PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419073
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419073
Multi-Access Edge Computing Market size was valued at USD 2,340.4 Million in 2022, expanding at a CAGR of 51.2% from 2023 to 2030.
Using devices like routers, cellphones, and PCs, multi-access edge computing (MEC) aims to take advantage of local processing capacity. It has several advantages and helps process data more quickly and with less latency, which optimizes expenses and provides information in real time. MEC is scalable because it may be able to use its computational power to satisfy demands for contextual computing.
The increasing demand for the digital transformation of industries with digitization as the cornerstone, network-based connectivity as the backbone, and industrial intelligence as the industry is predicted to propel the market growth in the upcoming years. A distributed computing architecture known as MEC puts processing and storage power closer to end users and devices, including IoT devices, autonomous cars, and smartphones. MEC responds to the growing need for high-bandwidth, high-reliability, low-latency applications in industries including gaming, virtual and augmented reality, and industrial automation.
Massive amounts of data have been produced by the ongoing use of cutting-edge technologies like big data and the Internet of Things (IoT) across a variety of industries, including industry, healthcare, education, and government. Because of the growing volumes of data being handled, computing is becoming increasingly sophisticated. It is anticipated that the growing adoption of IoT and cloud services are expected to boost the industry's growth.
The Global Multi-Access Edge Computing Market is segmented on the basis of Solution, Deployment, End-User, and Region.
The market is divided into two categories based on Solution: software and services. The software segment dominates the market. The rising adoption of cloud solution at all enterprises level is boosting segment growth.
The market is divided into two categories based on Deployment: on-premises and cloud-based. The cloud-based segment dominates the market and is likely to maintain its dominance during the forecast period. The high demand from cloud computing and edge computing in IT sector is majorly boosting the market growth.
The market is divided into six categories based on End-User: IT & telecom, Data centers, energy & utilities, automotive, smart buildings & homes, and others. The IT & telecom segment dominates the market and is likely to maintain its dominance during the forecast period. Increased need for real-time analytics is boosting the IT service demand.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Multi-access edge computing market is formed by small and large companies, with well-established companies are adopting new strategies to meet requirements of cloud solutions. Some of these companies communicate with their clients worldwide by utilizing next-gen edge computing solutions to expand their reach across the globe. Several strategies such as mergers & acquisitions, partnerships, new IT service are adopted market players to expand their business. For example, In January 2023, Advantech Co., Ltd. launched NVIDIA Jetson AGX Orin-based AI computer system.
In July 2023, ADLINK Technology Inc. launched the ROScube RQX-59 Series, a mark of goods categorically intended to reinforce the fields of robotics, Autonomous Mobile Robots (AMR), and autonomous driving.
In June 2023, Hewlett Packard Enterprise bring in an AI-driven cloud for large language models. The HPE GreenLake for LLMs delivers enterprises with the capability to privately train and scale AI models.
In May 2023, Juniper Networks proclaimed a strategic company with ServiceNow for delivering end-to-end mechanization for Enterprises and Managed Service Providers.
The scope of this report covers the market by its major segments, which include as follows: