According to report “Connected Enterprise Market by Platform (Device, Connectivity Management & Application Enablement), Solution, Service (Professional and Managed Services), Vertical, and Region – Global Forecast to 2021″, the connected enterprise market size is expected to grow from USD 102.60 Billion in 2016 to USD 400.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period.
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The major drivers of this market include increasing need for automation and cloud computing across industries, rising adoption of devices are generating voluminous data for better processes and operations, and growing technological advancements in enterprises. Furthermore, the rising adoption of Internet of Things (IoT)-enabled applications in Small and Medium Businesses (SMBs) provides huge opportunities for IoT platform vendors, service providers, application providers, and consulting companies.
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Continuous technology advancements such as big data, cloud and streaming analytics are further driving the use of connected enterprises solutions and services
Rapid technological changes in IT have helped organizations across industry verticals to increase operational efficiency and provide proficient customer services.. The connected enterprise solution easily connects devices and enables connection to concerned IT systems and operational assets, providing a more comprehensive business value. Earlier, platform providers would provide only a single platform for managing devices or connectivity, but nowadays, a more integrated approach towards connected technology is being adopted.
Increasing demand for system integrators is the driving factor of professional services in the connected enterprise market
The professional services are classified into three major categories, namely, training & consulting, integration services, and support & maintenance. These services contribute in providing essential support for enhancing efficiency and increasing growth, along with reduced operating expenses and resource losses. Service providers help the clients in designing, planning, and deploying the new system into their existing IT infrastructure. Connected enterprise technology does not have uniform standards and hence system integration is required in all IoT deployments.
North America is expected to hold the largest share in the connected enterprise market
North America is expected to hold the largest market share and dominate the connected enterprise market from 2016 to 2021. The main drivers responsible for the growth of connected enterprise in North America are the technological advancements, presence of top IoT players, and advanced infrastructure. The connected enterprise market in Asia-Pacific (APAC) and Middle East & Africa (MEA) is expected to witness high growth due to the presence of a large number of manufacturing, industrial automation, and retail establishments.
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The major vendors covered in the connected enterprise market for this study include PTC (U.S), Microsoft Corporation (U.S.), IBM Corporation (U.S.), General Electric (U.S.), and Cisco Systems, Inc. (U.S.).
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