Hyperconnectivity Market to Reach $2.2 Trillion, Globally, by 2031 at 21.7% CAGR: Allied Market Research
Increase in adoption of hyperconnectivity solutions across enterprises to enhance operation & productivity, rise in adoption of networking connectivity technology such as 5G, growth in digitalization and internet penetration around the globe drive the global hyperconnectivity market.
PORTLAND, Ore., March 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hyperconnectivity Market By Component (Solution, Services), By Product (Enterprise Wearable Devices, Middleware Software, Cloud Platforms, Business Solutions, Network and Communication, Others), By Organization Size (Large Enterprises, Small and Medium-sized Enterprises), By Industry Vertical (BFSI, Manufacturing, IT and Telecom, Retail and E-commerce, Healthcare, Media and Entertainment, Government, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hyperconnectivity industry generated $319.4 billion in 2021 and is estimated to generate $2.2 trillion by 2031, witnessing a CAGR of 21.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, Restraints, and Opportunities
Increase in adoption of hyperconnectivity solutions across enterprises to enhance operation & productivity, rise in adoption of networking connectivity technology such as 5G, growth in digitalization and internet penetration around the globe drive the global hyperconnectivity market. However, initial investment cost and security concerns are likely to hinder the market growth during the forecast period. Furthermore, increase in adoption of IoT technology and growth in investments in the smart city projects will present new growth opportunities for the global market in the coming years.
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The large enterprises segment to maintain its leadership status throughout the forecast period
Based on organization size, the large enterprises segment held the highest market share in 2021, accounting for nearly two-thirds of the global hyperconnectivity market and is estimated to maintain its leadership status throughout the forecast period. The surge in adoption of hyperconnectivity solutions in large businesses drives the growth of the segment. However, small and medium sized enterprises segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2031. Factors such as surge in digitalization and increase in government initiatives through various digital SMEcampaigns throughout the world fuel the growth of the market.
The solution segment to maintain its lead position during the forecast period
Based on component, the solution segment accounted for the largest share in 2021, contributing to more than two-thirds of the global hyperconnectivity market, and is projected to maintain its lead position during the forecast period. This is owing to advancements in technologies enabling hyperconnectivity to transform industries globally, from BFSI to manufacturing, healthcare, and many others. However, the services segment is expected to portray the largest CAGR of 23.7% from 2022 to 2031, as hyperconnectivity services reduce the time & costs associated with optimizing systems in the initial phase of deployment.
The enterprise wearable devices segment to rule the roost during the forecast period
Based on product, the network and communication segment held the highest market share in 2021, accounting for nearly one-fourth of the global hyperconnectivity market. Factors such as the rise in speed & capacity of 5G networks are enabling new use cases for IoT, such as AR, and further allows for more devices to be connected to the internet, thereby driving the growth of the segment. However, the enterprise wearable devices segment is expected to dominate in terms of revenue during the forecast period. Also, the same segment is projected to manifest the highest CAGR of 27.4% from 2022 to 2031. This is because, increase in speed & capacity of 5G networks will enable more data-intensive applications such as AR & VR, which can be used to enhance the capabilities of enterprise wearable devices.
North America garnered highest share in 2021
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global hyperconnectivity market. This is due to a rise in investment in advanced technologies such as AI, ML, IoT, big data, and cloud computing to improve businesses and the customer experience is expected to drive growth of the market in this region. Asia-Pacific on the other hand, is expected to dominate the market in terms of revenue during the forecast period, also the same region would cite the fastest CAGR of 25.4% from 2022 to 2031, owing to surge in penetration of digitalization and higher adoption of connected technology in the region.
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Leading Market Players: -
The report analyzes these key players in the global hyperconnectivity market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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SOURCE Allied Market Research