According to Verified Market Research, the Industrial Communication Market size was valued at USD 85.73 Billion in 2018 and is projected to reach USD 213.2 Billion by 2026, growing at a CAGR of 12% from 2019 to 2026.
Global industrial communication market overview
Industrial Communication can be defined as a communication protocol that has a set of rules which allow for the transfer and exchange of data between the devices in order to be able to communicate. With the advancements in technology comes the development in the field of electronics, this has allowed for the automation of industrial processes. An industrial communication network allows for an efficient means of data exchange, data controllability, and flexibility to connect various devices and acts as a backbone for any automation system architecture.
Rise of digital industrial technology—Industry 4.0, and initiatives taken by governments across the globe toward the adoption of industrial automation are some of the major factors driving the growth of the market. There are several advantages to the implementation of industrial communication such as the increase in the efficiency of the communication protocol, as well as the automation of industrial processes. The key driving aspect is the Industry 4.0 revolution. The industry segments are going through a stage of digital disruption. The industries are leveraging on progressive technologies and machines, such as Industrial automated machines, IoT, additive manufacturing, accompanied by advanced materials to adapt their business models and gain operational effectiveness. This is empowering organizations to progress the smart supply chain, improved manufacturing process, and an efficient end-to-end ecosystem. The increasing need between the industry verticals to decrease the cost of operation & upsurge efficiency is the primary factor enhancing the demand for automation.