Northbrook, IL 60062 -- (SBWire) -- 10/03/2023 --The global Time-Sensitive Networking Market is expected to be valued at USD 0.2 billion in 2023 and is projected to reach USD 1.7 billion by 2028; it is expected to grow at a CAGR of 58.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the Time-Sensitive Networking market is propelled by increasing automation in industries such as automotive, energy and power, and transportation. However, increasing security concerns across industries are restraining the growth of the market.
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IEEE 802.1 AS segment is expected to hold the largest share during the forecast period.
IEEE 802.1 AS is a protocol that provides time synchronization services for Ethernet-based networks. The aim of IEEE 802.1AS in a network environment is to ensure that time-critical applications, such as audio and video streaming, industrial automation, and control systems, operate effectively and efficiently. The IEEE 802.1 AS market has the highest market share in the Time-Sensitive Networking industry because of its benefits to semiconductor companies. The demand for IEEE 802.1 AS is expected to continue to grow in the coming years due to the need for accurate time synchronization in Ethernet networks that support time-sensitive applications such as audio and video streaming, industrial control systems, and other real-time systems.
Automotive Segment is projected to witness growth at the highest CAGR during the forecast period.
Ethernet for automotive applications, also known as Automotive Ethernet, is a wired connection used in or between systems in a vehicle. TSN Ethernet offers several benefits, such as reducing cost, complexity, and weight by minimizing the need for cabling in cars. It could also reduce the number of networks in a car, which vary by domain. The growth is also attributed to the increasing demand for autonomous vehicles with minimal human interventions. TSN-enabled Ethernet is preferred for safety-critical and real-time applications such as ADAS.
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North America to hold the largest share of the Time-Sensitive Networking market throughout the forecast period.
North America is expected to emerge as a key innovation and networking center for the industrial sector. The growing utilization of automation solutions across diverse industries is driving the demand for TSN solutions in the region. Currently, many industries in North America are leveraging advanced technologies like machine vision, IoT, and 3D scanning to improve production efficiency, reduce time to market, and lower operational costs.
The Time-Sensitive Networking companies includes major Tier I and II players like Belden Inc (US), Cisco Systems Inc. (US), Texas Instruments Incorporated (US), Siemens (Germany), Marvell Technology Group Ltd. (US), NXP Semiconductors N.V. (Netherlands), Microchip Technology Inc. (US), Analog Devices, Inc., (US), Broadcom Inc. (US), Renesas Electronics Corporation (US) are some of the key players in the Time-Sensitive Networking market.
Time-Sensitive Networking Market Size Growing USD 1.7 Billion by 2028