Grand View Research, a U.S based research and consulting company with headquarters in San Francisco, provides customised research reports to help clients make informed business decisions. The company covers a range of industries from technology to chemicals, materials to healthcare.
Its latest report indicates that the increased demand for automation of connected devices is providing new growth avenues for the connected enterprise market. Many businesses are looking to digital technologies to transform processes and improve the overall customer experience, but many still aren’t capitalising on the Internet-of-Things (IoT) or even including collaboration with smart technologies in business strategies.
Enterprises that have implemented intelligent networks have expanded the capacity of existing assets whilst improving equipment reliability and energy usage. These connected networks can integrate people, tools, processes and platforms to disrupt the business productivity and next-generation solutions.
Although growing security concerns are expected to deter industry growth, organisations are still looking to stand out from the crowd and be one step ahead of their competitors. Incorporating digital technologies into their strategies could well be the answer, as connected solutions can offer new revenue streams and improved profit margins, operational efficiency and real-time monitoring assets.
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 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.