The Insight Partners published latest research study on “Edge Computing Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Organization Size (SMEs and Large Enterprises), Application (Smart cities, Industrial Internet of Things (IIoT), Content delivery, Augmented Reality and Virtual Reality, and Others), and Industry (Manufacturing, Energy & Utility, Government, IT and Telecom, Healthcare, Retail and Consumer Goods, and Others)”, the global edge computing market size is expected to grow from $40.84 billion in 2022 to $132.11 billion by 2028; the market is estimated to grow at a CAGR of 21.6% from 2022 to 2028.
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Edge Computing Market Report Scope & Strategic Insights:
|Market Size Value in||US$ 40.84 Billion in 2022|
|Market Size Value by||US$ 132.11 Billion by 2028|
|Growth rate||CAGR of 21.6% from 2022 to 2028|
|No. of Pages||174|
|No. of Charts & Figures||98|
|Historical Data Available||Yes|
|Segments Covered||Component, Organization Size, Application, and Industry|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country Scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report Coverage||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends|
Edge Computing Market: Competitive Landscape and Key Developments
ADLINK Technology; Amazon Web Services, Inc.; Dell Technologies; EdgeConnex Inc.; FogHorn Systems; International Business Machine Corporation; Litmus Corporation; Microsoft Corporation; The Hewlett Packard Enterprise Company; and Vapor IO, Inc are among the key players in the edge computing market. The leading companies are focusing on expanding and diversifying their market presence and customer bases, thereby tapping prevailing business opportunities.
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In January 2020, IBM and Red Hat collaborated to launch new edge computing solutions for the 5G services.
In February 2022, Maxis, one of Malaysia’s largest telecom providers, collaborated with Hewlett Packard Enterprise (HPE) to build the country’s first multi-access edge computing (MEC) solution for enterprises.
Edge computing is a distributed computing framework that brings enterprise applications closer to data sources, such as IoT devices or local edge servers. Clients’ data is processed at the periphery of an IT network, i.e., as close to the originating source as possible. Edge computing eliminates the need to move data from endpoints to the cloud and back again. It has improved speed, security, and privacy protections while reducing operational costs and latency, thereby bringing reliability and resiliency to high-speed operations. Edge computing exhibits ultrahigh network performance, deployment flexibility, integrated virtual probe, real-time analytics, and other benefits across various applications.
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Industrial edge computing supports the connection of all assets used in the manufacturing, oil & gas, energy, and transportation sectors, along with allowing local data processing. The projected surge in data volumes and the likeliness of transferring higher volumes of data to the cloud in the coming years are likely to trigger latency in data management operations, which will further boost their costs. Thus, the need to manage higher data volumes, the rising demand for low-latency processing and real-time automated decision-making solutions, the growing adoption of IoT across industries, the emergence of autonomous vehicles and connected car infrastructure, and the advent of the 5G networks are among the key factors that are bolstering the edge computing market growth.
Impact of COVID-19 Pandemic on Edge Computing Market:
In Europe, the edge computing market is expected to rise significantly owing to the increasing influence of IoT on businesses, and the growing use of cloud computing and storage solutions. As the computing power moves closer to the edge, the regulatory bodies are framing policies to strengthen the demand for edge computing and build a secured environment for data usage.
In February 2022, the Data Act was proposed to the Council and Parliament to make data available and set rules on data usage and access. In the post-pandemic recovery period, IoT is accelerating the transition of key sectors and helping them face fundamental challenges associated with the impact of the Ukraine crisis. the adoption of IoT allows them to attain energy resilience, integrate renewables, begin a transition toward e-mobility, and bring digitalization in key industrial processes. As a result, the COVID-19 pandemic is expected to have no significant impact on the edge computing market in Europe in the coming years.
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Extremely Low Latency and High Bandwidth Availability Drives Edge Computing Market:
Edge computing works with a highly distributed network, which eliminates the round trip to the cloud, reducing latency and offering real-time responsiveness. Low latency enables instantaneous communications, allowing millions of connected devices to communicate 400-times faster than the blink of an eye. Acceleration in data transmission has become an important business goal. Many applications require low latency to improve the user experience and support customer satisfaction by helping applications run smoothly at elevated speeds. These applications include online meetings and mission-critical computation applications hosted on the cloud.
Low latency indicates the reliability and robustness of connections, with reduced connection loss, delays, lags, and buffers, which significantly benefits healthcare, air traffic control, and combat situation, among other applications. It is critical for many businesses and industries that rely on real-time applications or live streaming, including banking, diagnostic imaging, navigation, stock trading, weather forecasting, collaboration, research, ticket sales, video broadcasting, and online gaming. Thus, low latency improves the operation speed at the edge, thereby favoring the edge computing market growth.
Edge Computing Market: Component Overview
Based on component, the edge computing market is segmented into hardware, software, and services. The hardware segment accounted for the largest share of the edge computing market in 2021 owing to the increasing adoption of IoT-based systems, driven by a rise in the number of connected devices. Moreover, the services segment is projected to register the highest CAGR during the forecast period. Edge computing solutions provide scale, security, connectivity, cognitive computing, and autonomous operations.
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