The growing acquisition of digital variation strategies covering industries such as BFSI and manufacturing is driving market growth.
New York, USA, Dec. 19, 2024 (GLOBE NEWSWIRE) — Market Outlook:
Polaris Market Research has recently published its latest analysis titled “Connected Enterprise Market”. The report reveals that the market for connected enterprise was valued at USD 620.88 billion in 2024 exhibiting a CAGR of 33.3% during the forecast period.
What is Connected Enterprise?
Connected enterprise is when each component of a firm is linked through combined technology. This indicates each sector, and each operation, such as engineering, manufacturing, sales, logistics, HR, customer service, marketing, finance, R&D, and occasional conflict within the enterprise, are all capable of securing connections. An enterprise can decrease operating prices and enhance productivity through big data collated by eth digital linkage of procedures, people, and instruments.
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Key Takeaways from the Report
- The market is expected to exhibit at a CAGR of 33.3%.
- The market for connected enterprise is expanding due to it improving governing, and maximizing business functions covering several industries.
- The connected enterprise market analysis is primarily based on component, type, end user, and region.
- Based on components, the solution segment dominated the market in 2024.
- In 2024, North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Connected Enterprise Market Dynamics
Growth Drivers
Technological Progressions: The connected enterprise market size is expanding due to the surge in digital variation techniques as firms are growingly acquiring technologies such as IoT, AI, and cloud computing to smooth functions and enhance productivity. In September 2023, Siemens Xcelerator instigated an open business platform to push digital conveyance for all industry consumers.
Surge in Digital Conveyance Strategies: The global surge in digital conveyance strategies is a prominent market growth driver. Firms are growingly acquiring technology to enhance flexibility and encourage invention, manipulating data to make informed decisions and smoothen functions. Further, perspectives emanated from linked devices ease procedure maximization and prophetic sustenance.
Trends and Opportunities
Escalating Funding in Connected Solutions: The requirement for sprightly and combined business procedures covering departments is pushing firms to fund in connected solutions additionally encouraging market growth. Therefore, digital transformation endeavors are modifying conventional business models and enhancing customer experience, suggesting that connected enterprise market demand is expanding.
Sectors Enhancing Productivity: Sectors involving manufacturing, healthcare, and automotive are capitalizing on connected enterprise solutions to enhance productivity and governing and decrease costs. Thus, the market is profiting from tactical associations, government reinforcement for smart frameworks, and shove for real-time data analytics.
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Competitive Analysis
The aggressive topography of the industry is portrayed by the blending of spearheading leaders and engaging in market share through invention, tactical association, and regional augmentation. Prominent firms in the connected enterprise sector, such as IBM, Microsoft, and Salesforce, use their substantial R&D potential to offer progressive solutions.
Major players operating in connected enterprise market are:
- Accelerite
- Robert Bosch GmbH
- Cisco Systems, Inc.
- GE Digital (GE Vernova)
- Honeywell International Inc.
- IBM
- LTIMindtree Limited
- PTC
- Rockwell Automation
- Accenture
- Microsoft
Regional Insights
North America: The region boasted a sizeable market share due to a strong technological framework and an elevated gathering of prominent industry players. Further, the region profits from notable funding in progressive technologies such as IoT and cloud computing, which ease the application of connected enterprise solutions.
Europe: The region’s growing attentiveness to digital transformation and justifiability and its initiatives, such as green deal and several smart city projects, are fuelling funding in connected technologies throughout the region and are expected to drive Europe’s connected enterprise market with the highest CAGR during the forecast period.
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Connected Enterprise Market Segmentation
By Component Outlook
- Solution
- Service
By Type Outlook
- Manufacturing Execution System
- Customer Experience Management
- Enterprise Infrastructure Management
- Asset Performance Management
- Remote Monitoring System
By End User Outlook
- Manufacturing
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Food & Beverage
By Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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