Connected Enterprises Market: Shaping the Future of Business Operations 2030
Industry partnerships using linked technology are gaining popularity as a means of increasing agility, productivity, and business process management.
PORTLAND, PORTLAND, OR, UNITED STATES, February 29, 2024 /EINPresswire.com/ — According to the report, the global connected enterprise industry 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.
The surge in the need of automation & cloud computing across industries, rise in the use of IoT in various industries to expand the connected enterprise market, and the 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 platforms are expected to create lucrative opportunities in the industry.
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A connected enterprise not only observes equipment but also integrates them with all pivotal hubs within the company, facilitating real-time predictive analytics and profound insights. Employing a connected enterprise provides businesses with a competitive advantage, enhancing operational speed and appealing to customers with more advanced service offerings. Furthermore, it empowers businesses to attract more customers, as modern consumers favor technologically advanced services at a compelling value.
The energy and utility sector is being encouraged to adopt connected devices as the popularity of smart city initiatives continues to rise. For instance, an EU mandate stipulates that by the close of 2020, 80% of households in EU member nations must have smart power meters installed. This push for smart metering technologies is fueling the expansion of the connected enterprise market. However, challenges such as limited technological skills and the use of unreliable devices are impeding market growth. Conversely, emerging economies present substantial prospects for connected enterprise firms to broaden their offerings. This is due to factors such as the increasing adoption of digital platforms by businesses, the growing prevalence of smartphones, among others. Furthermore, the proliferation of digital technologies through various initiatives promises to be a significant avenue for market growth.
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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.
Based on components, the solution segment held the major share in 2020, garnering around two-thirds of the global connected enterprise market. This is because 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.
Based on 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.
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The report focuses on growth prospects, restraints, and trends of the connected enterprise market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the connected enterprise market outlook.
Key players in the industry:
• Bosch GmbH
• Cisco Systems
• UiPath
• Accelerite
• Honeywell International Inc.
• GE Digital
• IBM
• MindTree Ltd.
• PTC
• Rockwell Automation, Inc.
Key Benefits For Stakeholders:
• The study provides an 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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