The global connected enterprise market size is expected to reach USD 1.94 trillion by 2025, according to a new report by Grand View Research, Inc. The increasing need for automation and the proliferation of connected devices is providing new growth avenues for the connected enterprise market.
Enterprises are moving toward digital technologies to transform their business operations, improve customer experiences, and rapidly respond to emerging threats and opportunities. Industry collaborations with connected technology are gaining prominence for improving agility, productivity, and business process management. Although the Internet-of-Things (IoT) and connected technologies are becoming adept, several organizations have not included their collaboration with smart technologies in business strategies.
The implementation of intelligent networks has improved the optimization of assets including equipment reliability, and energy usage, and has expanded the capacity of existing assets. Enterprises are integrating people, tools, processes, and platforms comprising infrastructure and applications to disrupt business productivity with next-generation solutions.
Moreover, organizations are looking for innovative ways to differentiate themselves from their competitors and overcome threats from new entrants. Connected solutions are increasingly adopted for generating new revenue streams and improving profit margins. These solutions help enterprises in increasing their operational efficiency by enabling real-time monitoring of assets. However, fragmented technology standards and growing security concerns are expected to deter industry growth.
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Further key findings from the report suggest:
- Customer experience management is expected to be the fastest-growing segment owing to its transition from being transactional to a more interactive and informative solution
- The managed services segment is expected to grow at a CAGR of over 35% from 2016 to 2025. due to the increasing need for outsourcing IoT-related capabilities
- The device management platform is anticipated to account for over 25% revenue share by 2025; the need to drive connected products assessment, reduce operational costs, and improve service quality is propelling the demand for a device management platform
- The healthcare sector is expected to reach a valuation of over USD 150 billion by 2025 on account of its transition from providing provider-centric to patient-centric solutions
- The Asia Pacific region is expected to be the fastest-growing regional market as the enterprises in the region are deploying connected infrastructure in new areas to improve their revenues.
- The key industry players include IBM Corporation, Rockwell Automation, Inc., IBM Corporation, Honeywell International, Inc., and PTC Inc.