Edge Computing Market Overview:
According to Market Research Future (MRFR), the global edge computing market size is projected to reach USD 22,453.9 million, registering a 28.4% CAGR from 2018 to 2024 (forecast period). The report summarises the market opportunities and market consequences that emerged as a result of the COVID-19 pandemic.
Edge computing is a ground-breaking method for optimizing cloud computing systems. It refers primarily to technologies enabling computation to be performed at the edge of the network. Such services are performed on downstream data in terms of cloud services and upstream data in terms of IoT services. Edge computing is essential for aligning data acquisition and control functions, high bandwidth content storage, and applications closer to the end-user. Edge sites are located as close as possible to end-users as a logical endpoint of a network as part of a wider cloud computing architecture. Nevertheless, the position of the edge for IoT can vary depending on the service required by the end-users. Services requiring low latency will have a different advantage than services needing less urgent data processing.
Edge Computing Market will overcome latency problems and allow companies to make better use of the opportunities offered by cloud computing architecture. Edge computing provides a shorter period of open communication channels due to improved latency that allows longer battery life for battery-powered IoT devices. Edge computing also enables efficient data management, as data processing and data filtering can be performed at the edge of the network, providing cleaner data sets for cloud-based data analytics.
In addition, edge processing power and data storage capabilities can be used in artificial intelligence applications that need faster response time and real-time data processing. Resilient data communication is assured with the aid of edge computing as it provides more data communication paths than a centralized network ensuring business continuity in the event of failure. Another critical aspect of edge computing is scalability, which enables companies to scale up or scale down IoT devices across the network.
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Major Key Players:
MRFR recognizes the prominent players in the global edge computing market as Amazon, Inc., General Electric Company, Intel Corporation, Microsoft Corporation, SAP SE, Alphabet Inc., Schneider Electric SE, IBM Corporation, Integrated Device Technology, Inc., Fujitsu Ltd, ADLINK Technology Inc., eInfochips, EdgeConnex Inc., Huawei Technologies Co. Ltd., The Hewlett Packard Enterprise Company, Siemens AG, ZenLayer Inc., Rittal GmbH & Co. KG, ABB Ltd, Yokogawa Electric Corporation, and Advanced Micro Devices, Inc.
The expansion of the Internet of Things (IoT) and rising public security concerns are boosting market development. The IoT trend is expected to gain strong demand in the coming years, taking into account the organization's digital transformation initiatives. Fast growth and growing adoption of IoT within organizations are expected to benefit the edge computing market. The increase in the number of high computing connected mobile devices, due to IoT, has allowed organizations to capture and store large volumes of data in the repository. This further increased the need to process, store, and analyze data to perform specific tasks, thus increasing demand for edge computing applications.
Edge computing is expected to see a significant rise due to the tremendous increase in the number of intelligent applications. Edge computing, along with the 5 G boom in many sectors, as the need for faster data processing, is increasing. Verticals such as consumer electronics and healthcare are in demand for high-speed data processing at the edge or source of data generation. Microdata centers are expected to be deployed near the 5 G network tower to facilitate edge computing. For example, the 2018 Winter Olympic Games represented the first large-scale deployment of the 5 G network, enabling spectators worldwide to watch matches in real-time.
However, the acquisition of talent and expertise, a deeper understanding of edge computing technology, the complex infrastructure of the edge computing network, and addressing the increasing number of cyber-attacks that threaten privacy and data protection are some of the obstacles for players offering edge computing solutions may limit market growth in the coming years.
The global market for edge computing has been segmented into technology, deployment, component, application, and vertical.
- By technology, the global edge computing market has been segmented into mobile edge computing and fog computing.
- By deployment, the global edge computing market has been segmented into on-premise and cloud.
- By component, the global edge computing market has been segmented into hardware, software, and solutions.
- By application, the global edge computing market has been segmented into IoT, data caching, analytics, environment monitoring, augmented reality, location services, and others
- By vertical, the global edge computing market has been segmented into transportation, IT & telecommunication, energy & utilities, healthcare, manufacturing, semiconductor, government, retail, education, hospitality, and others.
The geographical analysis of the edge computing market has been studied for North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the edge computing market due to the rising adoption of edge computing by companies to achieve scalability, minimize latency, and implement efficient data processing at the edge network. Among the North American countries, the US holds the largest market share due to the growing adoption of edge computing solutions in the surveillance, automotive, healthcare, and education sectors.
Europe was the second-largest market due to the growing adoption of edge computing solutions in countries like the United Kingdom, Italy, Spain, Germany, France, and Sweden.
The Asia Pacific accounted for the third-largest market share and is projected to experience the fastest growth due to the adoption of edge computing solutions in India, Australia, China, Japan, South Korea, Singapore, and other Asian countries.
The Middle East & Africa and South America are set to gain significant market growth, with key players concentrating on investing in this region, offering edge computing solutions to small and medium-sized enterprises.
Table of Contents
2.2 Scope of The Study
2.3 List of Assumptions
2.4 Market Structure
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Data Collection Tools
4.6 Market Size Estimation – Top-Down & Bottom-Up Approach
4.7 Forecast Model
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List of Table
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global Edge Computing Market, By Technology, 2018–2023 (Usd Million)
Table 4 Global Edge Computing Market, By Deployment, 2018–2023 (Usd Million)
Table 5 Global Edge Computing Market, By Component, 2018–2023 (Usd Million)
List of Figure
Figure 1 Global Edge Computing Market: Market Structure
Figure 2 North America Market Size & Market Share by Country (2017 Vs 2023)
Figure 3 Europe Market Size & Market Share by Country (2017 Vs 2023)
Figure 4 Asia Pacific & Market Share by Country (2017 Vs 2023)
Figure 5 Rest of The World Market Size & Market Share by Country (2017 Vs 2023)
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