Edge Computing Market Overview:
Edge computing Market to expand at a CAGR of 24.52% until 2030 to value USD 168.6 billion
The market size for edge computing was estimated at USD 29.2 billion in 2021. The market for edge computing is anticipated to increase from USD 36.35 billion in 2022 to USD 168.6 billion in 2030, with a compound annual growth rate (CAGR) of 24.51% over the five-year forecast period. The primary market drivers accelerating market expansion include rising cloud infrastructure burden and rising industrial IoT usage.
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Key Companies in the Edge Computing market includes,
The Internet of Things (IoT) industry has grown significantly over the past few years, and it is expected to continue growing rapidly in the years to come. As the number of connected devices increases continuously, so does the volume of data they produce. the growing need for quicker handling and analysis of this data.
Even if the success of IoT depends on cloud computing, there are some circumstances when cloud computing must meet demands for speedier data processing.
The telecommunications industry is working swiftly to provide new video conferencing platforms like Microsoft Teams and Zoom to meet the growing demand. For instance, in December 2020, SK Telecom and Amazon Web Services will launch edge cloud services based on 5G MEC. In the years following the COVID-19 pandemic, it is projected that demand for edge computing will rise as communications infrastructure continues to be constructed. Traditional office employment is progressively being replaced by working from home. In addition, as the healthcare system expands through online consultations, a network design requiring high security and low latency connectivity is projected to appear.
Edge computing has evolved into a solution-specific technology with special tools and architectures developed for special use cases. The edge is predicted to receive a large portion over the anticipated time in a number of application scenarios, including next-generation CDNs, network function and 5G virtualization, and streaming gaming. This is the start of a process that will eventually lead to widespread access to the edge. As a result, the market CAGR for edge computing has increased in recent years.
The hardware, software, and solutions segments of the edge computing market are based on components. During the projection period, 2022–2030, the fastest-growing segment is anticipated to be the hardware segment, which dominated the market in 2021.
The Edge Computing market is divided into application-specific submarkets that include Internet of Things, data caching, analytics, environment monitoring, augmented reality, location services, and others. In 2021, the IoT market category held the lion’s share, accounting for almost 28% of the global revenue for edge computing.
The transportation, energy & utilities, healthcare, manufacturing, semiconductor, government, technology & communications, retail, education, hospitality, and other verticals have been divided up into the edge computing market data. The market was dominated by the energy & utilities category in 2021, and it is anticipated that this segment would grow at the fastest rate from 2022 to 2030.
The report breaks down the markets by region, covering North America, Europe, Asia-Pacific, and the rest of the world.
In 2021, the North American Edge Computing market had a value of USD 12.58 billion, and over the research period, it is anticipated to rise at a high CAGR. The combination of IIoT and edge computing creates the ideal environment for American enterprises to make the switch to connected production. A number of companies have also emerged to offer platforms for developing edge-enabled products, which are expected to speed up the local market’s expansion.
Due to the growing adoption of IoT, the need to manage the dramatically increased data, the rising demand for low-latency processing and real-time automated decision-making solutions, and the strain on cloud infrastructure, Europe’s Edge Computing market holds the second-largest market share. Additionally, the UK Edge Computing market was the one with the highest market share.
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Edge Computing Industry Developments:
From 2022 to 2030, the Asia-Pacific Edge Computing Market is anticipated to experience the fastest CAGR growth. This is as a result of the heightened regional focus on advancing networking technology during the COVID-19 epidemic. A robust computational infrastructure is required due to the area’s tremendous expansion in the connected device ecosystem, which creates a lot of data. In addition, the India Edge Computing market had the highest rate of growth in the Asia-Pacific region, while China’s Edge Computing market had the largest market share.
The key industry companies are spending a lot of money on R&D in order to diversify their product lines, which will propel the edge computing market even further.
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