New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Connected Enterprise Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 28.4% to attain a valuation of around USD 3,167.62 billion by the end of 2030.
Connected Enterprise Market Key Players
- Accelerite
- Bosch GmbH
- Cisco Systems
- GE Digital
- Honeywell International Inc.
- IBM
- MindTree Ltd.
- PTC
- Rockwell Automation
- Inc.
- UiPath.
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Connected Enterprise Market Report Scope:
| Report Metrics | Details |
| Connected Enterprise Market Size by 2030 | USD 3,167.62 Billion |
| Connected Enterprise Market CAGR during 2022-2030 | 28.4% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growing industry demand for automation and cloud computing. Corporate adoption of big data, the cloud, and mobile devices has increased dramatically . Decreased maintenance costs as a result of smart, linked devices |
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Drivers
Increasing Automation in Manufacturing to Boost Market Growth
Due to its ability to increase product quality while reducing total costs, automation in the manufacturing processes has gained favor in recent years. The need for automation in the present manufacturing industries has expanded as a result of the growing use of technologies such as the internet of things (IoT) and big data. End-use industries are embracing connected enterprise solutions more and more as a result of the Industrial Internet of Things and the increase of the manufacturing revolution. In order to improve decision-making, these systems combine plant-floor technology with enterprise-level information technology and transform data into understandable working capital.
Opportunities
Technological Advances on Digital Platform to offer Robust Opportunities
The industry is anticipated to expand faster as a result of technological advancements such the integration of machine learning (ML) and artificial intelligence (AI). Artificial intelligence (AI) & machine learning both have been gaining popularity in the computer industry for years. As these technologies are incorporated into more solutions in the connected enterprises sector, small business owners will continue using them in both new and existing activities. Additionally, it is believed that the introduction of the 5G connectivity will improve enterprise digital performance. This advancement represents a huge step forward for the internet of things as 5G networks are better suited to handle the spike in smart devices that are connected. The fifth generation (5G) of mobile networks enables faster and more responsive wireless networks. Businesses can be better connected, provide customers and employees with additional capabilities, and continue to improve the customer experience with 5G network bandwidth, speed, and lower latency. Thus, it is anticipated that technical developments on digital platforms would offer attractive prospects for the industry to expand.
Restraints and Challenges
Concerns about Data Privacy to act as Market Restraints
The concerns about data privacy, dearth of technology skills amid people, high implementation cost, and discontinuity in the IoT standards may act as market restraints over the forecast period.
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Market Segmentation
The global connected enterprise market is bifurcated based on end user, type, and component.
By component, solutions will lead the market over the forecast period.
By type, remote monitoring system will domineer the market over the forecast period.
By end user, manufacturing will spearhead the market over the forecast period.
Regional Analysis
North America to Head Connected Enterprise Market
Over the predicted period, North America is expected to expand significantly. Rising technological investment & the need for connected infrastructure are driving industry growth. Additionally, it is projected that the growing significance of automation & the demand for increased functionality and flexibility will boost industry growth. The regional telecom & healthcare industries have also employed internet-enabled goods and services to enhance their customer experiences. Industry growth is being fueled by rising technological investment and the demand for connected infrastructure. Furthermore, industry growth is anticipated to benefit from the rising importance of automation and the demand for greater flexibility and functionality. Moreover, internet-enabled gadgets and solutions have been utilized by the regional telecom and healthcare sectors to improve their customer experience. North America is expected to expand significantly during the time of the forecast. Rising technological investment & the need for connected infrastructure are driving industry growth. Additionally, it is projected that the growing significance of automation & the demand for increased functionality and flexibility will boost industry growth. The regional telecom & healthcare industries have also employed internet-enabled goods and services to enhance their customer experiences.
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APAC to Have Admirable Growth in Connected Enterprise Market
The Asia-Pacific region is the most important one, with China leading the connected enterprise industry. This is due to China having the most connected devices overall. The companies in this area built connected infrastructure in previously unexplored geographic areas to boost their profitability. In addition, the region stands out for having a substantial concentration of manufacturing economies & vast production networks. This is anticipated to encourage investment on connected technology, which will encourage the development of novel commercial solutions and services. The presence of companies engaged in manufacturing, automation, and retail is expected to lead to a large expansion of the in the APAC region.
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COVID-19 Analysis
The COVID-19 pandemic has already caused a shift in consumer demand towards online shopping & buying, which has allowed connected firms to avoid a serious downturn in the prognosis for the economy. Nonetheless, even though the epidemic caused the economies of majority of countries to contract, the impact on the economy has been lessened by commercial digitization. As a result, the economic impact on related enterprise suppliers was as previously said. The coronavirus epidemic has caused a technological revolution in healthcare. The effective implementation of the automation solutions has also forced organizations to transition to a completely automated environment, which is expected to boost demand for the connected enterprise market. Also, businesses have been compelled to transition to a completely automated environment due to the benefits of the chosen automation solutions. This has thus become one of the primary development catalysts for connected enterprise market during the current global health crisis.
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