Connected Enterprise Market Overview
Connected Enterprise Market Size was valued at USD 269.5 Billion in 2022. The Connected Enterprise market industry is projected to grow from USD 346.03 Billion in 2023 to USD 2556.48 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.40% during the forecast period (2023 - 2032). The growing popularity of automation and cloud computing are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Connected Enterprise Market Trends
Growing automation in industrial process is driving the market growth
Market CAGR for connected enterprise is being driven by the rising automation in industrial process. Automation in industrial processes has gained traction in recent years to improve product quality and lower overall costs. The growth of technologies such as the IoT and big data has raised the demand for automation in today's manufacturing industries. End-use industries are adopting linked business solutions because of the Industrial Internet of Things (IIoT) and the entrance of the industrial revolution. These systems combine plant-floor technology with enterprise-level IT, transforming data into intuitive working capital to enable better decision-making. The linked enterprise is speeding industrial performance by accessing and capitalizing transactional, operational, and business data to improve plant and supply chain performance through the convergence of IT and OT. Customers benefit from enterprise risk management, faster time to market, improved asset utilization, and lower total cost of ownership with the linked enterprise.
The proliferation of data analytics, more innovative endpoints, visualization, and mobility are expected to transform the future of organizations. By altering company processes, connected devices power the next generation of enterprise efficiency and innovation. Traditional factory floor operations, for example, depended on paper-based manual procedures for every part of the business, including quality inspections and inventory management. Businesses overcome inefficiencies and achieve success with the advent of the connected enterprise. The growing adoption of wearables, machine learning, and artificial intelligence technologies is hastening the growth of the connected enterprise. The digital revolution transforms corporate processes by converting IT infrastructures into an integrated and dynamic paradigm. This change involves the development of an interconnection strategy that allows service providers and companies to securely connect with their clients and end-users. Enterprises rely on linked solutions to improve the customer experience by combining new and old technology. Adidas, for example, established the linked retail platform, a worldwide program that unifies all of its digital resources on a single platform. Leading firms use infinite linked technology to revolutionize their workplaces and improve customer experience. Employees and partners of these organizations have begun to expect a variety of linked platforms and services as they migrate to the connected future. A cheaper total cost of ownership, increased asset utilization, a faster time to market, and business risk management are all advantages of connected enterprise solutions. Thus, driving the Connected Enterprise market revenue.
Connected Enterprise Market Segment Insights
Connected Enterprise Component Insights
The global Connected Enterprise market segmentation, based on components, includes solutions and services. The solutions segment dominated the market, accounting for 65% of market revenue. This expansion is due to a growing number of organizations implementing IoT technology. Furthermore, firms are looking for creative ways to differentiate themselves from competitors and mitigate the dangers new entrants offer. The IoT is becoming increasingly popular for generating new income streams and increasing business margins.
Figure 1: Connected Enterprise Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Connected Enterprise Type Insights
Based on type, the global Connected Enterprise market segmentation includes manufacturing execution system, customer experience management, enterprise infrastructure management, asset performance management, and remote monitoring system. The manufacturing execution system segment dominated the market. These technologies provide significant advantages such as asset optimization, automated plant processes, and operational efficiency. Manufacturing companies have invested significantly in analytics and sensor capabilities and are ready to maximize their ROI (ROI).
Connected Enterprise End User Insights
Based on End Users, the global Connected Enterprise market segmentation includes manufacturing, IT & Telecommunication, retail & E-commerce, BFSI, healthcare, and energy and utility. The manufacturing category generated the most income. Because of the rising need for the application of intelligent and digital technologies, the sector is expected to directly lead the industry. Businesses profit from these technologies by optimizing assets, automating factory operations, and enhancing operational efficiencies.
Connected Enterprise Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Connected Enterprise market area will dominate this market; increased technology expenditure and increased demand for linked infrastructure are driving industry growth. Furthermore, the rising importance of automation and the demand for enhanced flexibility and functionality will likely boost industry growth.
The major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, India, Australia, China, Japan, South Korea, and Brazil.
Figure 2: CONNECTED ENTERPRISE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe Connected Enterprise market has the second-largest market share, with the region's healthcare and telecom industries beginning to integrate internet-enabled solutions and devices to enhance the quality of service they deliver to their clients. In addition, the German Connected Enterprise market had the biggest market share, while the UK Connected Enterprise market was the fastest expanding in the European area.
From 2023 to 2032, the Asia-Pacific Connected Enterprise Market is predicted to develop at the quickest CAGR. Strong industrial economies and broad production networks define the region. This is predicted to increase expenditure on linked technology, which will, in turn, increase spending on innovative business solutions and services. Furthermore, China's Connected Enterprise market had the highest market share, while India's Connected Enterprise market was the fastest expanding in the Asia-Pacific region.
Connected Enterprise Key Market Players & Competitive Insights
Leading market companies are making significant R&D investments to diversify their product offerings, which will drive the Connected Enterprise market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The market for Connected Enterprise industry is becoming more competitive. Therefore, it needs to offer reasonably priced products to grow and thrive.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers employ in the worldwide Connected Enterprise industry to assist customers and expand the market sector. The market for Connected Enterprise industry has recently provided some of the most important benefits. Major players in the Connected Enterprise market, including Accenture, and others, are attempting to increase market demand by investing in research and development operations.
Accenture is a worldwide professional services firm specializing in digital, cloud, and security. They provide Strategy and Consulting, Interactive, Technology, and Operations services, driven by the world's biggest network of Advanced Technology and Intelligent Operations centers, combining unrivaled experience and specialized capabilities across more than 40 sectors. Every day, our 699,000 employees deliver on the promise of technology and human inventiveness, serving clients in over 120 countries. In September 2021, UiPath, a renowned corporate automation software provider, and Accenture, a global professional services firm, announced a strategic collaboration to help.
Rockwell Automation, Inc. is based in the United States specializing in industrial automation and digital transformation technology. Allen-Bradley, FactoryTalk software, and LifecycleIQ Services are among the brands represented. Rockwell Automation is a multinational corporation specializing in industrial automation and digital transformation. Rockwell Automation's organizational structure was changed in 2021 to three operational segments: Intelligent Devices, Software & Control, and Lifecycle Services. In November 2021, Rockwell Automation, a global leader in industrial automation, has acquired AVATA. AVATA's purchase will help Kalypso, a Rockwell subsidiary, fulfill customer demand by expanding its IT/OT convergence offering. Furthermore, the organizations are expected to dramatically increase visibility and end-to-end supply chain management.
Key Companies in the Connected Enterprise market include
Connected Enterprise Industry Developments
January 2023: The HARMAN EXPLORE at CES Showcase featured the newest innovations from HARMAN's Digital Transformations Solutions (DTS) company Unit, a strategic company focused on merging the physical and digital to make business technology more dynamic. HARMAN DTS will present live demonstrations of its Life-ware technology solutions, created with a customer-first attitude to give a comprehensive and meaningful technology experience across global companies, from January 4th to January 6th at the Virgin Hotel in Las Vegas.
November 2022: Persistent Systems and Software AG, a pioneer in business software for integration, IoT, and automation, have formed a strategic alliance to develop new industrial solutions for the connected enterprise. Persistent will deliver collaborative solutions to achieve operational excellence by modernizing apps and procedures and enabling data movement across enterprises easier to unlock value. The partnership would address business executives' difficulties and possibilities as they restructure their organizations.
April 2022: Cisco and General Motors are collaborating to modernize and automate the development process for vehicle development data for performance testing, reducing time-to-market for commercially viable automobiles.
Connected Enterprise Market Segmentation
Connected Enterprise Component Outlook
Connected Enterprise Type Outlook
Connected Enterprise End User Outlook
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Manufacturing
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IT & Telecommunication
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Retail & E-commerce
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BFSI
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Healthcare
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Energy and Utility
Connected Enterprise Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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Report Attribute/Metric
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Details
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Market Size 2022
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USD 269.5 Billion
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Market Size 2023
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USD 346.03 Billion
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Market Size 2032
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USD 2556.48 Billion
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Compound Annual Growth Rate (CAGR)
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28.40% (2023-2032)
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Base Year
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2022
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Market Forecast Period
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2023-2032
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Historical Data
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2018- 2022
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Market Forecast Units
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Value (USD Billion)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Type, End User, and Region
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Geographies Covered
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North America, Europe, Asia Pacific, and the Rest of the World
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Countries Covered
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The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
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Key Companies Profiled
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Accelerite, Bosch GmbH, Cisco Systems, GE Digital, Honeywell International Inc., IBM, MindTree Ltd., PTC, Rockwell Automation, Inc., UiPath
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Key Market Opportunities
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Rise in smart city programs
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Key Market Dynamics
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Growing industry demand for automation and cloud computing
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Connected Enterprise Market Highlights:
Frequently Asked Questions (FAQ) :
The global Connected Enterprise market size was valued at USD 269.5 Billion in 2022.
The global market is projected to grow at a CAGR of 28.40% during the forecast period, 2023-2032.
North America had the largest share in the global market.
The key players in the market are Accelerite, Bosch GmbH, Cisco Systems, GE Digital, Honeywell International Inc., IBM, MindTree Ltd.
The solutions category dominated the market in 2022.
The manufacturing had the largest share in the global market.
