DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Industrial Communication Market - Global Forecast to 2022" report to their offering.
According to the new market research report on industrial communication, this market is expected to be worth USD 130.33 Billion by 2022, growing at a CAGR of 12.36% between 2016 and 2022. The major driver for the growth is the increasing adoption of Industrial Internet of Things (IIoT). In various manufacturing industries, the potential for IIoT to improve the productivity in production processes and the supply chain is immense. IIoT is expected to fundamentally change the way products are developed, manufactured, transported, and sold. Of all the major end-use applications, electronics and automotive hold the major share of the industrial communication market. As the automotive industry is one of the largest industries and one of the oldest applications of industrial communication, it would continue to lead the industrial communication market with the growing need for advanced automation in automobile manufacturing hubs around the world. Among all the communication protocols, the market for wireless communication is expected to grow at the highest rate during the forecast period. The number of wireless connections in industrial applications has increased considerably over the past few years as a result of improved network coverage, quality of transmission, and bandwidth capacity. Advancements in wireless communication technologies especially in WHART, cellular, and WLAN technologies are helping various companies to remotely monitor their assets from anywhere in the world. The market for services is expected to have a high growth opportunity in industrial communication. With the increasing complexity in industrial communication networks, there is growing need for consulting, integrating, and support services for network management. The advancement of network and technological developments is driving customers and enterprises to demand for better and more advanced network services. One of the key restraining factors for this market is the Lack of standardization among different equipment manufacturers.