The Industrial Communication Market size is expected to grow at a CAGR of 10.92% between 2023 and 2027 | The rising adoption of the Industrial Internet of Things (IIoT) boosts market growth.

NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Technavio, a leading provider of industry news and insights, is pleased to announce its latest report on the Industrial Communication Market. The report highlights the estimated growth and forecast for the market between 2022 and 2027, predicting an increase in market size of USD 73.71 billion and a rise at a CAGR of 10.92%.

The Global Industrial Communication Market is primarily driven by the widespread adoption of Industrial Internet of Things (IIoT) technology, which enables seamless data exchange among devices and enhances manufacturing processes. The integration of Fieldbus with IIoT further accelerates market growth by facilitating real-time data transmission, optimizing performance, and reducing operational costs. This convergence of advanced technologies empowers industries to achieve higher efficiency and productivity, making IIoT a key driver shaping the future of industrial communication solutions.

The report provides comprehensive insights of the market, and it is segmented by product (Fieldbus, industrial Ethernet, and wireless), type (components, software, and services), and geography (APAC, North America, Europe, South America, and Middle East & Africa). This segmentation provides a comprehensive view of the market, encompassing diverse communication solutions and regions. Furthermore, it examines key trends shaping companies' landscape and identifies potential challenges faced by market players. To get insights into the key trends, download the sample report here!

The major Industrial Communication market companies include ABB Ltd., Advantech Co. Ltd., ASUSTeK Computer Inc., Beckhoff Automation GmbH and Co. KG, Belden Inc., Cisco Systems Inc., Emerson Electric Co., FANUC Corp., Huawei Technologies Co. Ltd., IFM electronic GmbH, Moxa Inc., National Instruments Corp., OMRON Corp., Physik Instrumente GmbH and Co. KG and Rockwell Automation Inc.

These companies are actively implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence and competitiveness in the Industrial Communication market.

The Global Industrial Communication Market is driven by the increasing adoption of IIoT technology, the integration of Fieldbus with IIoT, and the demand for efficient data communication within industrial settings. While these drivers offer significant opportunities, challenges related to determinism in communication networks must be addressed. The market's dynamic segmentation by product, type, and geography reflects its multifaceted nature and global reach. As companies continue to embrace digital transformation, leveraging the potential of industrial communication solutions will be crucial for enhancing productivity, efficiency, and overall operational excellence in the evolving industrial landscape.

Technavio provides a report that includes competitive intelligence, highlighting major players' key developments and growth strategies, enabling stakeholders to make informed decisions and stay competitive in the market. To buy the complete report on Global Industrial Communication Market, click here.

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