Connected Enterprise Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Connected Enterprise Market Size

Connected Enterprise Market Trends & Drivers

Growing Adoption of IoT among Businesses Drives Market Growth

The surge in the use of IoT across various industries is essentially propelling the market growth. For instance, the addition of IoT sensors into customer gadgets has considerably evolved the retail industry. The sole objective of the retail industry is to enhance customer experience, where a connected approach helps merchants collect useful data on consumer behavior and better understand buyers’ preferences. Further, operations and assembly lines across many industries can be transformed by installing systems that share data with each other and a central control room over the internet.

Moreover, the digitization of the healthcare industry contributes to a great extent in the growth of this market, as IoT has a great potential and applications here. The technology can be used to enhance safety compliance, by gathering and analyzing health data from both patients and employees. It also helps in monitoring the environment inside a clinical facility, such as air quality and hygiene levels, which ultimately adds up to overall patient and personnel safety.

Furthermore, as the world is becoming familiar with the advantages of a connected enterprise, an increasing number of future-oriented institutions and businesses are spending amounts to transform their traditional IT infrastructure to a connected one. This trend will make way for the prominent players in various regional markets. Even well-established firms want to implement connected ecosystems for attaining significant levels of productivity, effectiveness, efficiency, and cost competitiveness, due to the cut-throat competition across industries.

Connected Enterprise Market Analysis

Remote Monitoring Dominates Solution Segment

Based on application, the market was ruled by the remote monitoring category in 2022, with a revenue share of 30%.

This is due to the rising popularity of real-time asset monitoring from anywhere. This way companies can keep an eye on their network operations, and vendors can easily come up with creative ideas to manage inventory and enhance customers’ in-store shopping experiences.

Moreover, the expanding use of IoT technologies by corporations is steering this category ahead. Companies are intently looking for unique strategies to register themselves as being different from rivals and mitigate the dangers brought on by emerging competitors. IoT helps increase profit margins and invent new revenue sources.

The customer experience management category is set to witness considerable growth in the coming years. This is because this process is used to augment the overall corporate success, by managing client interactions. Customer engagement, feedback, and analysis are the key aspects of a comprehensive customer experience management strategy. These activities allow businesses to have complete knowledge about their customers, including current and accumulated data on their activities.

Professional Category Leads Market

The professional category dominated the market, and it is set to grow at a significant CAGR in the years to come. These services include consultancy, installation, and continuous day-to-day operations. The growth of this category is because these services enable users in intelligent and coordinated decision-making, which is integral for almost every organization. These services are also offered for reducing the risks and vulnerabilities of the IoT assets for businesses.

These services enhance data management methods and support end-to-end requirements for all verticals. Data is the most-valuable asset for any organization in today’s world, and data security is, thus, the first demand of companies. This is why businesses use data management solutions that provide them with flexibility and scalability and also help in developing operational efficiency and intensity according to their needs.

Additionally, the advising, planning, and designing services offered by consulting firms aid companies in finding out the unexplored opportunities that can be created with the implementation of IoT. Personalized IoT solutions that match an organization’s infrastructure and operations are offered as part of implementation services.

During the forecast period, the managed services category is also expected to have a significant growth rate. This is owing to the higher spending on managed services in comparison to outsourcing them and the surging need for them in various sectors.

Connectivity Management Category to Witness Highest CAGR

Based on platform, the connectivity management category is projected to record the fastest growth in the coming years, because this platform emphasizes creating and controlling IoT device connectivity across communication networks. For instance, Sierra Wireless’ connectivity management tool, AirVantage overpowers the issues that block the smooth incorporation of devices with cloud services.

The application enablement and development category will also observe significant growth during the prediction period. This platform permits customers to access services and manage data without being concerned about storing the genuine material themselves. Users can develop an improved virtual depiction of a process, service, and system by combining sensor data, business data, and contextual data. Additionally, advanced applications can be created with the amalgamation of the three forms of data: structured, unstructured, and big data.

Regional Analysis

Asia-Pacific Is Fastest Market

Globally, the APAC market is expected to progress with fastest growth rate in the coming years. This is due to the availability and ongoing use of a huge number of connected devices in the region. To surge profitability, businesses are installing linked infrastructure in unexplored geographic locations. The presence of robust industrial economies and enormous production networks also encourages consumers to spend more on internet-enabled technologies, which endorses innovations in solutions and services for the commercial sector. Moreover, the increasing level of automation and the growing manufacturing and retail sectors are expected to create a high demand for connected solutions in the region.

Moreover, the expanding use of automation solutions and the surging need for superior functionality and flexibility in industries are the primary reasons behind the market expansion in Europe. To improve the effectiveness of customer services, local telcos and the retail sector have started integrating internet-enabled gadgets into their operations. Such enterprise platforms provide fully enabled and end-to-end solutions to users, as well as optimized solutions that speed up the product development process. These platforms also offer user-friendly tools and interfaces that make the creation of interactive apps simpler.

Market Breakdown

This report offers deep insights into the connected enterprise industry, with size estimation for 2019 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.

Based on Platform

• Device Management
• Connectivity Management
• Application Enablement

Based on Application

• Real-Time Collaboration
• Enterprise Infrastructure Management
• Streaming Analytics
• Security
• Data Management
• Remote Monitoring
• Network Management
• Mobile Workforce Management
• Customer Experience Management
• Asset Performance Management

Based on End User

• BFSI
• Healthcare and Life Sciences
• Retail and E-commerce
• Telecommunication and IT
• Manufacturing
• Government
• Energy and Utilities
• Media and Enterprises

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Connected Enterprise Companies