Connected Enterprise Market To Generate $2,981.9 Billion Revenue by 2030

The global connected enterprise market revenue is expected to reach USD 2,981.9 Billion by 2030, exhibiting a CAGR of 34.3% during 2023–2030.

This is due to the fact that every business line, such as sales, customer service, finances, human resources, production, R&D, engineering, logistics, and marketing are going digital. A connected business has the competence to considerably improve how it operates and how much profit it generates.

Connected enterprises can perform intelligent processes that involve data analytics, by providing an uninterrupted and secure connection for operations, people, and equipment. Moreover, such a firm is characterized by enhanced efficiency and lower operating costs.

Moreover, robust data analytics provides more-reliable functional and executive-level decision-making, when integrated into a connected enterprise’s sharing and communication capabilities. The main difference between a connected and conventional enterprise is that the former has more-complex models, as it has access to valuable real-time data and the potential to leverage it to methodically change its own operations.

Additionally, the idea of the connected enterprise is gaining ground in the logistics, manufacturing, and transportation industries.

Manufacturing Leads Application Segment

The manufacturing category led the industry in 2022, with a share of 40%, and it is also set to maintain its dominance throughout the prediction period.

This is because of the increasing use of smart, digital technologies in the manufacturing sector for higher operational efficiency, automated industrial processes, and asset optimization. In addition, the significant investments in analysis and sensor capabilities by manufacturing firms have led them to achieve a higher efficiency in production and maximize their return on investment (ROI).

Additionally, with the introduction of sensors and IoT in manufacturing, visibility in the processes has enhanced to the extent where every production unit can be monitored at every stage of the manufacturing process. This opens up the possibility for industrial organizations to change the way they pursue operational innovation and excellence. Software and sensors are being installed by manufacturers in production machinery to create smart factories. With IoT in place, manufacturers are experiencing increased revenue and lower costs, because it significantly lowers the consumption of resources, streamlines processes, boosts productivity, enhances the efficiency of supply chain operations, and improves the customer experience.

North America Holds Significant Market Share

North America accounts for a considerable share in the market owing to the advancements and growth in the end-use industries, robust telecommunications infrastructure, and existence of major IoT solution providers.

Moreover, the Advanced Manufacturing Partnership (AMP) encourages investment in cutting-edge technologies by businesses, academic institutions, and the federal government. This has been a key reason for the U.S. gaining a competitive edge in the global economy.

Furthermore, the U.S. is working with other countries in order to implement linked enterprise solutions across all industries. For example, Nagarro has joined hands with XMReality in order to support their clients in working more intelligently, by providing connected worker services that develop new digital skills in the staff. The connected maintenance platform developed by Nagarro, which aids businesses with maintenance duties and documentation, will be connected with XMReality’s remote visual aid technology.

Key players in the market are HARMAN International, Honeywell International Inc., IBM Corporation, Jacobs Solutions Inc., Cisco Systems Inc., Microsoft Corporation, PTC Inc., Rockwell Automation Inc., Verizon Communications Inc., and Wipro Limited.