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

Global 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 growing expansion rate of the global connected enterprise market in recent years is a combined result of increasing demand for smooth connectivity and development of novel technologies across several industries.

This market utilizes the adoption of Internet of Things (IoT) devices, cloud computing, data analytics, AI, and automation to build an interconnected infrastructure that can result in better decision-making, productivity, and operational efficiency. Industries such as manufacturing, healthcare, energy, and transportation have used connected corporate solutions to speed up operations, cut costs, and open up new revenue avenues.

Take for example how the manufacturing industry has made use of real-time data analytics and Internet of Things (IoT) sensors to raise production yields, reduce downtime, and enable predictive maintenance. The healthcare sector has also used these connected gadgets to enhance patient monitoring, expedite medical procedures, and facilitate telemedicine services.

With the widespread adoption of 5G technology that offers speedy and low-latency communication, the connected enterprise market has expanded further due to its demand in fields that use mission-critical applications and real-time data sharing. Still, the market also faces several issues like privacy, interoperability, and data security that can hamper its current growth rate.

Companies are putting a greater emphasis on implementing standardized communication protocols and strong cybersecurity measures to ensure smooth and secure data flow. Machine learning and AI play a crucial role in the developing market to procure valuable insights from the large volumes of data provided by networked devices. This trend promotes increased efficiency and innovation across industries by enabling the automation of complicated operations, predictive analytics, and better decision-making.