At 15.3% CAGR, South & Central America Industrial Networking Solution Market is Projected to be Worth US$ 2,166.27 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, South & Central America industrial networking solution market was valued at US$ 692.43 million in 2023 and is expected to reach US$ 2,166.27 million by 2031, registering a CAGR of 15.3% from 2023 to 2031. Rising need for predictive maintenance and emergence of industry 4.0 are among the critical factors attributed to the South & Central America industrial networking solution market expansion.

The increasing need for predictive maintenance is a key factor contributing to the growing industrial networking solutions market size. Industrial networking solutions offer the capability to monitor operations in real time and predict maintenance requirements, enabling organizations to optimize their maintenance activities and minimize downtime. By utilizing technologies such as the Industrial Internet of Things (IIoT) and advanced analytics, organizations can proactively identify potential equipment failures before they happen. This enables planned repairs and reduces the occurrence of unexpected breakdowns, ultimately leading to enhanced operational efficiency and cost savings. The adoption of industrial networking solutions facilitates seamless connectivity and empowers organizations to make informed decisions based on data for optimal maintenance optimization.

Industrial networking solutions are technologies and services that enable reliable and efficient communication and connectivity within industrial processes and operations. These solutions play a crucial role in optimizing industrial processes, improving efficiency, and enabling real-time monitoring and control. The increasing need for predictive maintenance in industrial settings is fueling the demand for industrial networking solutions. These solutions enable real-time monitoring, data collection, and analysis, allowing for proactive maintenance and minimizing downtime. Thus, rising need for industrial networking solutions is expected to boost market growth.

On the contrary, high initial cost of industrial networking solutions hampers the growth of South & Central America industrial networking solution market.

Based on component, the South & Central America industrial networking solution market is bifurcated into hardware and software and services. The hardware segment held 67.2% share of the South & Central America industrial networking solution market in 2023, amassing US$ 465.14 million. It is projected to garner US$ 1,369.79 million by 2031 to expand at 14.5% CAGR during 2023-2031.

Based on deployment, the South & Central America industrial networking solution market is bifurcated into on-premise and cloud. The on-premise segment held 66.1% share of the South & Central America industrial networking solution market in 2023, amassing US$ 150.16 million. It is projected to garner US$ 500.13 million by 2031 to expand at 16.2% CAGR during 2023-2031.

Based on connectivity, the South & Central America industrial networking solution market is bifurcated into wired and wireless. The wired segment held 66.3% share of the South & Central America industrial networking solution market in 2023, amassing US$ 459.29 million. It is projected to garner US$ 1,394.80 million by 2031 to expand at 14.9% CAGR during 2023-2031.

Based on end-use industry, the South & Central America industrial networking solution market is segmented into automotive, BFSI, manufacturing, telecommunication, logistics and transportation, and others. The manufacturing segment held 30.1% share of the South & Central America industrial networking solution market in 2023, amassing US$ 208.29 million. It is projected to garner US$ 702.67 million by 2031 to expand at 16.4% CAGR during 2023-2031.

Based on country, the South & Central America industrial networking solution market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America held 41.0% share of South & Central America industrial networking solution market in 2023, amassing US$ 284.01 million. It is projected to garner US$ 823.78 million by 2031 to expand at 14.2% CAGR during 2023-2031.

Key players operating in the industrial networking solution market are ABB Ltd; Belden Inc; Cisco Systems Inc; Hewlett Packard Enterprise Development LP; Huawei Technologies Co Ltd; Moxa Inc.; Nokia Corp; Rockwell Automation Inc; Semtech Corp; and Siemens AG, among others.

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