Market Size of Connected Enterprise Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 27.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Connected Enterprise Market Analysis
The Connected Enterprise Market is expected to register a CAGR of 27.9% during the forecast period. The rising demand for automation and cloud computing are the major factors driving industry expansion, and advancements in technology such as big data, cloud, and mobile devices are driving the growth of the global Connected Enterprise Market. Increased security concerns and decreased maintenance costs due to smart connected devices drive the market.
- The connected enterprise often aids in monitoring machines and connects them with all business centers to provide real-time capabilities, allowing predictive analytics and providing greater insight. The linked enterprise improves decision-making and speeds up the decision-making process.
- The increased need for automation and cloud computing across sectors is projected to impact the growth of the connected enterprise market during the forecast period. The recognized potential of massive data for better processes and operations and lower maintenance costs due to smart connected devices are also expected to fuel the expansion of the connected enterprise market.
- Similarly, the wide adoption of IoT in small and medium-sized enterprises and an increase in demand for system integrators would likely create various new opportunities for the connected enterprise market throughout the forecasted period.
- However, the high cost of deployment of the hardware and software supporting connected enterprises and the lack of uniform IoT standards and technology skills are expected to be major constraints for the growth of connected enterprises in the forecasted period, whereas the lack of data management and interoperability, as well as the rise in security concerns regarding the network of connected devices spread across enterprises, can pose challenges to the connected enterprise market growth.
- The coronavirus spread has brought in a technological revolution in healthcare. Furthermore, the positive results of installed automation solutions have encouraged organizations to shift to a completely automated environment, which is projected to boost demand for the connected enterprise market. Furthermore, organizations have been encouraged to shift to a completely automated environment due to the beneficial outcomes of automation solutions that have been implemented. As a result, during the Pandemic, this has become one of the primary growth reasons for the connected enterprise industry. After the Pandemic, the market is growing rapidly with the growing adoption of IoT among businesses.
