At 19.4% CAGR, North America Industrial Networking Solution Market is Projected to be Worth US$ 35,187.21 Million by 2031, Says Business Market Insights

According to Business Market Insights research, the North America industrial networking solution market was valued at US$ 8,523.25 million in 2023 and is expected to reach US$ 35,187.21 million by 2031, registering a CAGR of 19.4% from 2023 to 2031. Increasing adoption of wireless technologies and rising need for predictive maintenance are among the critical factors attributed to the North America industrial networking solution market expansion.

There is a growing utilization of wireless technologies in industrial operations, driven by the demand for flexibility, mobility, and scalability in industrial networks. Wireless networks offer advantages such as easy reconfiguration, adaptability to changing environments, seamless connectivity on the go, and the ability to add new devices and expand network coverage without extensive infrastructure modifications. This trend allows organizations to futureproof their network infrastructure and prepare for advancements in wireless technology. Ultimately, the adoption of wireless technologies in industrial operations is revolutionizing the design and deployment of industrial networks, providing greater flexibility, mobility, scalability, and futureproofing capabilities. This enables organizations to enhance productivity, improve operational efficiency, and meet the growing needs of the industrial landscape, further boosting the industrial networking solutions market growth. Such developments are boosting the industrial networking solutions market growth.

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

Based on component, the North America industrial networking solution market is bifurcated into hardware and software and services. The hardware segment held 68.5% share of the North America industrial networking solution market in 2023, amassing US$ 5,838.27 million. It is projected to garner US$ 22,912.55 million by 2031 to expand at 18.6% CAGR during 2023-2031.

Based on deployment, the North America industrial networking solution market is bifurcated into on-premise and cloud. The on-premise segment held 67.1% share of the North America industrial networking solution market in 2023, amassing US$ 1,802.44 million. It is projected to garner US$ 7,899.97 million by 2031 to expand at 20.3% CAGR during 2023-2031.

Based on connectivity, the North America industrial networking solution market is bifurcated into wired and wireless. The wired segment held 68.1% share of the North America industrial networking solution market in 2023, amassing US$ 5,807.52 million. It is projected to garner US$ 23,407.69 million by 2031 to expand at 19.0% CAGR during 2023-2031.

Based on end-use industry, the North America industrial networking solution market is segmented into automotive, BFSI, manufacturing, telecommunication, logistics and transportation, and others. The manufacturing segment held 34.0% share of the North America industrial networking solution market in 2023, amassing US$ 2,898.61 million. It is projected to garner US$ 12,893.41 million by 2031 to expand at 20.5% CAGR during 2023-2031.

Based on country, the North America industrial networking solution market is segmented into the US, Canada, and Mexico. The US held 86.7% share of North America industrial networking solution market in 2023, amassing US$ 7,388.18 million. It is projected to garner US$ 30,476.82 million by 2031 to expand at 19.4% 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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