Connected Enterprise Market Overview:
The Connected Enterprise Market is valued at USD 280.74 billion in 2022 and is projected to reach a value of USD 3167.62 billion in 2030 expanding at a CAGR of 28.4% over the forecast period of 2022-2030.
A connected enterprise typically facilitates machine monitoring and links it to all business centres to produce real-time capabilities that enable predictive analytics and provide greater insight. The linked enterprise facilitates decision-making and expedites the process.
Implementing connected enterprise affords businesses a competitive edge over their rivals since it speeds up operations and draws clients by providing higher-quality services. Additionally, as individuals prefer more technologically advanced services at relatively modest costs, it gives businesses the opportunity to benefit from getting more customers.
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Growth Factors Analysis:
Businesses are using digital technology to change internal operations, enhance customer experiences, and react swiftly to new possibilities and hazards. Industry collaborations that make use of linked technologies are also becoming more and more common as a way to boost productivity, agility, and business process management. For instance, a strategic alliance between Microsoft India, a subsidiary of Microsoft Corporation, and Tata Motors, an Indian multinational car manufacturer, was launched in October 2021 with the goal of providing Indian consumers with connected and personalized driving experiences.
Furthermore, the market is expanding due to the growing demand for automated procedures and increased client services. In addition, companies are looking for creative approaches to separate themselves from competitors and fend off challenges from upstarts. The use of connected solutions to boost profit margins and create new revenue streams is growing in popularity. Therefore, the market continues to grow due to the growing need for cloud computing and automation across sectors.
Market Trends:
Real-time asset monitoring is made possible by connected enterprise solutions, which help businesses optimize their operational efficiency. For example, employing 4G LTE connectivity and battery-operated sensors to monitor temperature changes in shipping containers impacts their quality.
Throughout the course of the projection period, the market has grown as a result of the growing requirement for automation and cloud computing across all industries. This is to improve customer experiences during the projected term and to change the company’s operations.
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Market Segmentations:
Based on Component
- Solution
- Services
Based on Solution
- Manufacturing Execution Systems (MES)
- Customer experience management
- Business analytics
- Application value management
- Remote monitoring
Based on Services
- Professional
- Managed
Based on Application
- Manufacturing
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Food & beverage
- Others
Market Geographically Analysis:
There are four primary regions that make up the Connected Enterprise Market: North America, Europe, Asia Pacific, and Middle East & Africa. Over the course of the projection period, North America has dominated the regional arena among these. This is because industry growth is being fuelled by rising technology spending and the expanding need for connected infrastructure. Additionally, the desire for greater flexibility and usefulness as well as the increasing prominence of automation have spurred market expansion in the area.
Key Companies Involved in this market are:
- Rockwell Automation, Inc.
- IBM Corporation
- PTC, Inc.
- Microsoft Corporation
- and Honeywell International Inc.
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