Connected Enterprise Market Rapid Growth, Market Forecast Surges to $3,167.62 Billion by 2030

According to the report, the global connected enterprise industry was estimated at $267.74 billion in 2020, and is anticipated to hit $3.16 trillion by 2030, registering a CAGR of 28.4% from 2021 to 2030.

The Connected Enterprise Market focuses on the integration of information technology (IT) and operational technology (OT) to create connected systems that enhance business operations. This market is driven by the increasing adoption of Industry 4.0 technologies, smart manufacturing, and IoT, enabling companies to leverage real-time data to improve decision-making and operational efficiency.

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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.

Future Outlook:

The Connected Enterprise Market is expected to grow significantly over the next few years, driven by advancements in IoT, AI, and cloud technologies. The focus will likely be on enhancing interoperability, cybersecurity, and real-time data analytics to meet the evolving demands of businesses.

COVID-19 scenario

1. Increase in automated solutions during the pandemic have pushed businesses to migrate to a completely automated environment, which has boosted the connected enterprise industry.

2. Businesses have been pushed to a fully automated environment, which has supplemented the market growth even more.

3. This trend is most likely to continue post-pandemic as well.

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Based on type, the manufacturing execution system segment contributed to the lion's share in 2020, holding more than one-fourth of the global connected enterprise market. However, the customer experience management segment is projected to manifest the fastest CAGR of 33.8% from 2021 to 2030. The other segments studied through the report include enterprise infrastructure management, asset performance management, and remote monitoring system.

Based on components, the solution segment held the major share in 2020, garnering around two-thirds of the global connected enterprise market. This is because customer service solutions, monitoring solutions, and data management solutions have been highly beneficial for market growth. The service segment, on the other hand, is expected to register the fastest CAGR of 30.6% throughout the forecast period. This is attributed to the fact that enterprise resource planning (ERP) for professional services happens to deliver improved value by modernizing the operational infrastructure.

By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering nearly one-third of the global connected enterprise market. Simultaneously, the same region is also expected to cite the fastest CAGR of 31.4% throughout the forecast period.

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Key players in the industry

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

Market Challenges:

1. Data Security Concerns: Increased connectivity raises the risk of cyberattacks.
High Initial Costs: Implementing connected enterprise solutions can be expensive.

2. Integration Issues: Challenges in merging IT and OT systems across industries.

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