Increasing need for automation and cloud computing across industries, increased use of the Internet of Things across various industries to expand the market for connected enterprises, and the increasing integration of digital ways of business is driving the global connected enterprise market
Portland, ore.And February 1, 2022 /PRNewswire/- Allied Market Research published a report titled “Enterprise Market Connected by Offering Type (Solutions and Services) (Manufacturing Execution System, Customer Experience Management, Enterprise Infrastructure Management, Asset Performance Management, Remote Monitoring System, etc.), End User (Manufacturing and Technology) Information and Communications, Retail, E-Commerce, BFSI, Healthcare, Energy, Utilities, etc.): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global enterprise industry connected to $267.74 billion In 2020, it is expected to happen 3.16 trillion dollars By 2030, recording a compound annual growth rate of 28.4% from 2021 to 2030.
Drivers, limitations and opportunities
Increasing need for automation and cloud computing across industries, increased use of the Internet of Things across various industries to expand the market for connected enterprises, and the increasing integration of digital ways of business is driving the global connected enterprise market. On the other hand, the high cost of deployment and the lack of IoT standards restrict growth to some extent. However, evolving trends in the retail sector, increasing adoption of the Internet of Things in SMEs and technological advancements on the digital platform are expected to create lucrative opportunities in the industry.
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The increase in automated solutions during the pandemic has prompted companies to migrate to a fully automated environment, boosting the connected enterprise industry.
The companies were pushed into a fully automated environment, which helped the market grow even more.
This trend is likely to continue after the pandemic as well.
Get a detailed analysis of the impact of COVID-19 on the Connected Enterprises market:
Slice the solution to keep the lion’s share
On a component basis, the solutions segment captured the major share in 2020, accounting for nearly 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 very beneficial for the growth of the market. On the other hand, the service segment is expected to register the fastest compound annual growth rate of 30.6% throughout the forecast period. This is due to the fact that Enterprise Resource Planning (ERP) for professional services happens to deliver improved value by modernizing the operational infrastructure.
Manufacturing execution system sector will dominate by 2030
On the basis of type, the Manufacturing Execution System segment contributed the lion’s share in 2020, owning more than a quarter of the global connected enterprise market. However, the customer experience management segment is expected to show the fastest compound annual growth rate of 33.8% from 2021 to 2030. Other sectors studied through the report include enterprise infrastructure management, asset performance management and remote monitoring system.
Asia Pacific, followed by North America, which got the largest share in 2020
By region, market via Asia Pacific, followed by North America, which dominated in 2020, accounted for nearly a third of the global connected enterprise market. At the same time, the same region is also expected to report the fastest compound annual growth rate of 31.4% throughout the forecast period.
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The main players in the industry
Honeywell International Corporation
Rockwell Automation, Inc.
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