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.