by Angela Guess

According to a recent press release, “Research and Markets has announced the addition of the ‘Connected Enterprise Market by Platform (Device, Connectivity Management & Application Enablement), Solution, Service (Professional and Managed Services), Vertical, and Region – Global Forecast to 2021’ report to their offering. The connected enterprise market size is forecast to grow from USD 102.60 Billion in 2016 to USD 400.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 31.3%. The evolution of technologies such as big data, cloud, and mobile devices in enterprises across the globe and the increasing adoption of smart connected devices are some of the factors expected to drive the connected enterprise market.”

The release continues, “The growth can be attributed to the increasing need for automation and cloud computing across industries to help an enterprise run at its best capacity and save time, energy, and funds. The growing number of smart devices is generating voluminous data for better processes and operations to help gather various process insights. Operations improvement measures are also driving the growth of the market in the region; high technological spending in North America and Europe are also contributing to the growth of the connected enterprise market in these regions. However, the lack of uniform Internet of Things (IoT) standards is restraining the growth of the connected enterprise market.”

Read more at Business Wire.

Photo credit: Research and Markets