Global Edge Computing Market Anticipates Massive Growth at a CAGR of Around 30% during 2024-30
MarkNtel Advisors has recently published a research report titled, The Global Edge Computing Market size was valued at USD 50.5 billion in 2022 and is estimated to grow at a CAGR of around 30% during the forecast period, i.e., 2024-30. The study offers readers an in-depth analysis of growth prospects, driving forces, challenges, and barriers in both developing and emerging regions. It provides a detailed examination of the primary factors driving market growth. The report meticulously addresses recent trends and assesses their impact, both positive and negative, on market dynamics. It also scrutinizes the following notable companies, IBM Corporation, Amazon Web Services, Cisco Systems, Inc., Huawei Technologies Co. Limited, ABB Group, Intel Corporation, Microsoft Corporation, SAP SE, Hewlett Packard Enterprise Development LP, AT&T Inc., Rockwell Automation Inc., Atos SE, Digi International Inc., General Electric Company, ADLINK Technology Inc. etc.
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As per our analyst, the surge in the market is fueled by increased government investment in smart city initiatives, growing consumer adoption of smart devices and connected vehicles, and the deployment of advanced networking technologies like 5G wireless. Also, the industry has experienced significant expansion due to companies channeling increased funding into the development of products such as home security cameras with edge computing, cloud gaming consoles, and autonomous vehicles. Sectors like healthcare & life sciences and transportation & logistics are showing a growing inclination towards embracing the Internet of Things (IoT) and artificial intelligence (AI).
Furthermore, the increasing need for remote monitoring of industrial components, coupled with declining prices of hardware components and computational resources, is expected to drive the demand for edge computing technology in the upcoming forecast period. Additionally, businesses are increasingly adopting cloud-based approaches due to rapid advancements in telecommunications, cloud computing, and the Internet of Things (IoT). The popularity of edge computing solutions has witnessed significant growth in Asia, driven by the expanding use of cloud technologies and the evolution of business processes. However, the potential hindrance to market growth in the coming years may arise from the challenge faced by most IT managers in finding solutions and cloud providers capable of managing high bandwidth requirements and redundant data reporting.
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Global Edge Computing Market Segments, as per the Research Report
- By Component (Solution [Hardware {Sensors/Routers, Edge Nodes/Gateways}, Software, Platforms], Services)
- By Application (Connected Vehicles, Smart Devices, Remote Monitoring, Industrial Internet of Things, Augmented & Virtual Reality, Smart Cities, Content Delivery, Others)
- By Organisation Size (Small, Medium, Large)
- By End-User (Energy & Utilities, Healthcare & Lifesciences, Transportation & Logistics, Manufacturing, Retail & Consumer Goods, IT & Telecom, Government & Defense, Others)
- By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
- By Country (US, Canada, Mexico, Brazil, UK, Germany, France, China, Japan, India, Singapore, Australia, UAE, Saudi Arabia, South Africa)
The Market Is Predominantly Influenced by The Solution Segment, With Hardware Claiming the Largest Market Share
This dominance was driven by heightened adoption of cloud-based applications, particularly in sectors like energy and utilities. The surge in demand for hardware components, such as sensors and router gateways, was also facilitated by decreasing prices, contributing to robust sales in the historical period.
Simultaneously, the platform segment has been experiencing rapid expansion due to a growing need for edge computing platforms among businesses seeking to harness specific hardware and software functionalities. The escalating popularity of these platforms has prompted increased investments from enterprises in IT/OT solutions, leading market players to introduce a variety of edge computing platforms. Consequently, these factors are anticipated to play a significant role in the global growth of the Edge Computing Market in the coming years, as highlighted in the research report.
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