Connected Enterprise Market Growing at a CAGR of 28.4%| Rising Trends, Demands and Business Outlook 2023-2032

In a recent report titled "Connected Enterprise Market by Offering, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030," published by Allied Market Research, it was revealed that the globally connected enterprise market achieved a value of $267.74 billion in 2020. The market is anticipated to witness substantial growth, reaching $3,167.62 billion by 2030, with a notable compound annual growth rate (CAGR) of 28.4% from 2021 to 2030.

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Smart gadgets enable real-time visibility into any facility's inner workings. Connectivity helps businesses to avoid the dangers of data silos, and it can incorporate machine learning techniques that allow businesses to examine data quickly. In addition, organizations can use this technology to detect defects in machines before they become an issue.

These factors drive the growth of connected enterprise market. However, some businesses are falling behind their competition when it comes to digital transformation. Some businesses lack the maturity level required to meet the connected enterprise criteria, ranging from failing to deploy the proper infrastructure for data collecting to lacking machine learning algorithms. This factor hinders the growth of the market.

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Surge in need of automation & cloud computing across industries, rise in use of IoT in various industries to expand connected enterprise market, and growing incorporation of digital methods for business purposes drive the global connected enterprise market. On the other hand, high cost of deployment and lack of IoT standards restrain the growth to some extent. However, evolving trends in the retail sector, increasing adoption of IoT in small & medium scale businesses and technological advancements on digital platform are expected to create lucrative opportunities in the industry.

The demand for connected enterprise has increased considerably during the COVID-19 pandemic. This is attributed to rising implementation of IoT in many industrial verticals such as healthcare, retail, automotive, and others supported connected enterprise market growth. Moreover, the pandemic had a significant influence on the healthcare industry, and hospitals & healthcare organizations that adopted automated solutions found significant benefits in the midst of the crisis and resource constraints. Thus, these factors promoted the growth of the connected enterprise industry during the pandemic situation.

Furthermore, the connected enterprise industry is witnessing exponential growth. Organizations are increasingly incorporating more IoT devices into their operations, according to the figures. These advantages are one of the reasons why IoT devices are being adopted so rapidly. For instance, according to Tech Pro research conducted in January 2019, industries are looking forward to IoT adoption, with 82% having adopted IoT, for executing a pilot project, or planning implementation.

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Based on type, the manufacturing execution system segment acquired the major share of the connected enterprise market. The ability of manufacturing execution system (MES) to manage, monitor, and synchronize the execution of real-time physical processes and people involved in transforming raw materials into intermediate and/or finished goods is driving the growth of the market.

Geographically, North America dominated the connected enterprise market in 2020 and is expected to sustain this leadership throughout the forecast period. Businesses in the region have demonstrated a comprehensive understanding of the advantages offered by the connected enterprise model, providing access to critical real-time data and the ability to manipulate it rapidly and systematically. The success of this model has led to widespread application and implementation across various industries in the region in recent years.

Key players in the industry:

• Bosch GmbH
• Cisco Systems
• UiPath
• Accelerite
• Honeywell International Inc.
• GE Digital
• IBM
• MindTree Ltd.
• PTC
• Rockwell Automation, Inc.

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