34.4% share of Asia Pacific industrial networking solution market in 2023, amassing US$ 3,975.77 million. It is projected to garner US$ 21,131.98 million by 2031 to expand at 23.2% CAGR during 2023-2031.

Key players operating in the industrial networking solution market are ABB Ltd; Belden Inc; Cisco Systems Inc; Hewlett Packard Enterprise Development LP; Huawei Technologies Co Ltd; Moxa Inc.; Nokia Corp; Rockwell Automation Inc; Semtech Corp; and Siemens AG, among others.

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