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Edge Computing Market to be Worth $155.90 Billion by 2030: Million Insights
[November 21, 2022]

Edge Computing Market to be Worth $155.90 Billion by 2030: Million Insights


FELTON, Calif., Nov. 21, 2022 /PRNewswire/ -- The global edge computing market size is projected to reach USD 155.90 billion by 2030 and register a CAGR of 38.9% from 2022 to 2030. The integration of artificial intelligence (AI) into the edge environment is expected to propel market expansion. An edge AI system can assist businesses in making quick decisions in real-time.

Key Industry Insights & Findings from the report:

  • The COVID-19 outbreak has bolstered the use of edge computing and data centers as more and more businesses are prioritizing the development of communications infrastructure.
  • Based on component, the hardware segment captured a significant revenue share in 2021 due to the increasing number of IIoT and IoT devices. Edge cloud servers must have powerful routers that are flexible and able to handle a volume of incoming traffic while maintaining low latency.
  • The Industrial Internet of Things (IIoT) applications segment dominated the global edge computing market in 2021 owing to the rampant digitization of services and the emergence of industry 4.0.
  • Based on industry vertical, the energy and utility segment accounted for a revenue share of over 15% in 2021 as a result of the rising adoption of smart grids that mandates device edge infrastructure.
  • Smart grids are being installed to aid alternative renewable power generation from sources such as wind and solar. Smart grids enhance operational efficiencies, including incorporation with smart appliances, real-time consumption control, and microgrids to support power generation from dispersed renewable sources.
  • Geographically, Asia Pacific accounted for a significant market share due to the widespread development of connected device ecosystems in countries such as India and China.

Read 254 page full market research report for more Insights, "Edge Computing Market Size, Share & Trends Analysis Report By Component, By Application, By Industry Vertical, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.

Edge Computing Market Growth & Trends

Moreover, the necessity to reduce privacy breaches related to the transmission of massive volumes of data, as well as latency and bandwidth limitations that restrict an organization's data transmission capabilities, is expected to drive market growth in the forthcoming years.

Precision monitoring and machinery control are a few use cases that employ AI on the edge. A fast-moving production line needs the minimum amount of latency possible, which can be achieved by using edge computing. It can be very beneficial to move data processing close to the manufacturing facility because it can be accomplished with AI.  Many different endpoint devices, including sensors, cameras, smartphones, and other Internet of Things (IoT) devices, can make use of artificial intelligence-based edge devices.

Edge computing is currently in its early phases of development. Its operating and deployment models are still in their nascent stages; nonetheless, edge computing is anticipated to present considerable growth opportunities for new entrants in the coming years. As communications infrastructure continues to be developed, demand for edge computing will increase in the years following the COVID-19 pandemic. Working from home is gradually replacing traditional office work and the telecommunications industry is making strides in the development of video conferencing software.

Prominen platforms such as Zoom and Microsoft Teams are creating new solutions to cater to the growing demand. For example, in December 2020, Amazon Web Services and SK Telecom collaborated to launch 5G MEC-based edge cloud services. Energy & utility, healthcare, agriculture, transportation & logistics, retail, telecommunication, and real estate industries are rapidly adopting edge computing as it improves application performance and results, lowers operational costs, and eliminates centralized storage and redundant transmission expenditures.



Edge Computing Market Segmentation

Million Insights has segmented the global edge computing market based on component, application, industry vertical, and region:


Edge Computing Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hardware
    • Hardware by Type
      • Edge Nodes/Gateways (Servers)
      • Sensors/Routers
      • Others
    • Hardware by End Point Devices
      • Cameras
      • Drones
      • HMD
      • Robots
      • Others
  • Software
  • Services
  • Edge-managed Platforms

Edge Computing Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • IIoT
  • Remote Monitoring
  • Content Delivery
  • Video Analytics
  • AR/VR
  • Others

Edge Computing Market - Industry Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

  • Industrial
  • Energy & Utility
  • Healthcare
  • Agriculture
  • Transportation & Logistics
  • Retail
  • Datacenters
  • Wearables
  • Smart Cities, Smart Homes, Smart Buildings

Edge Computing Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

List of Key Players of Edge Computing Market

  • ABB
  • Amazon Web Services (AWS), Inc.
  • Aricent, Inc.
  • Atos
  • Cisco Systems, Inc.
  • General Electric Company
  • Hewlett Packard Enterprise Development
  • Honeywell International Inc.
  • Huawei Technologies Co., Ltd.
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Rockwell Automation, Inc.
  • SAP SE
  • Siemens AG

Check out more latest studies published by Million Insights:

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  • Data Annotation Tools Market - The global data annotation tools market size was valued at USD 629.5 USD million in 2021 and is expected to expand at a CAGR of 26.6% from 2022 to 2030. A data annotation tool is a cloud-based, on premise, or containerized software-based platform used to interpret and evaluate machine learning training software.
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  • Smart Cities Market - The global smart cities market size is expected to value USD 6,965.02 billion by 2030, exhibiting a CAGR of 24.2% from 2022 to 2030. Smart cities use advanced information and communication technologies to gain long-term economic developments, manage resources effectively, and offer their residents an enhanced quality of life.
  • Smart Lock Market - The global smart lock market size is anticipated to be worth USD 8.13 billion by 2030 and reveal a CAGR of 19.5%. A rise in the adoption of technologies such as artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) is expected to drive the industry's growth during the forecast period.

Explore more Market Research Reports by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.

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About Million Insights:

Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:

Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: [email protected]
Web: https://www.millioninsights.com/
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