Connected Product Engineering State of the Market 2024

The growing demand for personalization and the integration of software into traditional engineering products have driven the rise of connected products. These products evolve by incorporating technologies that make them smart, connected, and autonomous, enabling greater transparency, operational efficiency, and robustness across industries.

Key technologies such as IoT, AI/ML, AR/VR, 5G, and data analytics are attracting significant investments as enterprises strengthen their digital portfolios. Most companies are at varying digital adoption stages, ranging from isolated applications to large-scale deployments.

As the connected product market rapidly evolves and remains highly competitive, enterprises must continuously innovate and accelerate time-to-market. Many collaborate with partners to access niche skills and reduce costs while globally diversifying their value chains.

In this report, we assess the connected product engineering market, identify key technology and business trends impacting the market, and study the challenges and opportunities that lie ahead. The report also examines how providers align with customer requirements and enhance their capabilities to become partners of choice in connected product engineering.