|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 253.75 Billion
|
|
CAGR (2023-2028)
|
25.8%
|
|
Fastest Growing Segment
|
Manufacturing Execution System
|
|
Largest Market
|
North America
|
Market Overview
The Global Connected Enterprise Market was valued
at USD 253.75 billion in 2022 and is growing at a CAGR of 25.50% during the
forecast period. The ascent of Connected Enterprise, characterized by the
integration of Property Technology (PropTech), has triggered a transformative
wave that has rippled across industries, orchestrating a digital revolution in
machinery and equipment management. These interconnected technological
advancements lay the foundation for the creation of digital twins of industrial
assets, heralding an era defined by heightened control, optimization, and
predictive maintenance. The Global Connected Enterprise Market is poised for
substantial growth, driven by the convergence of influential factors. A pivotal
catalyst propelling the demand for Connected Enterprise is the relentless
pursuit of cost optimization and heightened operational efficiency across
industrial processes. Industries spanning the spectrum from manufacturing to
agriculture are ardently exploring innovative pathways to streamline their
operations and minimize costly downtime. The arsenal of Machinery Condition
Monitoring Systems (MCS) technology empowers organizations to digitally
replicate their machines and equipment, bestowing upon them an omniscient
capability to monitor performance, identify latent issues, and proactively
avert catastrophic breakdowns. The integration of MCS technology is on a
meteoric trajectory, primarily fueled by the deluge of data emanating from an
expansive network of sensors, Internet of Things (IoT) devices, and industrial
machinery. These data tributaries present a treasure trove of invaluable
insights into machinery performance, paving the way for data-driven
decision-making and the strategic deployment of predictive maintenance
strategies. Consequently, the adoption of Connected Enterprise is surging
across sectors as diverse as manufacturing, construction, agriculture, and
mining. Furthermore, industry experts and stalwarts have wholeheartedly
embraced the adoption of Connected Enterprise, further amplifying its market
prospects. Experienced professionals across various sectors readily recognize
the transformative potential of MCS technology. They envision it as a conduit
to elevate operational efficiency, enhance safety standards, and increase
overall productivity. This resonating optimism has set the stage for a surge in
investments in Connected Enterprise, with a collective determination to
revolutionize conventional industries and propel them into an era of
innovation.
Tailored Solutions for Industry Precision A
remarkable facet of MCS technology is its capacity to tailor bespoke solutions
for specific industries. In the construction sector, for instance, Connected
Enterprise enables the creation of digital replicas of construction sites and
machinery. This precision engineering facilitates exacting tasks such as
grading, excavation, and construction processes, ultimately leading to
heightened project efficiency and elevated quality standards. In summary, the
Global Connected Enterprise Market stands at the precipice of remarkable
growth, driven by the unwavering pursuit of cost optimization, operational
excellence, and the unswerving faith of industry connoisseurs. As industries
continue their relentless journey towards digital transformation, Connected
Enterprise remains steadfast as a linchpin, meticulously shaping the contours
of the future for machinery operations and industrial processes. The radiant
potential of Connected Enterprise is indeed a guiding beacon for industries
worldwide, illuminating the path to an era of unprecedented efficiency and
innovation.
Key Market Drivers
Rapid Advancements in IoT Technology
he Global Connected Enterprise Market is
experiencing rapid growth, and one of the primary drivers behind this expansion
is the remarkable advancements in Internet of Things (IoT) technology. IoT
refers to the network of interconnected devices and objects that can
communicate and exchange data over the internet. This technology has been a
game-changer for various industries, transforming the way businesses operate
and create value.
One significant aspect of IoT's impact on the
connected enterprise is the proliferation of smart devices. These devices are
embedded with sensors, actuators, and connectivity capabilities, allowing them
to collect and transmit data in real time. This data can encompass a wide range
of information, from environmental conditions to machine performance metrics
and user behavior.
IoT technology enables businesses to harness this
data for various purposes, including:
Improved Operational Efficiency:
IoT-connected sensors can monitor equipment,
machinery, and processes, providing real-time insights into their performance.
This allows companies to optimize operations, predict maintenance needs, and
minimize downtime. For example, in manufacturing, IoT sensors on production
lines can detect anomalies and trigger maintenance alerts before a breakdown
occurs, ensuring continuous production.
Enhanced Customer Experience:
IoT-enabled products and services can provide a
personalized and seamless experience to customers. For instance, in the retail
sector, smart shelves can track inventory levels in real time, helping
retailers ensure products are always in stock and reducing out-of-stock
situations that can frustrate shoppers.
Data-Driven Decision-Making:
The data generated by IoT devices serves as a
valuable resource for data analytics and business intelligence. By analyzing
this data, organizations can gain deeper insights into consumer preferences,
market trends, and operational inefficiencies, enabling data-driven
decision-making.
Supply Chain Optimization:
IoT technology is revolutionizing supply chain
management by enabling real-time tracking and monitoring of goods in transit.
This leads to improved visibility, reduced transportation costs, and more
efficient logistics operations.
Energy Efficiency and Sustainability:
Connected enterprises can leverage IoT to optimize
energy consumption and reduce environmental impact. Smart building systems, for
instance, can adjust lighting, heating, and cooling based on occupancy and
environmental conditions, leading to energy savings and sustainability
benefits.
Increasing Demand for Remote Work and Collaboration
Tools:
The increasing demand for remote work and
collaboration tools is a driving force behind the growth of the global
connected enterprise market. This transformation is reshaping the way
businesses operate, communicate, and collaborate, emphasizing the need for
seamless connectivity and digital solutions that enable employees to work from
anywhere. The rapid adoption of remote work, accelerated by the COVID-19
pandemic, has fundamentally changed the way companies approach their
operations. To maintain business continuity and support remote teams,
organizations have turned to a wide array of connected enterprise solutions.
This includes cloud-based communication platforms, video conferencing tools,
project management software, and virtual collaboration spaces. These tools
empower employees to communicate, share information, and collaborate
effectively, regardless of their physical location. Moreover, the demand for
remote work solutions extends beyond basic communication tools.
Companies are investing in robust cybersecurity
measures, cloud infrastructure, and remote access technologies to ensure the
security and accessibility of corporate data and applications for remote
workers. The rise of Bring Your Own Device (BYOD) policies and the deployment
of Virtual Private Networks (VPNs) and secure access solutions are key
components of the connected enterprise landscape. Collaboration tools have
become central to the connected enterprise ecosystem, enabling teams to
collaborate on projects, share documents, and engage in real-time
communication. Features like file sharing, screen sharing, and document
co-editing have become essential for maintaining productivity and teamwork,
regardless of geographic distances. The connected enterprise concept extends
beyond remote work to encompass the integration of various business processes
and data streams. Companies are leveraging Internet of Things (IoT) devices and
sensors to collect and analyze data from various sources, such as manufacturing
equipment, supply chain logistics, and customer interactions.
This data-driven approach enhances operational
efficiency, enables predictive maintenance, and improves decision-making
processes. The healthcare industry is a prime example of how the connected
enterprise is transforming operations. Telehealth solutions have surged in
popularity, allowing healthcare providers to offer remote consultations and
services. These solutions not only improve patient access to care but also
reduce the burden on physical healthcare facilities. Additionally, the
integration of medical devices and wearables into connected healthcare
ecosystems enables continuous monitoring of patients' health and provides
valuable data for personalized treatment plans. In the manufacturing sector,
Industry 4.0 initiatives leverage the connected enterprise to optimize
production processes. Smart factories use IoT devices and sensors to monitor
equipment performance, detect anomalies, and automatically trigger maintenance
or adjustments.
This data-driven approach minimizes downtime,
reduces operational costs, and enhances product quality. The demand for remote
work and collaboration tools has also driven the adoption of augmented reality
(AR) and virtual reality (VR) technologies. These immersive technologies enable
remote technicians to receive guidance and instructions from experts in real-time,
enhancing training and troubleshooting processes. In fields like architecture
and construction, AR and VR are used for virtual site inspections and design
reviews, fostering collaboration among remote teams. The global connected
enterprise market is poised for continued growth as organizations recognize the
long-term benefits of digital transformation and remote work capabilities. To
capitalize on this trend, companies are investing in scalable, secure, and user-friendly
connected enterprise solutions that facilitate collaboration, data sharing, and
process automation. As businesses continue to adapt to the evolving work
landscape, the connected enterprise will remain a pivotal enabler of
productivity, innovation, and competitiveness in a globally interconnected
world.
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Key Market Challenges
Cybersecurity Concerns and Data Privacy:
The Global Connected Enterprise Market is a rapidly
evolving landscape driven by the proliferation of digital technologies and the
interconnectedness of various industries and sectors. While this connectivity
has brought about significant benefits in terms of efficiency, productivity,
and innovation, it has also given rise to a host of cybersecurity concerns and
data privacy challenges that demand immediate attention.
One of the foremost cybersecurity concerns in the
Global Connected Enterprise Market is the escalating threat of cyberattacks.
With the increasing reliance on interconnected systems and the Internet of
Things (IoT), the attack surface for malicious actors has expanded
exponentially. Cybercriminals now have more entry points into networks and
devices, making it easier for them to exploit vulnerabilities and steal
sensitive information. These attacks can have severe consequences, ranging from
financial losses and operational disruptions to reputational damage.
Another significant concern revolves around the
sophistication of cyber threats. As technology advances, so do the capabilities
of cyber attackers. They employ advanced tactics such as zero-day exploits,
ransomware, and social engineering techniques to breach organizations'
defenses. The interconnected nature of the Global Connected Enterprise Market
means that a breach in one sector can have cascading effects, potentially
impacting critical infrastructure and national security.
Data privacy is another pressing challenge. With
the constant flow of data between devices and systems, ensuring the protection
of personal and sensitive information has become a paramount concern.
Organizations must grapple with compliance regulations, such as the European
Union's General Data Protection Regulation (GDPR) and the California Consumer
Privacy Act (CCPA), which require stringent data protection measures and
consent mechanisms. Failing to comply with these regulations can result in
hefty fines and legal repercussions.
Moreover, the sheer volume of data generated by
connected devices presents a logistical challenge in terms of data management
and storage. Ensuring that data is collected, processed, and stored securely is
essential to mitigate the risk of data breaches and unauthorized access. This
challenge is further compounded by the need to balance data access and sharing
for legitimate purposes while safeguarding against misuse.
The complexity of supply chains in the Global
Connected Enterprise Market also poses cybersecurity and data privacy challenges.
As organizations collaborate with numerous partners, suppliers, and vendors,
they create potential weak links in the security chain. A breach in any part of
the supply chain can have ripple effects on the entire ecosystem, making it
essential to establish robust security protocols and vetting procedures for all
stakeholders.
To address these concerns and challenges,
organizations in the Global Connected Enterprise Market must adopt a proactive
and comprehensive cybersecurity strategy. This strategy should include
continuous monitoring, threat intelligence, employee training, and the
implementation of advanced security technologies, such as artificial
intelligence and machine learning, to detect and respond to threats in
real-time.
Additionally, organizations must prioritize data
privacy by adopting encryption, access controls, and anonymization techniques
to protect sensitive information. Regular audits and assessments of data
handling practices are essential to ensure compliance with data protection
regulations and maintain trust with customers.
In conclusion, the Global Connected Enterprise
Market offers immense opportunities for innovation and growth, but it also
brings with it a multitude of cybersecurity concerns and data privacy challenges.
To thrive in this interconnected landscape, organizations must prioritize
cybersecurity, invest in robust defense mechanisms, and uphold the highest
standards of data privacy. Only by doing so can they harness the full potential
of the Global Connected Enterprise Market while safeguarding their assets and
reputation...
Interoperability and Standardization
The Global Connected Enterprise Market presents a
dynamic and rapidly evolving landscape characterized by the proliferation of
diverse technologies and systems. Amidst this complexity, interoperability and
standardization emerge as critical challenges that must be addressed to unlock
the full potential of connectivity and integration.
Interoperability, the ability of different systems,
devices, and applications to communicate and work together seamlessly, is a
paramount concern. In the Global Connected Enterprise Market, various
industries and sectors are interconnected, often relying on a multitude of
proprietary technologies and protocols. This lack of interoperability can
result in data silos, inefficiencies, and compatibility issues. For businesses,
it means difficulty in integrating new technologies into existing
infrastructures, limiting their ability to adapt and innovate.
Standardization is closely linked to
interoperability and is essential for achieving it. In a world where countless
vendors offer their solutions, the absence of industry-wide standards can lead
to fragmentation and chaos. Organizations often find themselves grappling with
incompatible interfaces, protocols, and data formats, hindering the seamless
exchange of information and collaboration across the connected ecosystem. This
fragmentation also poses challenges for scalability, as it requires custom integration
efforts, which can be costly and time-consuming.
To address these challenges, the Global Connected
Enterprise Market must prioritize the development and adoption of
interoperability standards. Industry consortia, government bodies, and
international organizations play a crucial role in establishing these
standards. For instance, organizations like the Industrial Internet Consortium
(IIC) and the Open Connectivity Foundation (OCF) work towards creating common
frameworks and protocols to enable seamless connectivity in the Industrial
Internet of Things (IIoT) and the broader connected enterprise space.
Standardization efforts not only enhance
interoperability but also drive innovation and market growth. They reduce
development costs, accelerate time-to-market for new solutions, and foster
healthy competition among vendors. Moreover, standards provide a level of
assurance for businesses and customers alike, ensuring that products and
services meet a minimum set of quality and security criteria.
In conclusion, interoperability and standardization
challenges are pivotal considerations in the Global Connected Enterprise
Market. Addressing these challenges requires collaborative efforts from
industry stakeholders, regulatory bodies, and standards organizations to
establish common frameworks, protocols, and best practices. By doing so, the
market can unlock the full potential of connectivity, drive innovation, and
ensure the seamless integration of diverse technologies and systems across
industries and sectors.
Key Market Trends
5G Connectivity and Edge Computing:
The rollout of 5G networks is revolutionizing the
connected enterprise by providing ultra-fast, low-latency connectivity. This
high-speed, low-latency capability is a game-changer for industries that rely
on real-time data processing and communication, such as manufacturing,
healthcare, and autonomous vehicles. With 5G, the volume of data that can be
transmitted and processed in real-time increases exponentially, enabling
applications like remote robotic control, augmented reality (AR) maintenance,
and immersive virtual reality (VR) experiences for training and design.
Moreover, 5G empowers edge computing, which involves processing data closer to
its source (i.e., at the "edge" of the network) rather than relying
solely on centralized cloud servers. This trend reduces latency, enhances
security, and enables faster decision-making, making it crucial for
applications like IoT devices and autonomous systems. As 5G networks continue
to expand globally, we can expect the connected enterprise to become even more
efficient, responsive, and capable of supporting a wide range of transformative
applications.
AI and Machine Learning Integration:
Artificial Intelligence (AI) and Machine Learning
(ML) technologies are becoming increasingly integrated into the connected
enterprise ecosystem. These technologies enable businesses to extract valuable
insights from the vast amounts of data generated by connected devices.
Predictive maintenance, for example, utilizes AI to analyze data from sensors
on machinery and equipment to predict when maintenance is needed, reducing
downtime and optimizing asset utilization. In the healthcare sector, AI-powered
diagnostics and patient monitoring are enhancing the quality of care and
patient outcomes. Moreover, AI-driven analytics and decision-support systems
are being deployed in areas like supply chain management, customer service, and
fraud detection. As AI and ML algorithms become more sophisticated, the
connected enterprise will continue to benefit from improved automation,
predictive capabilities, and the ability to make data-driven decisions in
real-time.
Segmental Insights
Type Insights
The Manufacturing Execution
System (MES) segment is dominating the global connected enterprise market. MES
is a software system that collects and analyzes data from production processes
to improve efficiency and quality. It is used to monitor and control production
activities, track inventory levels, and manage quality control.
The increasing demand for
real-time data and analytics in manufacturing is driving the adoption of MES
solutions. The growing need to improve operational efficiency and productivity
in manufacturing is also driving the demand for MES solutions. The increasing
adoption of Industry 4.0 technologies, such as IoT and big data, is also
creating new opportunities for MES solutions...
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Regional Insights
North America is the dominating region in the
global connected enterprise market. The growth of the market in North America
is being driven by the following factors:The presence of a large number of IoT
vendors and solution providers in the region.
The increasing adoption of Industry 4.0
technologies in the manufacturing sector.The growing demand for real-time data
and analytics in the healthcare and retail sectors..
Recent Developments
- November 2022: Persistent
Systems and Software AG, one of the pioneers of enterprise software for
integration, IoT and automation providers, entered into a strategic partnership
to provide innovative industrial solutions for the combined company. Persiv
would provide collaborative solutions to streamline operations by modernizing
applications and processes and facilitating the transfer of data between businesses
to unlock value. The collaboration would address the challenges and
opportunities of business leaders in their organizational change.
Key Market
Players
- Accelerite
- BOSCH GMBH
- Cisco Systems
- GE Digital
- Honeywell International Inc.
- IBM CORPORATION
- MindTree Ltd.
- PTC
- Rockwell Automation, Inc
- UiPath
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By Offering
|
By Type
|
By End User
|
By Region
|
|
• Solution
• Services
|
• Manufacturing Execution System
• Customer Experience Management
• Enterprise Infrastructure Management
• Asset Performance Management
• Remote Monitoring System
• Others
|
• Manufacturing
• IT & Telecommunication
• Retail & E-commerce
• BFSI
• Healthcare
• Energy & Utility
• Others
|
• North America
• Europe
• South America
• Middle East & Africa
• Asia-Pacific
|
Report Scope:
In this report, the Global Connected Enterprise Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Global
Connected Enterprise Market, By Offering:
o Solution
o Services
- Global Connected Enterprise Market, By Type:
o Manufacturing Execution System
o Customer Experience Management
o Enterprise Infrastructure Management
o Asset Performance Management
o Remote Monitoring System
o Others
- Global Connected Enterprise Market, By End User:
o Manufacturing
o IT & Telecommunication
o Retail & E-commerce
o BFSI
o Healthcare
o Energy & Utility
o Others
- Global Connected Enterprise Market,
By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Connected Enterprise Market.
Available Customizations:
Global Connected Enterprise Market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Connected Enterprise Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]