Hyperconnectivity Market Size, Share & Trends Analysis Report By Component, By Product, By Organization Size, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global hyperconnectivity market size was valued at USD 331.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.3% from 2022 to 2030. The emergence of smart cities, smart homes, and smart workplaces will result in ubiquitous connection and the rise of new business models, product applications, technologies, platforms, and services. The demand for connected living is primarily driven by advanced widespread content streaming, advanced software technology, and network integration. Rising demand and advancement in technology like the Internet of Things (IoT), cloud services, mobility, and AI is fueling the market growth.

A more digitalized and linked world influences various applications at work or home across cities and in other use cases such as healthcare, and automotive, among others. Consumers expect a seamless, tailored, and unified experience with such high levels of hyperconnectivity, which can only be accomplished when linked devices, data flows, and networks perform in perfect harmony. This linked consumer experience is challenging to achieve for any firm; it will necessitate a culture of creativity, involvement, and rigorous innovation. This is subsequently driving the growth in demand for hyperconnectivity solutions among large enterprises and SMEs as well.

The COVID-19 outbreak in 2020 has resulted in an increased demand for connected living solutions since it allows houses to transform into on-demand offices and much more. The world became more technologically linked than ever before in 2020. The dependence on and usage of technology and data for personal and corporate ties has expanded dramatically. Fundamental human requirements such as nutrition, physical security, and psychological relationships have been satisfied by imaginative technological solutions, resulting in a surge in new technology adoption, and successively creating new growth avenues for the hyperconnectivity market.

Component Insights

In terms of revenue, the software segment accounted for the dominant share of 59% in 2021. Hyperconnectivity software solutions enable business applications that improve operational efficiencies, enhance customer experience, and offer new revenue opportunities. Internet-connected IoT devices interface with other connected devices, apps, and objects in a simple manner to exchange information and provide consumers with transparent data-driven decisions. Improved connection software solutions offer a wide range of technologies that assist businesses in meeting their objectives and maintaining a key competitive advantage.

Software solutions for established infrastructure systems are gaining popularity to automate numerous duties at critical infrastructure, industrial, and other locations. Software solutions enable flexibility in scattered settings by providing great asset visibility and control from a distance. As a result, software solutions are expected to have the largest market size over the forecast period. For instance, Microsoft Ignite announced cloud innovation that will enable every organization to build hyperconnected business solutions, providing organizations and employees with the agility and flexibility they need to thrive now and in the future.

Product Insights

Based on product, the cloud platforms segment accounted for around 46% of the revenue share in 2021 owing to the robust demand for predictive approaches for maintaining data security. By connecting every link in the value chain, hyperconnectivity gives businesses an advantage over their competitors. One of the cloud's most alluring advantages is that it acts as the foundation for enterprise collaboration, enabling data to be transmitted at any time, from any location, using any smart device. The end result is a world where some of the most prosperous hyperconnected enterprises no longer require physical assets. For instance, Uber, the largest ride-hailing company in the world, doesn't own any cars, and Airbnb has grown to be the biggest housing provider despite not having any rooms.

Middleware software helps key market players understand the market and product strategies better, which can help augment the hyperconnectivity market. The global market for middleware software provides useful information on the major players, business profiles, upcoming possibilities, and potential consequences. In any computing environment, middleware software is a crucial component. In a consumer-facing setting, middleware is pre-installed in the operating system to make it simple for customers to set up and utilize compatible software on their devices.

Organization Size Insights

In terms of revenue, the large enterprises segment accounted for the dominant share of around 68% in 2021, which is attributed to an increase in IoT technology adoption by companies looking to gain a competitive and strategic advantage over their rivals. Customers use hyperconnection technologies to gain new insights into vast, diverse datasets that include both historical and recent data. The technology can be used to gather data, run algorithms, and analyze huge data sets to reveal hidden entities, relationships, and insights.

All sizes and types of businesses are being influenced by hyperconnectivity solutions. Hyperconnection is also persistently gaining prominence as leading global businesses look into extraction capabilities for obtaining priceless insights from big data, which is beneficial for the sector. However, it is projected that the small and medium-sized enterprises segment will expand with the highest growth rate during the forecast period. SMEs are becoming more productive, efficient, and intelligent as a result of transferring their activities to digital platforms by leveraging hyperconnectivity technology.

End-use Insights

Based on end-use, the IT & Telecommunication segment held a leading share of 22% in the global revenue in 2021. Furthermore, government and BFSI segments are also estimated to account for a prominent share of the global market. Government agencies are embracing disruptive technologies like IoT and big data, drones, artificial intelligence, robotics, virtual and augmented reality, and digital fabrications to build new services and policies that are much more effective. Governments can communicate with their constituents more effectively due to hyperconnectivity by transferring information more quickly and openly. It simultaneously makes it simpler for citizens to get in touch with their elected officials and use government services, regardless of where they live or work. In this way, hyperconnectivity has the potential to alter how societies and their governments interact. The availability of various government services is improved by hyperconnectivity.

Online learning alternatives have expanded recently due to individual requirements for professional and personal development or enrichment. With the increasing desire to conduct financial transactions via mobile devices and the emergence of mobile financial applications focused on banking services like account opening, credit monitoring, person-to-person payments, branch/ATM locator, personal finance management, customer support, and much more, the mobile banking channel has completely dominated the market. These channels have augmented the growth of BFSI in the hyperconnectivity market over the forecast period.

Regional Insights

In terms of revenue, North America held the leading share accounting for over 42% in 2021. North America is likely to provide remunerative opportunities with bullish digital transformation across various industries. The use of connected devices and the corresponding network infrastructure, as well as the growing cooperation between hardware, network, and software vendors, are the main forces behind the market's expansion in the North American region. Emerging smart cities in this region are fueling market growth.

Numerous cities are considering various strategies to improve their intelligence and adaptability in meeting the requirements of their inhabitants. IoT smart cities technology now has the ground-breaking intelligence and flexibility required to improve the efficient use of resources in cities, including transportation, energy, communication, and water & air quality. Furthermore, many well-known public health and safety organizations, such as firefighting and smart citizen services, and emergency services, are development facilitators. Technological improvements led to an increase in the use of smart solutions implemented, which has assisted the area in establishing a secure environment that is centered on the needs of its residents.

Asia Pacific region is projected to expand at a prominent growth rate during the forecast period. Organizations are improving and streamlining their business operations by utilizing IoT capabilities in the region. Enterprises also create and commercialize IoT technology to make businesses run more smoothly. Increasing implementation of hyperconnected devices in various organizations provides a channel to improve workforce engagement with continuous interactions, subsequently ascending the market growth.

Key Companies & Market Share Insights

The competitive environment predicts that organizations looking ahead will emphasize improving existing solutions, launching new products, and optimizing price structures. Leading businesses may look for outside opportunities such as joint ventures, mergers, and acquisitions, and stakeholders could concentrate on product differentiation and technology developments. Coordination of organic and inorganic growth methods will likely aid businesses in expanding into new markets. For instance, in August 2021, Avaya acquired CTIntegrations, a specialist in system integration and creating software for contact centers. Through this acquisition, Avaya will be able to expand its digital capabilities for its sizable client base in the contact center industry and further develop its AI-powered experience platform, Avaya OneCloud. Some prominent players in the global hyperconnectivity market include:

• Avaya

• Extreme Networks

• Fujitsu Limited

• Iberdrola SA

• IBM Corporation

• Microsoft Corporation

• Oracle Corporation

• Orange IT solutions

• PathPartner Technology

• Broadcom Inc.

Hyperconnectivity Market Report Scope

Global Hyperconnectivity Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hyperconnectivity market report based on component, product, organization Size, end-use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Software

  • Services

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Enterprise Wearable Devices

  • Middleware Software

  • Cloud Platforms

  • Business Solutions

• Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

  • Large Enterprises

  • Small & Medium Enterprises

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • Healthcare & Life Sciences

  • IT & Telecommunications

  • Government

  • Manufacturing

  • Retail & E-commerce

  • Media & Entertainment

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East & Africa (MEA)