Connected Enterprise Market: Key Trends and Opportunities
The global connected enterprise market size is witnessing significant growth owing to the rising adoption of advanced technologies like IoT, AI, cloud computing, 5G, and big data analytics. This market is projected to reach USD 2556.48 billion by 2032, registering a CAGR of 28.40% from 2023 to 2032.
Connected Enterprise Market Overview:
The connected enterprise market refers to the solutions and services that help organizations connect, automate, analyze, and optimize business operations by leveraging connected devices, platforms, and digital ecosystems. This enables data-driven and proactive decision making.
The market is driven by factors like increasing automation across industry verticals, rising demand for real-time data analytics, and growing adoption of digital transformation initiatives by enterprises. The COVID-19 pandemic further boosted the growth of this market due to the sudden shift to remote work models globally.
North America accounted for the largest share of the global connected enterprise market in 2022. However, Asia Pacific is estimated to grow at the highest CAGR during 2022-2030 due to rapid industrialization in emerging economies.
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Key Market Segments:
By component, the market is segmented into platforms, services, and solutions. The platforms segment accounted for the largest share in 2022. Based on deployment modes, the market is bifurcated into on-premise and cloud-based deployment. The cloud-based segment is slated for robust growth during the forecast period.
In terms of enterprise size, large enterprises dominate the market share. However, the small and medium enterprises segment is projected to exhibit a higher growth rate owing to the increasing adoption of connected enterprise solutions by SMEs.
The key end-use industries covered in the report include manufacturing, BFSI, healthcare, retail, transport & logistics, energy & utilities, and others. Of these, the manufacturing sector accounted for the dominant share in 2022.
Key Players:
Leading companies operating in this market include Cisco Systems, Rockwell Automation, Microsoft Corporation, IBM Corporation, PTC Inc., Verizon Communications, Honeywell International, General Electric, Robert Bosch, and Accelerite. These players are adopting strategies like partnerships, mergers & acquisitions, and launching innovative solutions to consolidate their market position.
Growth Drivers:
Key factors driving the connected enterprise market growth:
- Increased operational efficiency and cost reduction enabled by connected enterprise solutions
- Rising adoption of industrial automation and Industry 4.0 across manufacturing sector
- Growing demand for real-time data analytics and business intelligence
- Increased remote work and need for robust network connectivity due to COVID-19
- Advancements in technologies like IoT, AI, cloud platforms, and 5G
Regional Insights
- North America will continue its market dominance during the forecast period driven by early adoption of new technologies in the region.
- Asia Pacific is expected to exhibit the fastest growth over 2022-2030 fueled by smart city projects and digitalization across emerging economies.
- Europe is anticipated to hold a significant market share owing to government initiatives supporting connected enterprise solutions.
- The Middle East & Africa region presents lucrative opportunities driven by rising infrastructure development and enterprise digitalization.
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Recent Industry Developments
- In May 2022, Tata Communications acquired France-based eSIM company Oasis Smart SIM Europe SAS to expand its connected solutions offerings globally.
- In June 2022, TCS launched TCS Connected Clinical Trials to help life sciences companies orchestrate end-to-end virtual and hybrid clinical trials.
- In July 2022, Siemens partnered with NEC Corporation to accelerate digital transformation for the manufacturing sector in Japan.
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