PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238825
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238825
Edge Computing Market size was valued at USD 44,607.1 million in 2022, expanding at a CAGR of 18.9% from 2023 to 2030.
Edge computing is a networking solution that moves processes from the cloud to local devices such as the user's computer, an IoT device, or an edge server. It reduces long-distance communication between the client and the server, lowering latency and increasing process efficiency. As a result, many organizations are embracing edge computing, which reduces bandwidth consumption, associated costs, and server resources.
The Internet of Things (IoT) business has experienced tremendous growth in recent years and is predicted to experience exponential growth in the years to come. The quantity of data being produced by connected devices is growing exponentially as their number steadily rises. As a result, there is an increasing need to process and evaluate this data more quickly. Even though cloud computing is essential to the success of IoT, there are some circumstances where cloud computing by itself is unable to satisfy the demands for faster data processing. However, it can be costly to store a lot of data in the cloud, and it can also be expensive to download data from the cloud. Edge computing can significantly fix this issue by processing and analyzing data more closely to the location where it is generated. IoT devices linked to the internet outnumbered people in 2010 with a device-to-person ratio of 1:1.84, according to Cisco Internet Business Solutions Group (IBSG). By 2020, it's anticipated that each individual will have up to ten web-connected devices, which will generate more than 40 zettabytes of data annually. As a result, the load on cloud infrastructure is growing quickly, which is presenting chances for the market for edge computing to expand.
In addition, businesses and industries benefit greatly from IoT solutions, which is why IoT system adoption in the industry is on the increase. In 2018, the Americas (45%) are heading the way in IIoT adoption, followed by EMEA (33%) and Asia-Pacific (22%), according to PTC, a leading provider of IIoT software platforms. Industry adoption of IoT is quickly nearing, which is anticipated to accelerate the development of edge computing technology in the upcoming years. Thus, it is anticipated that the global edge computing market will expand as a result of growing IIoT adoption and the need to manage an increasing volume of data produced by IIoT deployments.
The Global Edge Computing Market is segmented based on component, application, industry vertical, and Region.
Based on the component, the market segment with the fastest increase over the upcoming years is edge computing platforms. Platforms are expected to grow at a faster growth rate during the forecast period due to the rising demand for big computing enhancement capabilities. Companies require software capable of monitoring edge device activities within the network infrastructure as the number of edge devices and data centers grows. Companies can increase their operational viability with the aid of edge computing systems. To improve efficiency, businesses favor edge computing systems.
The Asia Pacific is experiencing the fastest growth rate during the projected period. Edge computing technologies are being publicly used in this region. The fastest rise in the edge computing market is being supported by both rapid population growth and rising economic development in this area. This region's most technologically advanced nations, including China, India, Japan, and South Korea, offer substantial growth prospects for market participants. The market for edge computing in the Asia-Pacific region is increasing as a result of increased government digitization efforts, a strong preference for local data processing and storage among businesses and governments, and the region's expanding use of edge computing.
In March 2022, a Memorandum of Understanding (MoU) for Joint Innovation on Multiaccess Edge Computing was signed by Huawei and Du (MEC). The two businesses would investigate, confirm, and duplicate MEC-focused applications in the Middle East. Along with promoting the growth of the global digital economy, businesses also seek to accelerate the Middle East's digital transformation.
This proposed research study on the Edge Computing market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Edge Computing market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Edge Computing market
Impact of COVID-19 on Edge Computing market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Edge Computing market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Edge Computing market, we have also included competitive landscape and key innovator analysis for the Edge Computing market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Edge Computing market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Edge Computing market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: