Press release
Worldwide Trends Review: The Rapid Evolution of the Connected Enterprise Market
Connected Enterprise Market
Projected Market Size and Growth Outlook for the Connected Enterprise Market
The connected enterprise market is expected to experience substantial growth, reaching a valuation of $2838.54 billion by 2030. This surge corresponds to an impressive compound annual growth rate (CAGR) of 31.0%. Factors driving this rapid expansion include growing investments in smart enterprise ecosystems, heightened demand for AI-powered insights, broader adoption of remote monitoring technologies, increased emphasis on cybersecurity resilience, and the seamless integration of IT and OT systems. Key trends influencing the market during the forecast period include widespread adoption of enterprise-wide digital platforms, increased use of real-time operational analytics, proliferation of IoT-enabled monitoring solutions, expansion of predictive asset management tools, and a stronger focus on cross-departmental data transparency.
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Significant Players Leading the Connected Enterprise Industry
Several prominent companies dominate the connected enterprise landscape, contributing to innovation and market growth. Notable industry leaders include Cisco Systems Inc., PTC Inc., Microsoft Corporation, Robert Bosch GmbH, Honeywell International Inc., General Electric Company, Accelerite, Verizon Communications Inc., MindTree Ltd., UiPath, HARMAN International, Jacobs Engineering Group Inc., Wipro Limited, Telefonaktiebolaget LM Ericsson, Amdocs, FUJITSU, Atos SE, Capgemini SE, CGI Inc., Cognizant Technology Solutions Corporation, DXC Technology Company, Hindustan Computers Pvt. Limited, International Business Machines Corporation, Infosys Limited, NTT DATA Corporation, Rockwell Automation Inc., Tata Consultancy Services Limited, Tech Mahindra Limited, Vodafone Group Plc, and SAP SE.
Noteworthy Acquisition Expanding Market Capabilities
In October 2023, Trane Technologies, a climate-focused innovator headquartered in Ireland and operating within the connected enterprise domain, acquired Nuvolo, a US-based provider of connected enterprise solutions. This acquisition, for an undisclosed amount, aims to merge complementary technologies, product offerings, and customer bases across key verticals such as healthcare, life sciences, retail, public administration, and education. The strategic move is expected to strengthen both companies' positions in delivering integrated enterprise solutions.
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Emerging Trends Shaping the Future of the Connected Enterprise Market
Leading firms in the connected enterprise field continue to develop forward-looking technologies, particularly focusing on AI-connected enterprises. This concept envisions a fully digitalized business ecosystem where all aspects are interconnected through integrated AI-driven technologies. For example, in May 2023, Grammarly, a US software firm, introduced its vision of the AI-connected enterprise of tomorrow. By incorporating new AI tools into Grammarly Business, organizations can better access and utilize internal information, boost team productivity and skills, and generate content with enhanced speed, relevance, and understanding.
Key Segments Defining the Connected Enterprise Market
This report categorizes the connected enterprise market based on various criteria:
1) By Type: Manufacturing Execution System (MES), Customer Experience Management (CEM), Enterprise Infrastructure Management, Asset Performance Management, Remote Monitoring System, and Other Types
2) By Offering: Solutions and Services
3) By End-User: Manufacturing, IT and Telecommunication, Retail and E-commerce, BFSI (Banking, Financial Services, and Insurance), Healthcare, Energy and Utility, and Other End-Users
Further sub-segmentation includes:
- Manufacturing Execution System: Real-Time Monitoring, Production Scheduling
- Customer Experience Management: Customer Feedback Solutions, Omni-channel Engagement Platforms
- Enterprise Infrastructure Management: Network Management, Data Center Management
- Asset Performance Management: Predictive Maintenance, Asset Tracking Solutions
- Remote Monitoring System: IoT-Based Monitoring, Cloud-Based Monitoring
- Other Types: Supply Chain Management, Workforce Management Solutions
This detailed segmentation helps in understanding the diverse offerings and application areas fueling the growth of the connected enterprise market worldwide.
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