According to the report, the global connected enterprise market 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.
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.
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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.
Connected Enterprise Market Segmental Review:
On the basis of component, the solution segment held the major share in 2020, garnering around two-thirds of the global connected enterprise market. This is due to the fact that customer services solutions, monitoring solutions, and data management solutions have been highly beneficial for the 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.
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On the basis of 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.
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.
COVID-19 scenario
- Increase in automated solutions during the pandemic have pushed businesses to migrate to a completely automated environment, which has boosted the connected enterprise industry.
- Businesses have been pushed to a fully automated environment, which has supplemented the market growth even more.
- This trend is most likely to continue post pandemic as well.
The key players operating in the connected enterprise market analysis include Accelerite, Bosch GmbH, Cisco Systems, GE Digital, Honeywell International Inc., IBM, MindTree Ltd., PTC, Rockwell Automation, Inc. and UiPath. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Benefits For Stakeholders
- The study provides in-depth analysis of the global connected enterprise market share along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global connected enterprise market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the connected enterprise market.
- An extensive analysis of the key segments of the industry helps to understand the connected enterprise market trends.
- The quantitative analysis of the global connected enterprise market forecast from 2021 to 2030 is provided to determine the market potential.
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