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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Covid-19 Scenario
► The COVID-19 pandemic had a positive impact on the global hyperconnectivity market. This is due to investment in advanced technologies such as AI, big data, cloud platforms, and ML, by various organizations across the globe.
► In addition, the pandemic brought major challenges in the manufacturing sector, from supply chain disruptions and drop in workforce availability to raw material shortages. Thus, manufacturers had to rely on the power of their data and analytics to stay competitive and innovate ahead.
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 SME campaigns throughout the world fuel the growth of the market.
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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.
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.
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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.
Leading Market Players: –
► PathPartner Technology
► IBM Corporation
► Cisco Systems, Inc.
► Iberdrola, S.A.
► Extreme Networks
► Oracle Corporation
► Fujitsu Limited
► Avaya Inc.
► Broadcom Inc.
► Microsoft Corporation
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