Hyperconnectivity Market Expected to Reach $2207.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hyperconnectivity Market," The hyperconnectivity market was valued at $319.43 billion in 2021, and is estimated to reach $2207.9 billion by 2031, growing at a CAGR of 21.7% from 2022 to 2031.

The world is moving toward hyperconnectivity, which has immense potential, both good and bad, and can be a revolutionary business tool, as long as implemented with care. Further, the state of continual, comprehensive communication enables the business to become more flexible too. Hyperconnectivity is not just for business systems, it applies to customers as well. When any enterprise is hyperconnected, it will offer more ways to communicate with consumers and will have access to more consumer data. As a result, it can understand & respond to changing customer demands faster.

Furthermore, the more connected digital infrastructure requires more useful tools such as AI/ML and cloud platforms. As ML systems can access data from all aspects of business, they can produce more meaningful insights. In turn, these insights will enable businesses to evolve continually, which is essential in today's fast-paced business landscape. Such a factor provides lucrative growth opportunities for the hyperconnectivity market forecast. Furthermore, sectors such as supply chain & logistics are becoming increasingly connected today. The traditional logistics chain is prone to disruptions from factors, including mechanical failures, traffic, and weather. Hence, connected logistics chain, can sense & communicate changes and can adjust routes in real-time. Such trends will positively impact the hyperconnectivity industry growth during the forecast period.

On the basis of the product, the enterprise wearable devices segment witnesses the highest growth hyperconnectivity market size in the upcoming year. Factors such as 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. Furthermore, use of enterprise wearable devices in a hyperconnectivity market is expected to continue to grow as these devices become more sophisticated and their capabilities expand, leading to increase in efficiency & productivity of businesses. However, the network and communication segment dominated the hyperconnectivity market in 2021 and is expected to continue this trend during the forecast period. Factors such as increase in speed & capacity of 5G networks is 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.

Region-wise, North America dominated the market share in 2021 for the hyperconnectivity market. Adoption of Hyperconnectivity solution growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience is expected to fuel the market growth in this region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Surge in digitalization toward business operation, is projected to provide lucrative growth opportunities for the hyperconnectivity market in Asia-Pacific region.

The COVID-19 outbreak positively impacted the growth of the hyperconnectivity market. This is attributed to investment in advanced technologies such as AI, big data, cloud platforms, and ML, by various organizations across the globe. In addition, increase in digital transformation initiatives in various sectors to enhance their operation are expected to provide lucrative opportunities for the market growth. 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. Such factors prompted the demand for hyperconnectivity solutions in the manufacturing sector.

With immersive technology such as AR/VR, manufacturers will be able to analyze key data such as the production capabilities of the production lines, shipping timings, schedules of their workforce, and warehousing space availability. In addition, with the insights gained from the analyzed data, manufacturers will be able to make a calculated pivot to start manufacturing products, such as face masks during the pandemic, that are in demand to bring in much-needed revenue to sustain the business.

KEY FINDINGS OF THE STUDY

• By component, the solution segment accounted for the largest hyperconnectivity market share in 2021.
• By product, the network and communication segment accounted for the largest Hyperconnectivity market share in 2021.
• On the basis of organization size, the large enterprise segment accounted for the largest hyperconnectivity market share in 2021.
• Depending on industry vertical, the IT and Telecom sector accounted for the largest hyperconnectivity market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the hyperconnectivity market analysis Avaya, Broadcom Inc., Cisco Systems, Inc, Extreme Networks, Fujitsu Limited, Iberdrola SA, IBM Corporation, Microsoft Corporation, Oracle Corporation and PathPartner Technology. These players have adopted various strategies to increase their market penetration and strengthen their position in the hyperconnectivity industry.