Surge in need of automation & cloud computing across industries, rise in use of IoT in various industries to expand connected enterprise market, and growing incorporation of digital methods for business purposes drive the global connected enterprise market
PORTLAND, Ore., Feb. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Connected Enterprise Market by Offering (Solution and Services) Type (Manufacturing Execution System, Customer Experience Management, Enterprise Infrastructure Management, Asset Performance Management, Remote Monitoring System, and Others), and End User (Manufacturing, IT & Telecommunication, Retail & E-commerce, BFSI, Healthcare, Energy & Utility, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." 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.
Drivers, restraints, and opportunities
Surge in need of automation & cloud computing across industries, rise in use of IoT in various industries to expand connected enterprise market, and 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 platform are expected to create lucrative opportunities in the industry.
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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.
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The solution segment to retain the lion's share
On the basis of component, the solution segment held the major share in 2020, garnering around two-thirds of the global connected enterprise market. This is due to the fact that 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.
The manufacturing execution system segment to dominate by 2030
On the basis of 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.
Asia-Pacific, followed by North America, held the major share in 2020
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering nearly one-third of the global connected enterprise market. Simultaneously, the same region is also expected to cite the fastest CAGR of 31.4% throughout the forecast period.
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Key players in the industry
- Bosch GmbH
- Cisco Systems
- UiPath
- Accelerite
- Honeywell International Inc.
- GE Digital
- IBM
- MindTree Ltd.
- PTC
- Rockwell Automation, Inc.
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