The "Industrial Connectivity Market Report 2024-2028" is part of IoT Analytics' comprehensive coverage of industrial and connectivity topics. The content presented in this report is based on a combination of primary and secondary research, including 35+ interviews with industrial connectivity vendors and system integrators conducted between June 2023 and June 2024.
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The primary objective of this document is to provide our readers with a comprehensive understanding of the current industrial connectivity market landscape. It offers in-depth analysis of industrial connectivity hardware, software, architectures, protocols, technologies, market projections, factors driving adoption, notable trends, and insightful case studies to facilitate informed decision-making and strategic planning.
Industrial connectivity definition
Industrial connectivity is the process of data exchange between industrial nodes, with seven key elements. These are data acquisition, DataOps, data storage, data transmission, data governance, architecture, and security.
Overview of the industrial connectivity market
According to the "Industrial Connectivity Market Report 2024-2028" by IoT Analytics, the global industrial connectivity market is projected to grow from $89 billion in 2023 to $104 billion by 2028 at a CAGR of 5% over the next 4 years.
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As manufacturers get ready for the factory of the future, industrial connectivity is changing. Emerging shifts include widespread data availability enabled by smart nodes, streamlined data management through DataOps, and flexible architectures facilitated by edge and cloud advancements.
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Industrial connectivity hardware will continue to have the dominant share of the overall industrial connectivity market but is expected to grow the slowest, with the software segments growing the fastest. Within the software segments. the industrial connectivity protocol converter software market is projected to grow at above 10% CAGR, while the smaller segment of message brokers (MQTT brokers) software is expected to grow at much faster pace. The industrial DataOps market is emerging rapidly. The DataOps software market, which consists of data quality management and data modeling, is expected to grow at the fastest pace in the next four years.
Seven key shifts are emerging with an impact on industrial connectivity:
In the past
In the future
Limited data availability
Widespread data availability-enabled by smart nodes, protocols, converters
Rigid, siloed architectures
Flexible, scalable architectures-enabled by edge and cloud advancements
Poor data management
Streamlined data management-enabled by industrial DataOps practices
Slow and fragmented connectivity
Fast connectivity-enabled by interoperable Ethernet-based networks
Restrictive wired connections
Flexible wireless networks-enabled by wireless mediums and protocols
Basic hardware capabilities
Advanced hardware-enabled by integration of powerful CPUs/GPUs
Hardware dependent computing
Distributed computing-enabled by edge and software-defined hardware
Questions answered:
What is industrial connectivity (i.e., an industrial connectivity definition)?
What is the size of the overall industrial connectivity market by component, region, and industry?
What are some key trends and challenges in the industrial connectivity space?
What types of hardware are used for data acquisition, who are the leading suppliers, and how might the landscape change in the future?
What types of protocol converters software are used for data acquisition, who are the leading suppliers, and how will the landscape change in the future?
What is the role of message broker software in industrial connectivity, who are the leading vendors, and how will the market change in the future?
What are the elements of the quickly evolving space of industrial data operations (DataOps) software, who are the leading suppliers, and what changes are anticipated in the future?
What technologies are involved in transmitting the data from source to destination?
What are the most common architectures for achieving industrial connectivity, and how might this change in the future?
What are the most common protocols used between each layer of the connectivity stack, and how could this change in the future?
What are some examples of factories and original equipment manufacturers (OEMs) using industrial connectivity to create value (i.e., industrial connectivity case studies)?
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Companies mentioned:
A selection of companies mentioned in the report.
ABB
Advantech
Amazon-AWS
Belden
Cognite
Cybus
Emerson
Endress+Hauser
Eurotech
HMS Industrial Networks
HighByte
HiveMQ
Honeywell
IFM Electronic
Kepware/PTC
Litmus
Matrikon/Honeywell
Microsoft
Omron
Phoenix Contact
Rockwell
SICK
Schneider Electric
Siemens
Softing
TimeSeer
Yokogawa
Table of Contents
1. Introduction
2. Executive Summary
3. Topic at a glance
3.1. Chapter overview
3.2. How manufacturers envision the factory of the future in three to five years
3.3. Seven key shifts are emerging that are impacting industrial connectivity
3.4. Current search trends for trending industrial connectivity technologies
3.5. Case in point - Equinor's connectivity-driven digital transformation
3.6. Industrial connectivity definition - 7 elements (4 covered in this report) and 5 dimensions
4. Overarching Trends and Challenges
4.1. Chapter summary
4.2. General industrial connectivity trends
4.3. General industrial connectivity challenges
5. Market Size & Outlook
5.1. Chapter overview
5.2. Global overall industrial connectivity market size and market drivers/inhibitors
5.3. Global industrial connectivity market - overall by segments: Hardware, Software - protocol converter, message broker, dataops
5.4. Global industrial connectivity market - by industry (discrete, process, hybrid)
5.5. Global industrial connectivity market - by region
6. Industrial Connectivity Hardware
6.1. Chapter overview
6.2. Technical overview
6.3. Global market size and drivers
6.4. Technical summary - Field Instruments
6.5. Market summary by type (market size, leading vendors) - Field Instruments
6.6. Trends - Field Instruments
6.7. Technical summary - Remote I/O
6.8. Market summary by type (market size, leading vendors) - Remote I/O
6.9. Trends - Remote I/O
6.10. Technical summary - Controllers
6.11. Market summary by type (market size, leading vendors) -Controllers
6.12. Trends - Controllers
6.13. Technical summary - Gateways
6.14. Market summary by type (market size, leading vendors) - Gateways