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Global Industrial Wireless Sensor Networks (IWSN) Market Insights
Global Industrial Wireless Sensor Networks (IWSN) Market size was valued at USD 4.97 billion in 2021 and is poised to grow from USD 8.62 billion in 2022 to USD 9.02 billion by 2030, growing at a CAGR of 7.13% in the forecast period (2023-2030).
A network infrastructure called an industrial wireless sensor network (IWSN) makes it possible to connect sensor nodes and gateways without the use of fibre cables. Through radio nodes configured in suitable topologies, it also makes improved communication possible. As a result, the demand for IWSN has been growing over the past few years, and this trend is anticipated to continue during the course of the forecast. The demand for network infrastructure is expected to increase over the upcoming years, and big data analytics, artificial intelligence (AI), and machine learning (ML) advancements will all contribute to this growth.
These technologies have made it possible for businesses to examine the massive amounts of data collected from many sorts of sensors, including temperature, motion, pressure, gas, flow, and chemical, to name a few. In order to provide flawless communication via wireless networks, emerging economies around the world place a strong emphasis on developing communication links between industrial devices. As a result of their capacity to operate without interruption in challenging distant areas, industries like oil & gas and utilities are deploying wireless sensor networks. For industrial applications like environmental sensing, condition monitoring, and process automation, major sectors like utilities, oil & gas, and automotive are embracing wirelessly connected devices like sensor nodes, routers, and gateways. Infrastructure for wireless sensor networks has been put in place as a result of consumers’ increasing usage of connected gadgets.
Global Industrial Wireless Sensor Networks (IWSN) Market Segmental Analysis
The global Industrial Wireless sensor network market is segmented into offerings, end use, and region. By offering Industrial Wireless sensor network market is segmented into services, software, and hardware. On the basis of end use Building Automation, Financial Services, and Insurance (BFSI), Banking, Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Based on region, the Industrial Wireless sensor network market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Industrial Wireless Sensor Networks Market Analysis by Offering
The market is divided into three categories based on offerings: services, software, and hardware. The software sector dominated the market due to the growing need for self-organizing networks and service-oriented software architecture. Additionally, it is anticipated to have the fastest growth rate over the forecasted time frame. The market in industries has been further bolstered by the implementation of Software Defined Network (SDN) in the IWSN to increase efficiency and sustainability.
Industrial Wireless Sensor Networks Market Analysis by End Use
The market is divided into Building Automation, Banking, Financial Services, and Insurance (BFSI), Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Due to wireless sensor networks’ crucial contribution to the development of new technologies that assist patient monitoring, diagnostics, and therapy, the healthcare sector commands a sizable portion of the market. As healthcare systems advance, it is anticipated that medical devices that can monitor daily activities and gather crucial data through sensors in emergency rooms, as well as data analytics tools, will become more crucial.