LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global industrial wireless market in discrete industries to grow at a CAGR of over 17% during the period 2018-2022, according to their latest report.
The increasing advancement in communication technology is one of the major trends being witnessed in the market. The industrial landscape has been observing significant changes over the last decade with the emergence of new technologies and digital transformation. Some of the new technologies, which have emerged are cloud computing and 5G network. The emergence of cloud computing is expected to reduce the data storage dependency of industries and aid in quicker problem-solving. The 5G network can aid industries in improving production, thereby creating better products and services to increase their market share, productivity, efficiency, and reduce costs. The incorporation of 5G in discrete industries is expected to speed up the data transmission processes and improve the performance of wireless networks.
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In this report, Technavio analysts highlight the growing importance of real-time data analysis as a key factor contributing to the growth of the global industrial wireless market in discrete industries:
Growing importance of real-time data analysis
The availability of a significant amount of information has become a possibility in discrete industries with the introduction of product tagging technologies and the incorporation of industrial wireless protocols. As an increasing number of devices in discrete industries get connected through the industrial internet, the accumulation of data continues. The data gathered from the machines is used by industrial facilities to improve their productivity by confirming the optimization of resources and minimizing the downtime.
According to a senior analyst at Technavio for automation, “The incorporation of real-time data analytics has created new options for the use of obtained data. Real-time data along with the historical data can be analyzed to create new possible outcomes in an industrial facility. At present, several industries are looking forward to introducing data-driven products, solutions, and services in their facilities to improve efficiency and throughput.”
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Global industrial wireless market in discrete industries segmentation
This market research report segments the global industrial wireless market in discrete industries by technology (WLAN, wireless HART, and WiMAX), by end-user (automotive industry, electronics industry, aerospace industry, and heavy machinery industry), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The automotive industry accounted for more than 42% of the market share in 2017. The high adoption of industrial wireless protocols is because of the need to enhance the manufacturing process and leveraging the capabilities of wireless networking infrastructure for various manufacturing methods.
EMEA accounted for approximately 43% of the market share in 2017. The high restructuring activities of discrete industries in EMEA over the last five years and restructured and new facilities incorporating industrial wireless protocols drive the growth of the market in the region.
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