Connected Enterprise Market Size & Share 2024 to 2032
Market Size by Solution (Manufacturing Execution System, Customer Experience Management, Business Analytics, Application Value Management, Remote Monitoring), Platform, End User Industry & Forecast.
Report ID: GMI6670
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Published Date: July 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Connected Enterprise Market Size
Connected Enterprise Market size crossed USD 358.6 billion in 2023 and is estimated to expand at a CAGR of over 29.4% between 2024 and 2032. Advancements on the Internet of Things (IoT) solutions are fueling the market growth. The advancements in IoT technologies enable businesses to collect & analyze vast volumes of data from various devices, enhancing operational efficiency, real-time decision-making, and customer experiences. This connectivity optimizes supply chains, improves asset management, and streamlines processes, contributing to increased productivity and cost savings.
Connected Enterprise Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
As IoT is evolving, organizations are increasingly leveraging these solutions to stay competitive and adapt to the changing business landscapes. Various organizations are investing in IoT solutions. For instance, in July 2023, Verizon launched a cross-border IoT connectivity platform. This platform provides a solution for businesses seeking to expand their IoT operations globally by utilizing the power of native eSIM and roaming capabilities from Mobile Network Operator (MNO) partners.
The expansion of remote work environments is expected to significantly fuel the connected enterprise industry growth. As more employees work from diverse locations, companies are adopting advanced connectivity solutions and cloud-based platforms to ensure seamless communication & collaboration. This shift increases the demand for IoT devices, network infrastructure, and cybersecurity solutions to support remote teams. Connected enterprises are thus investing in technology to optimize remote work processes, driving market expansion to meet the evolving workplace needs.
Cybersecurity threats and privacy concerns are the significant challenges in the connected enterprise market. As businesses increasingly rely on interconnected devices and data sharing, they become vulnerable to cyberattacks as well as data breaches. These threats can result in financial losses, reputation damage, and regulatory penalties. Privacy concerns arise due to the collection & utilization of extensive data, raising ethical & compliance issues. Implementing comprehensive data protection policies and compliance frameworks can help mitigate risks while fostering trust among customers & partners, ensuring secure & ethical operations in the connected enterprise landscape.
Connected Enterprise Market Trends
AI is revolutionizing the connected enterprise industry by enhancing data analytics and automation. AI-driven insights enable better decision-making and predictive maintenance, optimizing operations and resource utilization. Machine learning algorithms are improving cybersecurity by identifying threats in real time. AI-powered chatbots and virtual assistants are enhancing customer support & engagement. AI-driven personalization is boosting customer experiences. As businesses increasingly integrate AI into their operations, it is reshaping the connected enterprises landscape, driving efficiency, innovation, and competitiveness in various industries.
Digital twin technology is gaining traction in the market as it allows businesses to create virtual replicas of physical assets, processes, and systems. Digital twins enable real-time monitoring, simulation, and analysis, providing valuable insights for better decision-making, predictive maintenance, and optimization of operations. They are used in various sectors such as manufacturing, healthcare, and urban planning. The adoption of digital twin technology reflects the growing need for data-driven, efficient, and cost-effective solutions in connected enterprises.
Connected Enterprise Market Analysis
Based on solution, the Manufacturing Execution System (MES) segment accounted for 29% of the market share in 2023, owing to the growing emphasis on optimizing manufacturing processes, improving quality control, and increasing operational efficiency. MES solutions offer real-time monitoring, data analytics, and automation, which are becoming essential for modern manufacturing. As industries embrace Industry 4.0 principles and the IoT, MES solutions play a pivotal role in connecting & optimizing production operations, subsequently driving industry growth.
Based on End-User Industry, the manufacturing segment held over 33% of the connected enterprise market share in 2023, due to the extensive adoption of Industry 4.0 practices, where manufacturers leverage IoT, automation, and data analytics to enhance operational efficiency, reduce downtime, and improve product quality. Connected solutions enable real-time monitoring & control of manufacturing processes, ensuring seamless production and facilitating predictive maintenance. As manufacturers increasingly prioritize digitization and connectivity, the demand for connected enterprise solutions within the manufacturing sector is expected to surge.
North America connected enterprise market recorded around 37% of revenue share in 2023, attributed to rapid technological advancements. It is a hub for innovations with the ongoing developments in IoT, AI, 5G, and cloud computing. These advancements facilitate seamless connectivity, data analysis, and automation across industries. As a result, the demand for connected enterprise solutions is surging, driving growth & competitiveness across sectors, and positioning North America as a leader in connected technology adoption.
For instance, in May 2023, Honeywell expanded its Forge software capabilities including the release of Connected Warehouse and updates to the Asset Performance Management software. These enhancements offer solutions for improved asset management and warehouse operations, aligning with the needs of industries, such as manufacturing, logistics, and supply chain management, within the market. The Forge software's ability to optimize processes, enhance operational efficiency, and provide real-time data insights contributes to the growth & efficiency of connected enterprises in these sectors.
Connected Enterprise Market Share
The major companies operating in the connected enterprise industry include:
They focus on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner maximum market revenue.
Connected Enterprise Industry News
The connected enterprise market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD million) from 2018 to 2032 for the following segments:
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Market, By Platform
Market, By Solution
Market, By End-User Industry
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →