Connected Enterprise Market Size, Share, Growth Analysis, By Offering(Solutions, Services, Professional Services, Managed Services), By End user(Manufacturing, IT & Telecommunication, Retail & E-commerce, BFSI), By Region - Industry Forecast 2024-2031

Connected Enterprise Market size was valued at USD 335.35 billion in 2022 and is poised to grow from USD 428.91 billion in 2023 to USD 3071.38 billion by 2031, growing at a CAGR of 27.90% in the forecast period (2024-2031).

The competitive environment of the connected enterprise market is defined by the intense competition key players of the market are engaged in as they strive for market dominance. Industry leaders such as IBM, Microsoft, Siemens AG, and Cisco Systems have retained their position by offering all-inclusive solutions which use IoT, AI, cloud computing, and data analytics. In order to innovate and improve their product portfolios and guarantee smooth connectivity, security, and scalability for enterprises, these organizations heavily engage in research and development. Specialized offerings for particular industries are the focus of niche players such as PTC Inc., Schneider Electric, and Rockwell Automation. These companies encourage innovation in digital transformation and industrial automation. The competitive environment in the industry is also influenced by alliances, joint ventures, and calculated acquisitions made by firms looking to improve their skills and increase their market share. Competition is expected to heat up as demand for connected technologies soars across industries, forcing businesses to stand out with cutting-edge technology, bespoke solutions, and client-focused offerings. 'IBM (USA)', 'Cisco Systems (USA)', 'Microsoft Corporation (USA)', 'SAP SE (Germany)', 'Oracle Corporation (USA)', 'Siemens AG (Germany)', 'General Electric (USA)', 'Schneider Electric (France)', 'Honeywell International Inc. (USA)', 'Rockwell Automation (USA)', 'ABB Group (Switzerland)', 'Accenture plc (Ireland)', 'Deloitte (UK)', 'PTC Inc. (USA)', 'Amazon Web Services (AWS) (USA)', 'Ericsson (Sweden)', 'Bosch Software Innovations GmbH (Germany)', 'Hitachi Vantara (Japan)', 'HP Enterprise (USA)', 'Fujitsu Limited (Japan)', 'Capgemini (France)', 'Verizon Communications Inc. (USA)', 'Tata Consultancy Services (India)', 'Nokia Corporation (Finland)', 'Infosys (India)'

Companies around the globe are working on bringing digital transformation to their operations and products to remain a viable competitor and maintain efficiency. Connected corporate solutions that integrate automation, data analytics, and Internet of Things devices have driven the possibility of his development. These technologies offer companies assistance in better decision making, streamlining of operations, and conducting better client interactions.

IoT Integration and Adoption: A notable trend in the connected enterprise market is the implementation of the Internet of Things (IoT). Thanks to IoT technologies, businesses can now collect and analyze data in real time by forming a network of devices, sensors, and equipment. As a result of this connectedness, companies increased overall productivity, made data-driven decisions, and enhanced operations. For the smooth execution of smart manufacturing, predictive maintenance, asset tracking, and supply chain management, networked enterprises used IoT.

Traditionally, the connected enterprise market has been led by North America, particularly the US. This region’s supremacy in the market can be attributed to its advanced technological platform, a healthy culture of innovation, greater presence of tech giants, growing emphasis on digital transformation, and the deployment of IoT devices.