Market Size of Connected Enterprise Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 27.90 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Connected Enterprise Market Analysis
The Connected Enterprise Market is expected to register a CAGR of 27.9% during the forecast period. The rising demand for automation and cloud computing are the major factors driving industry expansion, and advancements in technology such as big data, cloud, and mobile devices are driving the growth of the global Connected Enterprise Market. Increased security concerns and decreased maintenance costs due to smart connected devices drive the market.
- The connected enterprise often aids in monitoring machines and connects them with all business centers to provide real-time capabilities, allowing predictive analytics and providing greater insight. The linked enterprise improves decision-making and speeds up the decision-making process.
- The increased need for automation and cloud computing across sectors is projected to impact the growth of the connected enterprise market during the forecast period. The recognized potential of massive data for better processes and operations and lower maintenance costs due to smart connected devices are also expected to fuel the expansion of the connected enterprise market.
- Similarly, the wide adoption of IoT in small and medium-sized enterprises and an increase in demand for system integrators would likely create various new opportunities for the connected enterprise market throughout the forecasted period.
- However, the high cost of deployment of the hardware and software supporting connected enterprises and the lack of uniform IoT standards and technology skills are expected to be major constraints for the growth of connected enterprises in the forecasted period, whereas the lack of data management and interoperability, as well as the rise in security concerns regarding the network of connected devices spread across enterprises, can pose challenges to the connected enterprise market growth.
- The coronavirus spread has brought in a technological revolution in healthcare. Furthermore, the positive results of installed automation solutions have encouraged organizations to shift to a completely automated environment, which is projected to boost demand for the connected enterprise market. Furthermore, organizations have been encouraged to shift to a completely automated environment due to the beneficial outcomes of automation solutions that have been implemented. As a result, during the Pandemic, this has become one of the primary growth reasons for the connected enterprise industry. After the Pandemic, the market is growing rapidly with the growing adoption of IoT among businesses.
Connected Enterprise Industry Segmentation
A connected enterprise leverages the Internet of Things (IoT) to gain more insights and improve productivity. The Connected Enterprise Market is segmented by Offering (Platform(Device Management, Connectivity Management), Solution (Manufacturing Execution System, Enterprise Infrastructure Management, Customer Experience Management, Remote Monitoring System, Asset Performance Management), Service (Managed, Professional)), End-user Vertical (BFSI, Retail & Ecommerce, Energy & Utility, Manufacturing, Oil & Gas, IT & Telecommunication), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa).
The market sizes and forecasts are provided in terms of value in USD million for all the above segments.
Offering | ||||||||
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End-user Vertical | |
BFSI | |
Retail and Ecommerce | |
Energy and Utility | |
Manufacturing | |
Oil and Gas | |
IT and Telecommunication | |
Other End-user Verticals (Government, Media & Entertainment) |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle-East & Africa |
Connected Enterprise Market Size Summary
The Connected Enterprise Market is poised for significant growth, driven by the increasing demand for automation and cloud computing across various sectors. Technological advancements in big data, cloud computing, and mobile devices are propelling the market forward, with smart connected devices reducing maintenance costs and addressing security concerns. The concept of a connected enterprise enhances real-time monitoring and predictive analytics, improving decision-making processes and operational efficiency. The widespread adoption of IoT, particularly in small and medium-sized enterprises, is expected to create new opportunities, despite challenges such as high deployment costs and the lack of uniform IoT standards. The COVID-19 pandemic has accelerated the shift towards automation, further boosting market demand as organizations seek to leverage the benefits of connected ecosystems.
North America is anticipated to dominate the Connected Enterprise Market due to its advanced infrastructure and presence of major IoT vendors, supported by initiatives like the Advanced Manufacturing Partnership in the United States. The region's focus on Industry 4.0 and strategic partnerships among key players, such as Rockwell Automation and Cognite, are enhancing product offerings and driving technological progress. The market is highly fragmented, with major companies like Microsoft, IBM, and Cisco adopting strategies such as partnerships and acquisitions to gain a competitive edge. These collaborations aim to integrate advanced technologies and improve operational efficiency, addressing the growing demand for connected enterprise solutions across various industries.
Connected Enterprise Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Porter Five Forces
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Offering
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2.1.1 Platform
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2.1.1.1 Device Management
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2.1.1.2 Connectivity Management
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2.1.1.3 Other Platforms
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2.1.2 Solution
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2.1.2.1 Manufacturing Execution System
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2.1.2.2 Enterprise Infrastructure Management
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2.1.2.3 Customer Experience Management
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2.1.2.4 Remote Monitoring System
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2.1.2.5 Asset Performance Management
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2.1.2.6 Other Solutions (Streaming Analytics, Mobile Workforce Management, Security Solutions)
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2.1.3 Service
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2.1.3.1 Managed
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2.1.3.2 Professional
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2.2 End-user Vertical
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2.2.1 BFSI
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2.2.2 Retail and Ecommerce
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2.2.3 Energy and Utility
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2.2.4 Manufacturing
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2.2.5 Oil and Gas
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2.2.6 IT and Telecommunication
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2.2.7 Other End-user Verticals (Government, Media & Entertainment)
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle-East & Africa
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Connected Enterprise Market Size FAQs
What is the current Connected Enterprise Market size?
The Connected Enterprise Market is projected to register a CAGR of 27.90% during the forecast period (2024-2029)
Who are the key players in Connected Enterprise Market?
Microsoft Corporation, IBM Corporation, General Electric Company, Cisco Systems, Inc. and Rockwell Automation, Inc. are the major companies operating in the Connected Enterprise Market.