Connected Enterprise Market Size
Connected Enterprise Market size crossed USD 358.6 billion in 2023 and is estimated to expand at a CAGR of over 29.4% between 2024 and 2032. Advancements on the Internet of Things (IoT) solutions are fueling the market growth. The advancements in IoT technologies enable businesses to collect & analyze vast volumes of data from various devices, enhancing operational efficiency, real-time decision-making, and customer experiences. This connectivity optimizes supply chains, improves asset management, and streamlines processes, contributing to increased productivity and cost savings.
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As IoT is evolving, organizations are increasingly leveraging these solutions to stay competitive and adapt to the changing business landscapes. Various organizations are investing in IoT solutions. For instance, in July 2023, Verizon launched a cross-border IoT connectivity platform. This platform provides a solution for businesses seeking to expand their IoT operations globally by utilizing the power of native eSIM and roaming capabilities from Mobile Network Operator (MNO) partners.
Connected Enterprise Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Connected Enterprise Market Size in 2023 |
USD 358.6 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
28.9 % |
| 2032 Value Projection |
USD 3.52 Trillion |
| Historical Data for |
2018 – 2023 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
296 |
| Segments covered |
Platform, solution, and End-User Industry |
| Growth Drivers |
- Rising advancements in IoT solutions
- Increasing adoption of cloud technology
- Growing focus on data-driven decision-making
- Expansion of remote work environments
|
| Pitfalls & Challenges |
- Cybersecurity threats and privacy concerns
|
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The expansion of remote work environments is expected to significantly fuel the connected enterprise industry growth. As more employees work from diverse locations, companies are adopting advanced connectivity solutions and cloud-based platforms to ensure seamless communication & collaboration. This shift increases the demand for IoT devices, network infrastructure, and cybersecurity solutions to support remote teams. Connected enterprises are thus investing in technology to optimize remote work processes, driving market expansion to meet the evolving workplace needs.
Cybersecurity threats and privacy concerns are the significant challenges in the connected enterprise market. As businesses increasingly rely on interconnected devices and data sharing, they become vulnerable to cyberattacks as well as data breaches. These threats can result in financial losses, reputation damage, and regulatory penalties. Privacy concerns arise due to the collection & utilization of extensive data, raising ethical & compliance issues. Implementing comprehensive data protection policies and compliance frameworks can help mitigate risks while fostering trust among customers & partners, ensuring secure & ethical operations in the connected enterprise landscape.
Connected Enterprise Market Trends
AI is revolutionizing the connected enterprise industry by enhancing data analytics and automation. AI-driven insights enable better decision-making and predictive maintenance, optimizing operations and resource utilization. Machine learning algorithms are improving cybersecurity by identifying threats in real time. AI-powered chatbots and virtual assistants are enhancing customer support & engagement. AI-driven personalization is boosting customer experiences. As businesses increasingly integrate AI into their operations, it is reshaping the connected enterprises landscape, driving efficiency, innovation, and competitiveness in various industries.
Digital twin technology is gaining traction in the market as it allows businesses to create virtual replicas of physical assets, processes, and systems. Digital twins enable real-time monitoring, simulation, and analysis, providing valuable insights for better decision-making, predictive maintenance, and optimization of operations. They are used in various sectors such as manufacturing, healthcare, and urban planning. The adoption of digital twin technology reflects the growing need for data-driven, efficient, and cost-effective solutions in connected enterprises.
Connected Enterprise Market Analysis
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Based on solution, the Manufacturing Execution System (MES) segment accounted for 29% of the market share in 2023, owing to the growing emphasis on optimizing manufacturing processes, improving quality control, and increasing operational efficiency. MES solutions offer real-time monitoring, data analytics, and automation, which are becoming essential for modern manufacturing. As industries embrace Industry 4.0 principles and the IoT, MES solutions play a pivotal role in connecting & optimizing production operations, subsequently driving industry growth.
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Based on End-User Industry, the manufacturing segment held over 33% of the connected enterprise market share in 2023, due to the extensive adoption of Industry 4.0 practices, where manufacturers leverage IoT, automation, and data analytics to enhance operational efficiency, reduce downtime, and improve product quality. Connected solutions enable real-time monitoring & control of manufacturing processes, ensuring seamless production and facilitating predictive maintenance. As manufacturers increasingly prioritize digitization and connectivity, the demand for connected enterprise solutions within the manufacturing sector is expected to surge.
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North America connected enterprise market recorded around 37% of revenue share in 2023, attributed to rapid technological advancements. It is a hub for innovations with the ongoing developments in IoT, AI, 5G, and cloud computing. These advancements facilitate seamless connectivity, data analysis, and automation across industries. As a result, the demand for connected enterprise solutions is surging, driving growth & competitiveness across sectors, and positioning North America as a leader in connected technology adoption.
For instance, in May 2023, Honeywell expanded its Forge software capabilities including the release of Connected Warehouse and updates to the Asset Performance Management software. These enhancements offer solutions for improved asset management and warehouse operations, aligning with the needs of industries, such as manufacturing, logistics, and supply chain management, within the market. The Forge software's ability to optimize processes, enhance operational efficiency, and provide real-time data insights contributes to the growth & efficiency of connected enterprises in these sectors.
Connected Enterprise Market Share
The major companies operating in the connected enterprise industry include
- Cisco Systems, Inc.
- General Electric Company
- IBM Corporation
- Verizon Communications
- Wipro Limited
- SAP SE
- Honeywell International
- Robert Bosch
- Schneider Electric
They focus on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner maximum market revenue.
Connected Enterprise Industry News
- In March 2023, Wipro launched the “5G Def-i” platform to accelerate the connected enterprise solutions. The platform can facilitate IoT deployment, data analytics, and real-time communication, enabling businesses to optimize operations, enhance productivity, and deliver innovative services in the rapidly evolving landscape of connected enterprises.
The connected enterprise market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD million) from 2018 to 2032 for the following segments
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Market, By Platform
- Connectivity Management
- Application Enablement & Development
- Device Management
- Others
Market, By Solution
- Manufacturing Execution System
- Customer Experience Management
- Business Analytics
- Application Value Management
- Remote Monitoring
- Others
Market, By End-User Industry
- Manufacturing
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Food & Beverage
- Others
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
Frequently Asked Questions (FAQ)
How big is the connected enterprise market?
The market size of connected enterprise reached USD 358.6 billion in 2023 and is set to witness 29% CAGR from 2024 to 2032, due to increasing investments in IoT solutions and the expansion of remote work environments worldwide.
How are manufacturing execution system driving the connected enterprise industry?
The manufacturing execution system (MES) solution segment held over 29% of the market share in 2023, on account of the growing emphasis on improving operational efficiency among organizations
What factors are influencing connected enterprise market growth in North America?
North America recorded over 37% of the market share in 2023, owing to the rapid technological advancements in the region.
Who are the key connected enterprise industry players?
Cisco Systems, Inc., General Electric Company, IBM Corporation, Verizon Communications, Wipro Limited, SAP SE, Honeywell International, Robert Bosch, and Schneider Electric are some of the major connected enterprise companies worldwide.
