Global Connected Enterprise Market Growth Factors, Applications, and Forecast by 2024-2032

Connected Enterprise Market Size And Forecast

Global Connected Enterprise Market size was valued at USD 353.37 Billion in 2023 and is projected to reach USD 2618.97 Billion by 2031, growing at a CAGR of 28% from 2024 to 2031.

• Connected Enterprises refer to businesses that utilize advanced technologies to create an interconnected and collaborative ecosystem that enables seamless communication and data exchange between people, devices, and systems across the organization.
• The goal of connected enterprises is to improve operational efficiency, enhance customer experience, and drive innovation.
• The application of connected enterprises is widespread across various industries, including manufacturing, healthcare, retail, and transportation.
• The future scope of connected enterprises is vast, as more and more businesses are expected to adopt these advanced technologies to improve their operations and stay competitive.

Global Connected Enterprise Market Dynamics

The key market dynamics that are shaping the global Connected Enterprise Market include:

Key Market Drivers:

• Adoption of Advanced Technologies: The adoption of advanced technologies such as IoT, AI, and cloud computing is driving the growth of the connected enterprises market. These technologies are being used to optimize operations, enhance productivity, and improve efficiency.
• Increasing Demand for Automation: The increasing demand for automation in industries such as manufacturing, healthcare, and transportation is driving the growth of the connected enterprises market. Digital solutions are being used to automate processes and streamline operations.
• Growing Need for Data Analytics: The growing need for data analytics to gain insights into business operations and customer behavior is driving the growth of the connected enterprises market. Digital solutions are being used to collect, analyze, and interpret data to make informed business decisions.
• Rising Adoption of Mobile Devices: The rising adoption of mobile devices such as smartphones and tablets among employees is driving the growth of the connected enterprises market. Mobile applications are being developed to cater to enterprise needs, allowing employees to work remotely and access enterprise data and applications on-the-go.
• Increasing demand for cybersecurity solutions: The increasing threat of cyber-attacks is driving the demand for cybersecurity solutions in the connected enterprises market. Enterprises are looking for robust cybersecurity measures to protect against cyber threats and ensure the security of their data and systems.

Key Challenges:

• Interoperability Issues: With the adoption of multiple digital solutions, interoperability issues arise in connecting different systems and devices, making it difficult to achieve seamless integration.
• Data Privacy Concerns: As more data is being collected and analyzed, there are growing concerns about data privacy and security, which can lead to legal and reputational risks for enterprises.
• High Initial Costs: The implementation of digital solutions can be expensive, especially for small and medium-sized enterprises, which may not have the resources to invest in advanced technologies.
• Lack of Skilled Workforce: The adoption of advanced technologies requires a skilled workforce to manage and maintain the systems, which can be a challenge for enterprises that do not have the necessary expertise.
• Resistance to Change: The implementation of digital solutions often involves significant changes in business processes and workflows, which can be met with resistance from employees and stakeholders.

Key Trends:

• IoT Adoption across Industries: The expansion of connected equipment across multiple industries is being propelled by the Internet of Things (IoT), which allows organizations to automate operations, monitor assets, and gather data in real time. Organizations are implementing IoT solutions to increase productivity, cut costs, and generate new revenue streams in a variety of industries, including manufacturing, logistics, healthcare, and retail.
• Integration of AI and Machine Learning: To extract meaningful insights from the massive volumes of data generated by connected devices, artificial intelligence (AI) and machine learning are being included in connected enterprise solutions more and more. Predictive maintenance, anomaly detection, and process optimization are made possible by AI-powered analytics, which enhance decision-making and operational efficiency.

Global Connected Enterprise Market Regional Analysis

Here is a more detailed regional analysis of the global Connected Enterprise Market:

North America:

• The North American region is expected to witness significant growth in the Connected Enterprise Market due to the increasing adoption of advanced technologies by businesses and industries.
• The region has a well-established infrastructure and a large market of enterprises that are rapidly adopting digital solutions to streamline their operations and improve their productivity.
• Owing to the presence of several large enterprises and a highly developed technology ecosystem. The country is witnessing significant investment in the development and adoption of advanced technologies, such as the Internet of Things (IoT), cloud computing, and big data analytics, by businesses and industries. This is driving the growth of the Connected Enterprise Market in the country.

Europe:

• Europe is expected to be one of the significant markets for connected enterprises due to the presence of several key players in the region.
• The adoption of advanced technologies, such as IoT, artificial intelligence (AI), and cloud computing, is driving the growth of the Connected Enterprise Market in the region.
• The United Kingdom, Germany, France, Italy, and Spain are among the major markets for connected enterprises in Europe. These countries have well-established infrastructure and a large market of enterprises that are rapidly adopting digital solutions to optimize their operations and enhance their productivity.
• The UK is witnessing significant investment in the development and adoption of advanced technologies, such as 5G, by businesses and industries.
• France has a significant presence of key players in the Connected Enterprise Market and is expected to witness steady growth in the coming years.

Asia Pacific:

• In the Asia Pacific region, China, Japan, India, and South Korea are expected to witness significant growth in the Connected Enterprise Market. The increasing adoption of advanced technologies such as IoT, AI, and cloud computing is driving the growth of the market in the region.
• China is the largest market for connected enterprises in the Asia Pacific region, with a significant presence of key players in the market. The country’s government is also promoting the adoption of advanced technologies such as 5G, which is expected to further drive the growth of the market.
• India is emerging as a significant market for connected enterprises, driven by the increasing adoption of digital solutions by businesses and industries.
• The country has a large market of small and medium-sized enterprises that are rapidly adopting digital technologies to optimize their operations and enhance their productivity.
• South Korea is also witnessing significant growth in the Connected Enterprise Market, driven by the adoption of advanced technologies such as 5G and AI. The country has a well-established infrastructure and a large market of enterprises that are rapidly adopting digital solutions to enhance their competitiveness.

Global Connected Enterprise Market: Segmentation Analysis

The Global Connected Enterprise Market is segmented on the basis of Component, Type, End-User, and Geography.

Connected Enterprise Market, By Component

• Solutions
• Services

Based on Component, the market is segmented into Solutions and Services. The solution segment is dominating the market, with growth attributable to the increasing number of businesses adopting Internet of Things technology. In addition, businesses are searching for innovative methods to set themselves apart from competitors and reduce the risks that newcomers pose. The Internet of Things is gaining traction as a way to boost profits and create new revenue streams for businesses.

Connected Enterprise Market, By Type

• Manufacturing Execution System
• Customer Experience Management
• Enterprise Infrastructure Management
• Asset Performance Management
• Remote Monitoring System

Based on Type, the market is segmented into Manufacturing Execution Systems, Customer Experience Management, Enterprise Infrastructure Management, Asset Performance Management, and Remote Monitoring Systems. The Manufacturing Execution System segment leading the Connected Enterprise Market. The demand for real-time production monitoring, execution, and control to optimize production processes, tracks inventory, and ensures quality control on the shop floor is bolstering the use of MES.

Connected Enterprise Market, By End-User

• Manufacturing
• IT & Telecommunication
• Retail & E-commerce
• BFSI
• Healthcare
• Energy and Utility

Based on End-User, the market is segmented into Manufacturing, IT & Telecommunication, Retail & E-commerce, BFSI, Healthcare, and, Energy and Utility. The manufacturing category holds a dominant position in the connected enterprises market. The sector is anticipated to take the lead in the market due to the growing demand for the implementation of digital and intelligent technology. These technologies help businesses by increasing operating efficiencies, automating production processes, and optimizing assets.

Key Players

The “Global Connected Enterprise Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Microsoft Corporation, IBM Corporation, General Electric Company, Cisco Systems, Inc., Rockwell Automation, Inc., Verizon Communications, Inc., HARMAN International Industries Ltd., Jacobs Engineering Group, Inc., and PTC Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Connected Enterprise Market Recent Developments

• In January 2023, the newest developments from HARMAN’s Digital Transformations Solutions (DTS) Business Unit, a strategic business devoted to fusing the digital and physical worlds to create more dynamic business technologies, were on display at CES in the HARMAN EXPLORE.’
• In May 2022, Honeywell Forge, Honeywell included new features and services to help customers accelerate the digital transformation of their businesses. This category of services, which includes Honeywell Forge Connected Warehouse, offers improved data visibility, real-time analytics, monitoring, and automation to help businesses streamline processes and cut expenses.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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