APAC Poised for Fastest Growth in Connected Enterprise Market

NEW YORK - Sept. 30, 2024 - PRLog -- The connected enterprise market is expected to grow from USD 305.2 billion in 2024 to USD 2,981.9 billion by 2030, with a compound annual growth rate (CAGR) of 46.2%. This expansion is driven by the widespread use of smartphones, the growing adoption of digital platforms by businesses, government initiatives to improve telecom infrastructure, and advancements in digital technologies.

In 2022, the remote monitoring segment, based on application, held the largest market share at 30%. This is mainly due to the increasing demand for real-time monitoring of resources from any location. This capability enables businesses to oversee network operations, and vendors to develop innovative solutions for managing inventory and enhancing the in-store shopping experience for customers.

The customer experience management category is projected to grow significantly throughout this decade, as companies use it to enhance overall success by optimizing customer interactions.

On the basis of end user, the manufacturing sector dominated the connected enterprise market in 2022, with a 40% share, and is expected to remain the largest throughout the decade. This can be attributed to the rising use of smart and digital tools in manufacturing for improving operational efficiency, asset management, and automating industrial processes. Significant investments in sensors and analytics by manufacturers have resulted in higher productivity and returns on investment (ROI).

Among platforms, the connectivity management category is expected to grow at the fastest pace over the next decade. This platform is vital for managing IoT device connectivity across communication networks. The application enablement platform is also anticipated to see significant growth, as it allows consumers to access services and manage data without needing to store it themselves.

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The Asia-Pacific region is set to experience the highest CAGR during this period due to the widespread adoption and use of connected devices. Companies are also deploying connected infrastructure in unexplored regions to enhance profitability.

North America holds a substantial market share, supported by advancements in various end-use sectors, robust telecommunications infrastructure, and the presence of major IoT solution providers. Initiatives like the Advanced Manufacturing Partnership, which fosters investments in advanced technologies from academic institutions, government, and businesses, have helped the U.S. secure a competitive edge in the global market.

Driven by the rapid adoption of digital platforms, the connected enterprise market will continue to see substantial growth in the years to come.