Connected Enterprise Market- Overview
The Connected Enterprise Market is valued at USD 280.74 billion in 2022 and is projected to reach a value of USD 3167.62 billion in 2030 expanding at a CAGR of 28.4% over the forecast period of 2022-2030. A connected enterprise is defined as one that not only monitors equipment but also links them to all of the companys critical hubs and enables predictive analytics and deeper insight in real time. Also, it enables businesses to gain advantage of getting more customers as customers prefer more technologically advanced services at a low rate. Additionally, the connected enterprise solutions have been providing extended opportunities for high product utilization, new functionalities, enhanced capabilities, and greater reliabilities that exceed the conventional product boundaries. The change in nature of solutions and services are transforming value chain activities and has also enabled investments in research and development in order to offer distinguished products.
Connected Enterprise Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising technological advancements such as big data, analytics, and cloud computing. Also, connected technology has been emerging at a faster pace as millions of devices and machines are getting interconnected leading to new realms of opportunities. The organizations are aggressively adopting IoT solutions in retail, healthcare, and industries for transforming their business processes. They are also embracing data exchange, automation and smart manufacturing technologies over the forecast period. Furthermore, these solutions have also been sharing information across devices, people, and processes for ensuring end-to-end process optimization. This has enabled companies to quickly react to customer and supplier activities, changing their market conditions and business opportunities. The connected enterprise solutions aid in connecting technology and people in several transformative ways. Companies are developing new business models and are enhancing their operations to access and analyse voluminous data.
Connected Enterprise Market- Key Market Trends
Connected enterprise solutions aid enterprises to maximize their operational efficiency by helping them achieve real-time asset monitoring. For instance, monitoring shipping containers for temperature changes affects their quality using 4G LTE connectivity and battery-powered sensors.
The increasing need of automation and cloud computing across industries has boosted the market growth over the forecast period. This is in order to transform the company processes and also to improve consumer experiences over the forecast period.
Connected Enterprise Market- Segmentation
The Connected Enterprise Market is segmented into component, solutions, services, application.
Based on Component
Solution
Services
Based on Solution
Manufacturing Execution Systems (MES)
Customer experience management
Business analytics
Application value management
Remote monitoring
Based on Services
Professional
Managed
Based on Application
Manufacturing
BFSI
IT & Telecom
Retail
Healthcare
Food & beverage
Others
Connected Enterprise Market- Regional Segmentation
The Connected Enterprise Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the regional sphere over the forecast period. This is because of the increased technological spending and the growing demand for connected infrastructure are providing traction to industry growth. Also, the growing prominence of automation and the need for increased flexibility and functionality have boosted the market growth in the region.
Connected Enterprise Market- Key Market Players
Some of the prominent companies operating in the market are Rockwell Automation, Inc., IBM Corporation, PTC, Inc., Microsoft Corporation, and Honeywell International Inc.
Report scope
Connected Enterprise Market : Historical Years- 2018-2021
Connected Enterprise Market : Forecast Years- 2022-2030
Connected Enterprise Market 2022- USD 280.74 billion
Connected Enterprise Market CAGR- 28.4%
