The industrial communication market is expected to r grow from USD 83.2 billion in 2018 to USD 141.0 billion by 2023, at a CAGR of 11.14. High acceptance for industrial Ethernet products, such as switches, gateways, connectors, processors, and controllers, for structuring industrial networks is expected to boost the industrial communication market during the forecast period. The value proposition of industrial Ethernet aligns well with Industrie 4.0 and IIoT. As industrial devices are increasingly required to feed data to enterprise-level cloud-based applications, the end-user industries such as automotive and transportation, aerospace & defense, pharmaceuticals, and electronics are consistently raising the demand for Ethernet-enabled products in industrial networks. Thus, the growing adoption of IIoT communication is expected to drive the overall industrial communication market.

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M2M technology has opened up new avenues for the industrial communication market as it enables the enterprises to improve their productivity and safety at work environment, thus allowing them to attain better efficiencies. Such benefits of M2M communications are expected to further drive the industrial communication market. Apart from these, certain regulations by various countries regarding M2M communication are also expected to fuel the growth of the market for industrial communications technologies.

The market for industrial communication-based services is expected to grow at the highest CAGR during the forecast period. The need for consulting, integrating, and support services for network management is increasing with the growing complexity of industrial communication networks. With the advancement of network and technological developments, customers and enterprises are demanding better and advanced network services.

The market for industrial controllers and processors is expected to witness significant growth during the forecast period. Controllers are widely used in the industrial communication infrastructure in both process and desecrate industries for remote communication with the field-level devices. Known to enhance control accuracy, the controllers are also increasingly used in remote fault diagnosis and software upgrades, giving end users faster fault resolution, while keeping down service costs for manufacturers.

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APAC is the fastest-growing region for the industrial communication market due to the technological innovation in the automation sector in this region. The increased number of automation activities in process and discrete industries is one of the major factors driving the growth of the industrial communication market in APAC. In addition, growing manufacturing sector in countries such as China, Japan, and South Korea is expected to contribute to the growth of the industrial communication market in this region during the forecast period. Market players in APAC are adopting product launch and geographic expansion as key strategies to capitalize on the market growth.  For improving productivity, the manufacturing sector is capitalizing on automation and IT. Improvement in processes and increased efficiency are encouraging companies to implement automation in manufacturing industries, mainly, to meet the rapidly varying demands of their customers.

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