Market Trends of Connected Enterprise Industry
This section covers the major market trends shaping the Connected Enterprise Market according to our research experts:
Growing Adoption of IoT Among Businesses Drives the Market Growth
- A connected ecosystem has the potential to alter the way organizations operate across several industries. By providing a smooth and secure connection between people, equipment, and processes, connected enterprises may use smart processes capable of leveraging the power of data analytics to boost the efficacy of overall operations and minimize operational expenditures.
- The increasing IoT adoption among various businesses drives the global enterprise market. The emergence of IoT in the retail space has drastically changed the retail market. With the growing retail sales, integrating IoT sensors in different consumer electronics would enable retailers to understand and monitor consumer behavior, collect data, and enhance the consumer experience, a significant motto of the connected retail market.
- Businesses related to health care are adopting IoT, which drives the Connected Enterprise Market. IoT in health is used to collect and analyze health data from employees and patients, which may enhance safety compliance. Monitoring the air quality and other elements in the workplace may also enhance workplace safety. Indeed, one of the major reasons many businesses use IoT is to increase safety.
- A rising number of forward-thinking organizations around the globe recognize the advantages of a connected ecosystem and are increasing the investment necessary to shift from a standard IT infrastructure to a connected one. This trend would result in a significant increase in demand for connected enterprise solutions and services in the coming years, giving significant development potential for the sector across a wide range of regional markets. The strong competition that even the most reputable and established companies would face throughout the industrial sector would motivate enterprises to move to a connected ecosystem to attain optimal productivity, effectiveness, efficiency, and cost competitiveness.
- Those IoT connections span the globe and industries, permeating individual homes, offices, and vehicles. The most prominent IoT applications are used in various businesses. IoT connections exist on conventional vehicles, with manufacturers installing connected devices to monitor performance and manage computerized systems. Connected devices are employed in traffic management. Connected sensors can identify open parking spaces and send the information to kiosks or apps to warn drivers. In environmental monitoring, connected devices may capture IoT data showing the health and quality of air, water, soil, fisheries, forests, and other natural ecosystems. They may also gather weather and additional environmental information.
- According to Erresion, the short-range internet of things (IoT) devices reached 14.5 billion worldwide in the current year. That number is forecast to increase to 22.4 billion by the following four years. The wide-area IoT devices amounted to 261 billion in the current year and are predicted to reach 5.2 billion by the following four years.
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North America is Expected to Register the Largest Market
- Due to the technological advancements, presence of major IoT vendors, and advanced infrastructure in the region, North America is anticipated to dominate a significant portion of the Connected Enterprise market due to the significant drive for industry 4.0 across the region.
- Moreover, the "Advanced Manufacturing Partnership (AMP)" in the United States was formed, an initiative to make the industry, universities, and the federal government invests in emerging technologies. This has aided the country in gaining a competitive edge in the global economy substantially.
- According to MAPI, US manufacturing production is predicted to increase by 2.8% from the past five years to the previous year, further enhancing the adoption of automation and control technologies in the country and thereby augmenting the market for connected enterprises.
- The organizations in this region are also partnering to adopt connected enterprise services, solutions, and platforms. For instance, in November this year, Nagarro, one of the global leaders in digital engineering, joined forces with XMReality in the United States. Nagarro is actively assisting its clients in working smarter with connected worker services that equip employees with new digital capabilities. This collaboration would integrate XMReality's remote visual aid technology with Nagarro's Connected Maintenance Platform (CMP), which assists organizations with maintenance tasks and documentation.
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