As per the report by Global Market Insights Inc. “Worldwide Time-Sensitive Networking Market was valued at over USD 300 million in 2022 and will surpass a revenue collection of USD 1.5 billion by 2032 with an annual growth rate of 1.5% from 2023 to 2032.”
Time-Sensitive Networking Market is anticipated to showcase sturdy growth through 2032, owing to the rising need to enhance business productivity and alleviate the production cost across enterprises. Besides, TSN has been gaining huge traction in industrial automation owing to the rising penetration of the IIoT (Industrial Internet of Things). Some of the key benefits offered by time sensitive networking includes bandwidth, security, interoperability, latency, and synchronization.
Overall, the time-sensitive network market is segmented in terms of component, solution, service, application, and region.
Considering the components, the TSN service segment is slated to showcase lucrative growth through 2032. The growth can be credited to the product attributes such as ease of network configuration, secure networks, reduced system costs, and future enhancements. Besides, a lack of experience and expertise related to TSN technology among the enterprises will also play a key role in benefiting the industrial growth.
Based on the solution, the switches segment held over 60% market share in 2022. The increasing adoption of TSN technology across sectors such as utility, automotive, and IIoT would prompt the market demand throughout 2023-2032. Moreover, TSN switches are ideal for making manufacturing networks compatible, are equipped with Ethernet and fiber-optic ports, boasts of a compact design and user-friendly configuration interfaces, and support real-time communication.
By service, the professional service segment acquired over USD 35 million market share in 2022. Rising demand for TSN professional services due to the mounting adoption of industrial automation across enterprises and increasing need to reduce and offer robust infrastructure for deploying TSN technology will favor the segmental growth by 2032.
Considering the application, the industrial automation segment held over 30% market share in 2022. The increasing adoption of industrial IoT for various applications would stimulate the product demand through the coming years. According to credible reports, over 75 billion devices are predicted to be connected via the Internet of Things (IOT) by 2025.
Regionally, the North America time-sensitive networking market was valued at over USD 150 million in 2022. The rising adoption of automation tools and Industrial IoT (IIoT) that empowers businesses to automate their processes is a key factor driving regional growth. In addition, constant industrial automation will also act as a key factor supporting the demand for TSN solutions in North America.