The edge computing market size is expected to grow from USD 44.7 billion in 2022 to USD 101.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period. The requirement of companies for optimizing business performance through proactive asset management has compelled the enterprise to harness the power of edge computing.
The software enables benefit the organizations by enhancing the edge computing solution’s execution and streamlining their operations
The edge computing platform enables to debug and test data flows on remote data and the edge computing software helps is improving performance by achieving the next level of security, such as edge-based threat detection, data minimization, and decentralized infrastructure.
The proliferation of IIoT devices makes the introduction of edge computing functionalities easier to be deployed at end-user locations.
Industrial IoT combines real-time processing, hardware optimization capabilities for IoT systems to increase the efficiency of machines and the throughput of the entire process. Smart robotics, remote diagnosis, asset optimization, connected product integration, and smart construction applications will drive edge computing adoption in various industries .
The intensely competitive market scenario has encouraged SMEs to invest in edge computing solutions to achieve high business efficiency
Being constrained by limited budgets, small IT infrastructure, and staff, SMEs look for flexible, scalable, and cost-effective solutions. Edge computing brings a lot of capabilities for SMEs. These capabilities are hard to own if bought separately. Due to pay-as-you-use models, SMEs can access the capabilities, such as AI analytics and development platform.
Edge computing in the manufacturing industry has specific importance in the overall business operations and is expected to deliver a higher RoI
Edge computing has played an important role in allowing manufacturers to reach the goal of digitization of their facilities through edge devices. The demand for edge infrastructure is projected to increase as service complexity rises and the infrastructure edge becomes more accessible
North America holds the largest market size of the edge computing market in 2022
The two major countries contributing towards region’s growth: the United States and Canada are expected to boost the adoption of edge computing solution in the region. The vendors in this region are continuously focusing on developing and integrating edge computing solutions for organizations that are willing to streamline their customer care processes. Several startups have emerged and grown to deliver platforms for developing edge-enabled solutions which are anticipated to boost the regional market’s growth. For instance, Telus Communications and MobiledgeX, Inc. collaborate to build the MobiledgeX Early Access Programme, which has allowed developers to build, test, and analyze the efficacy of edge-enabled applications in a low-latency environment.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants is as follows:
- By Company Type: Tier I: 35%, Tier II: 25%, and Tier III: 40%
- By Designation: C-Level: 25%, D-Level: 30%, and Others: 45%
- By Region: North America: 42%, Europe: 25%, APAC: 18%, Row: 15%
- The report segments the edge computing market by the component segment which includes software, hardware, and services.
- Based on the application, the market is segmented into smart cities, Industrial Internet of Things (IIOT), remote monitoring, content delivery, Augmented Reality (AR) and Virtual Reality (VR), and other applications( autonomous vehicles, drones, and gaming).
- The market is also segmented based on organization sizes as small and medium-sized enterprises and large enterprises.
- Different verticals using edge computing solutions include manufacturing, energy and utilities, government and defense, healthcare and life sciences, media and entertainment, retail and consumer goods, telecommunications, transportation and logistics, and other verticals (education and BFSI).
- The geographic analysis of the edge computing market is spread across five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the edge computing market with information on the closest approximations of the revenue numbers for the overall edge computing market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.