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:
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)
Edge Computing Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
Edge Computing Market - Industry Vertical Outlook (Revenue, USD Billion, 2018 - 2030)
Edge Computing Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players of Edge Computing Market
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