The global time-sensitive networking market size is expected to grow by USD 443.42 million during 2020-2024, expanding at a CAGR of over 39%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Time-Sensitive Networking Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Request a Free Sample Report on Pandemic Recovery Analysis
Time-Sensitive Networking Market: Increase in Number of Smart Connected Devices
Time-sensitive networking market is driven by the increase in the number of smart connected devices. The number of smart connected devices worldwide is increasing at a fast pace. This has resulted in increased access to online content on tablets, laptops, or smartphones which, in turn, is likely to lead to the growth in the demand for digital content. Moreover, smart devices are affordable in both developed and developing nations, which substantiates the high penetration rate of these devices. Innovations in devices, tablets, smartphones, and connected TVs have led to an increase in the demand for highly efficient networks. The easy access to online content has increased the volume of data traffic over the Internet and the variety of content consumed online. The increasing adoption of smart connected devices create requirements for high bandwidths. As a result, the demand for time-sensitive networking is expected to grow during the forecast period.
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As per Technavio, the advent of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Time-Sensitive Networking Market: Advent of Smart Cities
Various countries across the world are increasingly focusing on the implementation of smart cities that involve advances such as automatic traffic control, home monitoring, waste management, water management, and safe and intelligent transportation. As the number of smart cities is expected to grow rapidly, a significant amount of data will be generated from the installed smart connected devices in these cities. The analysis of this data is necessary for further improvements and innovations. Therefore, many companies are focusing on installing time-sensitive networking in smart cities to have high-speed networking and to gain asynchronous traffic shaping. Thus, the advent of smart cities will fuel the time-sensitive networking market growth during the forecast period.
" Increasing adoption of autonomous and electric vehicles, rising dependence on the Internet, and the emergence of advanced analytical tools will further boost the time-sensitive networking market growth during the forecast period," says a senior analyst at Technavio.
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Time-Sensitive Networking Market: Segmentation Analysis
This market research report segments the time-sensitive networking market by application (industrial automation, automotive, digital communication, power and energy, and others) and geography (North America, Europe, APAC, MEA, and South America).
The industrial automation segment led the market in 2019. Industrial automation is growing in developed countries such as the US, Germany, Japan, and the UK, and the industries in these countries are adopting fully automatic and network-connected advanced machinery such as AGVs. As a result, the time-sensitive networking market share growth by the industrial automation segment will be significant during the forecast period.
The North American region led the time-sensitive networking market share in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing adoption of secured cloud services and the high adoption of advanced technologies such as 5G and AGVs in various industries.
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Some of the key topics covered in the report include:
Market positioning of vendors
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