Global Industrial Wireless Automation Market 2019-2023 | Advent of 5G – URLLC technology to Boost Growth | Technavio
View the full release here: https://www.businesswire.com/news/home/20190422005179/en/
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.
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The global industrial wireless automation market is expected to post a CAGR of close to 7% during the period 2019-2023 (Graphic: Business Wire)
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.
This global industrial wireless automation market research report also
analyzes other important trends and market drivers that will affect
market growth during 2019-2023.
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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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190422005179/en/