Pune, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Smart Enterprise Market Size Analysis:
“The Smart Enterprise Market was valued at USD 0.32 Billion in 2023 and is projected to reach USD 0.99 Billion by 2032, growing at a compound annual growth rate (CAGR) of 13.44% from 2024 to 2032.”
Rapid Growth in the Smart Enterprise Market Using Advanced Technologies for Business Transformation
The Smart Enterprise Market is expanding significantly as industries are rapidly digitalizing. Companies increasingly implement advanced technologies such as IoT, AI, machine learning, and cloud computing to create more efficient and connected environments. According to research, 94% of organizations have a significant part of their workloads in the cloud, and 42% of IT professionals at large organizations have deployed AI, with another 40% actively exploring it. In December 2024, Lantronix acquired DZS's NetComm Enterprise IoT portfolio for USD 6.5 million, further enhancing its IoT solutions.
Growth in the market is also driven by the need for competition in businesses in dynamic global environment. Companies use smart solutions like AI-driven automation, predictive analytics, and cloud technologies to enhance efficiency, meet customer needs, and simplify supply chains. For example, ABB recently purchased Siemens' Wiring Accessories business in May 2024, indicative of the surge in importance toward smart technologies. As the technologies of 5G and blockchain come forth, firms will capitalize on these innovations and continue to grow and thrive.
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Major Players Analysis Listed in this Report are:
Key Players
- Microsoft (Azure IoT, Power BI)
- Cisco Systems (Cisco IoT, Industrial Network Switches)
- Oracle (Oracle IoT Cloud, Oracle Autonomous Database)
- SAP (SAP Leonardo, SAP S/4HANA)
- Honeywell Process Solutions (Experion, Honeywell UOP)
- Hitachi Vantara (Lumada, Hitachi Visualization Suite)
- Mitsubishi Electric (MELSEC iQ-R, EcoMonitor)
- Dell Technologies (IoT Solutions, VxRail)
- Toshiba (Toshiba Smart City Solutions, Toshiba IoT Solutions)
- Intel (Intel IoT Platform, Intel Xeon Scalable Processors)
- ABB Ltd. (ABB Ability, Smart Grids)
- Siemens (MindSphere, Industrial Automation)
- General Electric (Predix, Digital Wind Farm)
- Rockwell Automation Inc. (FactoryTalk, Allen-Bradley)
- Schneider Electric (EcoStruxure, APC by Schneider Electric)
- Honeywell International Inc. (Honeywell Forge, Building Management Systems)
- Emerson Electric Co. (Plantweb, Ovation)
- Fanuc UK Limited (Robodrill, Robocut)
- Fujitsu Global (Fujitsu Digital Annealer, SPARC Servers)
- IBM (IBM Watson IoT, IBM Maximo)
Smart Enterprise Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 0.32 Billion |
| Market Size by 2032 | USD 0.99 Billion |
| CAGR | CAGR of 13.44% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Automation and AI Integration Revolutionizing Business Efficiency and Decision Making • Rise of Remote Work and Collaboration Tools Transforming Smart Enterprise Solutions |
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Hardware Segment Leads, Services Sector to See Rapid Growth
In 2023, the Hardware segment dominated the Smart Enterprise Market, accounting for approximately 49% of total revenue. This leadership is driven by the critical role hardware plays in supporting smart technologies such as IoT devices, sensors, and servers, which are integral to enterprise operations. With businesses investing heavily in scalable, high-performance infrastructure to enable technologies like AI and automation.
The Services segment is expected to grow at the fastest CAGR of 15.02% from 2024 to 2032. This surge is fueled by the growing need for specialized services, including system integration, data analytics, and cloud-based solutions, which enable organizations to maximize the potential of their smart technologies. As businesses seek to optimize their hardware investments, the demand for consulting, maintenance, and management services is expected to rise, driving significant growth in this sector.
Industrial Equipment Leads, Healthcare Sector Set for Significant Expansion
In 2023, the Industrial Equipment segment led the Smart Enterprise Market, commanding the largest revenue share of around 24%. This dominance is driven by the growing reliance on advanced machinery and smart systems to fuel automation, boost efficiency, and lower operational costs in sectors like manufacturing and logistics. With the increasing adoption of IoT-enabled devices, industrial equipment has become essential for enabling seamless operations and enhancing productivity.
The Healthcare segment is expected to grow at the fastest CAGR of 16.53% from 2024 to 2032. This growth is driven by the escalating demand for digital health solutions such as telemedicine, wearable devices, and AI-driven diagnostics, all aimed at improving patient care and operational efficiency. As healthcare systems focus on data-driven decision-making, remote patient monitoring, and personalized treatments, the sector is set to experience rapid adoption of smart technologies, ensuring significant growth in the coming years.
Smart Enterprise Market Segmentation:
By Component
- Hardware
- Software
- Services
By Technology
- MES
- PLC
- ERP
- SCADA
- HMI
- Others
By Organization Size
- Small and Medium Size Enterprise
- Large Enterprise
By Application
- Automotive
- Chemicals & Materials
- Healthcare
- Food & Beverage
- Consumer Goods
- Aerospace & Defense
- Industrial Equipment
By Deployment
- On-premise
- Cloud
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North America Leads, While Asia Pacific Emerges as the Fastest-Growing Region
In 2023, North America captured the largest share of the Smart Enterprise Market, holding around 40% of the revenue. This dominance is attributed to the region’s early adoption of cutting-edge technologies, robust IT infrastructure, and significant investments in digital transformation across various industries. With a strong presence of major tech companies and a well-established innovation ecosystem, North America has solidified its position.
The Asia Pacific region is expected to grow at the fastest CAGR of 15.46% from 2024 to 2032. This rapid expansion is fueled by the region's fast-paced industrialization, the growth of digital infrastructure, and government initiatives promoting technological innovation. As businesses in emerging economies prioritize modernization, the demand for smart enterprise solutions is set to surge, positioning Asia Pacific as the fastest-growing market in the upcoming years.
Key Developments in Smart Enterprise Market
- In 2024, Microsoft enhanced Business Chat within Microsoft 365 Copilot, integrating smarter enterprise content management via Microsoft Graph for easy access to relevant content.
- In October 2024, IBM and Microsoft expanded their partnership to accelerate enterprise transformation using hybrid cloud, AI, and consulting services, focusing on cost reduction and productivity.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Enterprise Market Segmentation, By Component
8. Smart Enterprise Market Segmentation, By Application
9. Smart Enterprise Market Segmentation, By Technology
10. Smart Enterprise Market Segmentation, By Organization Size
11. Smart Enterprise Market Segmentation, By Deployment
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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