Connected Enterprise Companies | Forecast by 2033

08 Sep 2024

Table of Content

1. Connected Enterprise Market Growth, Trends and Report Highlights 2. Market Overview 3. Connected Enterprise Market Emerging Trends 4. Top Connected Enterprise Market Companies 5. Market Potential & Growth Opportunity 6. Regional Insights 7. Connected Enterprise Market Highlights 8. Connected Enterprise Market News

Connected Enterprise Market Growth, Trends and Report Highlights

The global connected enterprise market exhibited USD 347.12 billion in 2023 and is predicted to attain around USD 3,095.83 billion by 2033, growing at a CAGR of 24.46% during the forecast period. The adoption of connected enterprise markets is rising due to the demand for smart technology that integrates data analysis, interconnected and collaborative ecosystems, and increased security concerns.

Market Overview

Connected expertise is a business model that connects the enterprise's components, networks, employees, data, applications, and devices. That includes every department, every function – customer service, marketing, sales, logistics, HR, finance, R&D, engineering, manufacturing, and every other department within the enterprise, ensuring they are all able to securely connect.

The connected enterprise market integrates any device that interacts with, holds, or processes an organization’s data. Due to the wide variety of these devices, they fall into multiple categories based on their use and overlap with other device classes, including:

• End user device: Devices, such as laptops and smartphones are designed for both consumers and organizations, they are classified as connected enterprise devices. Bring Your Own Device (BYOD) is also considered in connected enterprise devices.
• Internet of Things (IoT): It encompasses billions of physical devices worldwide that are now connected to the internet, all collecting and sharing data. Connecting these diverse devices to the internet and equipping them with sensors and mechanisms to interact with their surroundings. Additionally, digital intelligence is layered over to enable devices to communicate real-time data without human intervention.

Forescout Research Lab highlights the risks associated with enterprise IoT devices using unencrypted protocols. These vulnerabilities can expose sensitive data and make systems more susceptible to cyberattacks. Ensuring proper encryption and security measures is crucial to protect enterprise networks from potential threats.

Connected Enterprise Market Emerging Trends

• AI and ML: By integrating AI and machine learning, the aim is to use data-driven predictions to improve forecast accuracy, validate assumptions with solid data, and reduce decision-making risks. This holistic approach to enterprise helps in planning and combines data power with human judgment, ensuring a more comprehensive financial forecasting strategy. Businesses are adopting AI-driven planning solutions tailored to their roles to gain a competitive edge.
• Big data: It is a combination of structured, semi-structured, and unstructured data that organizations gather, analyze, and mine for insights. It is utilized in machine learning projects, predictive modeling, and other advanced analytics applications. Companies leverage big data to enhance operational efficiency, deliver superior customer service, create personalized marketing campaigns, and undertake other actions that boost revenue and profits.
• 5G connectivity: 5G technologies speed up enterprises’ shift to mobility-supported connectivity solutions and offer mobile network operators (MNO) opportunities to provide value-added security services to businesses. Proof-of-concept (PoC) is used for 5G-assisted secure access service edge (SASE) to gain benefits. This PoC utilizes the MNO’s capabilities, such as network slicing, 5G core control plane information, and existing 5G management tools, to enhance the SASE offering delivered by MNOs.
• Blockchain: Blockchain technology is utilized by enterprises for various applications, such as supply chain management, tracking goods, patient record management, and insurance claims processing. It helps organizations reduce business transaction costs and improves security, transparency, and efficiency.
• Cloud computing: The incorporation of cloud computing enables businesses to access resources such as servers, storage, networking, databases, and analytics as internet-delivered services, eliminating the need to provision and install their own on-premises hardware, software, and computing infrastructure.

Rising Threat of Cyber-Attacks Boosting the Demand for the Connected Enterprise Market

The is rapidly growing due to advancements in Internet of Things (IoT) technologies and the increasing need for robust cybersecurity solutions. As businesses integrate with more connected devices and systems, they face heightened risks of cyber-attacks and data breaches. This drives the demand for comprehensive cybersecurity measures, including IoT security, cloud security, zero trust security, endpoint security, and network security.

However, adopting multiple digital solutions often leads to interoperability challenges, as connecting different systems and devices can be difficult, hindering seamless integration. These challenges can stem from technological compatibility issues, varying data formats, and a lack of standardized protocols. Additionally, privacy and security concerns, as well as resistance to change within organizations, can further complicate integration efforts.

The impact of these interoperability issues includes delays in business intelligence reaching the right people, increased costs for data cleaning and transfer, higher storage costs due to data duplication, and difficulties in enforcing data governance. Overcoming these barriers requires adopting standardized approaches, investing in compatible technologies, and fostering collaboration among different stakeholders.

Top Connected Enterprise Market Companies

• Rockwell Automation, Inc.
• IBM Corporation
• PTC, Inc.
• Microsoft Corporation
• Honeywell International Inc.
• General Electric Company
• Cisco Systems, Inc.
• Verizon Communication, Inc.
• HARMAN International Industries Ltd.
• Jacobs Engineering Group, Inc
• Accelerite
• Bosch
• GE Digitals
• MindTree Ltd.
• UiPath

Recent Development by Microsoft Corporation in the Connected Enterprise Market

Recent Development by Honeywell International Inc. in the Connected Enterprise Market

Market Potential & Growth Opportunity

The connected enterprise market is evolving with the integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and automation to enhance business operations and decision-making processes. It is expected for the market to focus on a customer-centric approach, using data analytics to better understand and meet customer needs. Connected enterprises are thriving and rapidly changing the digital landscape of the coming future.

Companies are seeking strong cybersecurity measures to safeguard their data and systems from cyber threats. They are prioritizing the market solutions to safeguard their operations and data, ensuring the security and efficiency of their connected enterprises. This trend is expected to continue as more organizations adopt the connected enterprise market services and focus on cybersecurity to protect their assets and information.

Regional Insights

Middle East & Africa are projected to host the fastest-growing connected enterprise market in the coming years due to the increase in the adoption of technologies such as connected vehicle technology. The UAE's luxury car market is embracing advanced infotainment systems and telematics, aligning with modernization and smart city goals. Saudi Arabia has the largest automotive market.

In Africa, the connected enterprise market is still emerging but shows great potential. South Africa, with its strong automotive sector, is leading in integrating connectivity features into vehicles. Other African countries are beginning to explore connected vehicles, driven by the need for better road safety and transportation efficiency.

North America dominated the connected enterprise market in 2023. Rising technological spending and the increasing demand for connected infrastructure are driving industry growth. Additionally, the increasing significance of automation and the demand for greater flexibility and functionality are expected to drive industry growth. There has been proven growth in technological advancements such as IoT, AI, 5G, and cloud computing. These technologies provide seamless connectivity, data analysis, and automation across various industries, enhancing operational efficiency.

Connected Enterprise Market Highlights

Connected Enterprise Market News

• In April 2024, Rockwell Automation and Microsoft announced significant technology integrations at Hannover Messe 2024. These innovations aim to connect the physical and digital industrial worlds, enhancing intelligent factory operations. Key technologies include AI, IoT, and cloud solutions, which simplify processes, improve sustainability, and boost operational excellence.
• American Tower and IBM are collaborating to bring edge cloud services to enterprises, leveraging 5G and AI technologies. This partnership aims to enhance innovation and customer experiences by deploying a hybrid, multi-cloud computing platform at the edge. The initiative will help businesses process and analyze data closer to its source, improving efficiency and response times.

Market Segmentation

By Component

• Services
• Solution
• Platform

By Solution

• Customers experience management
• Business analytics
• Remote monitoring
• Manufacturing execution systems (MES)
• Application value management

By Services

• Managed 
• Professional

By Platform

• Application enablement & development
• Device management
• Connectivity management

By Application

• BFSI
• Manufacturing
• Retail
• Healthcare
• IT & telecom
• Food & beverage
• Others

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