In 2019-2023, the global industrial wireless automation market will grow by $2.01 billion. International market research firm Technavio revealed in its latest research report that Swiss ABB Group, US Cisco Systems, Emerson Electric, Honeywell International, Rockwell Automation and Siemens will be the main technical service providers in this market. Business, providing cutting-edge technology for the new generation of industry.
The report believes that the increasing use of M2M services is one of the key reasons to promote the growth of the industrial wireless automation market. M2M is the next generation of communication systems and is gaining momentum as it helps achieve better time management and cost efficiency through collaborative decision making without the need for manual intervention. The deployment of M2M requires a wireless solution that not only simplifies business processes but also helps with performance measurement. Therefore, the use of wireless communication technologies in control rooms and workshops is increasing to maintain M2M interaction and connectivity.
Not only that, the emergence of 5G-URLLC technology enables the end-user industry to automate a variety of operations. Ultra-reliable low-latency communication (URLLC) supports a wide range of advanced services for latency-sensitive connected devices. This in turn enables end users to use factory automation, industrial internet and smart grid. As a result, more and more operators and enterprises are using 5G's URLLC capabilities to improve the performance of industrial automation. The emergence of 5G-URLLC will become one of the main trends affecting the adoption of industrial wireless automation, and promote the growth of the industrial wireless automation market with a compound annual growth rate of nearly 7% during the forecast period.
The Asia Pacific region will have the highest market share in industrial wireless automation throughout the forecast period. Plans to strengthen Indian manufacturing and Chinese manufacturing in their respective domestic manufacturing industries will drive the development of the industrial wireless automation market in the region.