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The edge computing market has witnessed outstanding growth over the past few years. The growing use of IoT devices predominantly drives market growth, empowering businesses to grow exponentially. Companies increasingly depend on storage solutions and centralized cloud computing using IoT actuators, sensors, and other devices.
Market Research Future (MRFR) asserts that the global edge computing market is expected to garner USD 168.59 Billion by 2030, growing at a 24.51% CAGR throughout the assessment period (2020- 2030). The rising need for low-latency processing and exponentially rising network traffic and data volumes boost the edge computing market share.
However, the multiple benefits of IoT and rising uses of connected technologies and smart devices also generate extensive big data. This, as a result, makes companies look out for edge computing solutions like hyper-localized data centers, devices, and edge nodes. The growing demand for real-time, automated decision-making solutions allows the market to garner substantial traction.
Report Scope:
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Parameter |
Details |
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Revenue Forecast in 2030 |
USD 168.59 Billion |
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Growth Rate: |
CAGR of 24.51% from 2022 to 2030 |
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Study Period: |
2022 -2030 |
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Report Coverage: |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments
The edge computing market forecast is segmented into component, technology, application, deployment, vertical, and regions. The component segment is sub-segmented into software, hardware, and solutions. Of these, the hardware segment accounts for the largest market share.
The technology segment is sub-segmented into mobile edge computing and fog computing. Among these, the mobile edge computing segment accounts for the largest market share. The deployment segment is sub-segmented into cloud and on-premise. The cloud deployment segment accounts for the largest market share.
The application segment is sub-segmented into location services, environment monitoring, augmented reality, data caching, IoT, analytics, and others. Among these, the IoT segment accounts for the largest market share. The vertical segment is sub-segmented into education, retail, hospitality, government, semiconductor, IT and telecommunication, energy & utilities, transportation, manufacturing, healthcare, and others. The energy & utility segment holds the largest market share.
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Geographical Analysis
North America leads the global edge computing market. The largest market share attributes to the growing adoption of edge computing among enterprises to gain scalability and reduced latency. Besides, rising uses of IoT and 5G technologies due to the increased adoption of industry 4.0 in the manufacturing sector drive the market growth.
The strong presence of major technology enablers and data centers, alongside the implementation of effective data processing at the edge network, increases the region’s edge computing market share. The US is the largest edge computing market in North America, headed by the increasing adoption of edge computing solutions in the education, healthcare, automotive, and surveillance sector.
Europe is the second-largest market for edge computing. The rising adoption of edge computing solutions in Sweden, Italy, Spain, France, Germany, and the UK contributes to the region’s market growth. Additionally, technological advancements and well-established infrastructures in the region influence market growth. Augmenting uptake backed by the government’s programs boosts the market size, encouraging advancements in IoT and cloud technologies.
The Asia Pacific edge computing market is emerging as the fastest-growing space. The growth of the regional market attributes to the extensive deployment of edge computing technologies and advanced computing solutions. Also, the edge computing market in India is expanding due to the government’s efforts to promote Digital India Program, aiming to transform the country into a digitally empowered society.
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Competitive Analysis
The edge computing market appears highly competitive and fragmented, owing to the presence of many matured players accounting for a substantial market share. These players try to gain a bigger market share through acquisitions, strategic partnerships, expansions, product/technology launches, and collaborations.
Heavy R&D investments are made in developing completely different technologies than their competition. Technology enablers develop Streaming Data Platforms (SDPs) and reference architecture designed to improve edge computing in manufacturing environments to help organizations store and process data generated by edge devices with the addition of real-time analytics.
For instance, on Sep. 14, 2022, IBM and Bharti Airtel (India) announced their partnership to deploy Airtel’s edge computing platform enabling large enterprises in the manufacturing and automotive industries to accelerate innovative solutions. The Airtel-IBM platform is expected to boost quality control and ensure their data remains protected at the edge. Maruti Suzuki, a leading passenger car maker in India, intends to use the edge platform to increase accuracy and efficiency for quality inspections on the factory floor.
Players leading the edge computing market include Advanced Micro Devices Inc, Yokogawa Electric Corporation, ABB Ltd., Rittal GmbH & Co. KG., ZenLayer Inc., The Hewlett Packard Enterprise Company, Fujitsu Ltd., Siemens AG, Integrated Device Technology Inc., EdgeConnex Inc., eInfochips, Huawei Technologies Co. Ltd., ADLINK Technology Inc., IBM Corporation, Alphabet Inc., Schneider Electric SE, SAP SE, Microsoft Corporation, Intel Corporation, and Amazon Inc.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
