Connected Enterprise Market Size, Industry Analysis Report By Component (Solution, Services), By Solution (Manufacturing Execution Systems (MES), Customer experience management, Business analytics, Application value management, Remote monitoring), By Services (Professional, Managed), By Application (Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, Food & beverage) & Region – Forecast
- PUBLISHED ON
- 14/11/2022
- NO OF PAGES
- 210
- CATEGORY
- Information Communication & Technology
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 company’s 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%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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