Edge Computing Market worth $111.3 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 4, 2023 /PRNewswire/ -- IoT and connected device adoption will increase, 5G networks will be integrated, edge AI and machine learning will grow, and a continuum from edge to cloud will be created. The trajectory of edge computing will also be influenced by applications that are industry-specific, improved security and privacy safeguards, and a cooperative edge computing ecosystem.
The Edge Computing Market size is expected to grow from USD 53.6 billion in 2023 to USD 111.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period, according to a new report by MarketsandMarkets™. The advancements in hardware technology, open-source software and development tools, surge in adoption of cloud computing services, and the growth of IoT, requirement of a distributed computing paradigm that brings computation and data storage closer to the location where it is sought are a few factors driving the growth of the Edge Computing Market.
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Scope of the Report
By component, hardware segment to record the second highest CAGR during the forecast period
The hardware segment plays a crucial role in the Edge Computing Market. Edge computing involves processing data closer to its source rather than relying solely on centralized cloud infrastructure. This proximity to data sources requires specialized hardware components to enable efficient and reliable computing at the edge. Hardware in the Edge Computing Market includes devices such as edge servers, edge gateways, routers, switches, sensors, and other edge devices. These components are designed to handle the unique challenges of edge environments, including limited power and computing resources, harsh conditions, and low-latency requirements. Additionally, specialized hardware accelerators, such as graphics processing units (GPUs) and field-programmable gate arrays (FPGAs), are employed to enhance processing capabilities and enable tasks like real-time analytics, machine learning, and video processing at the edge. Therefore overall, the hardware segment is vital for enabling the infrastructure and computational capabilities necessary to support the growing demand for edge computing applications across various industries.
By Application, Remote monitoring segment to exhibit significant growth during the forecast period
Remote monitoring services for edge computing technology have been there for years. The new digital monitoring services utilize the latest technologies, such as cloud computing, data analytics, AI, and mobile communications. Organizations are finding edge computing to reduce latency and moving toward the decentralized edge and scattering IT infrastructure over multiple remote sites. In a time-sensitive business, where delivery of every data packet is critical to the business, edge computing can make a huge difference through localized efficient processing; for instance, in the oil and gas industry, seismic and sensor data are required to be frequently stored and physically shipped, which can result in costly delays. In such cases, edge computing helps balance processing loads and analyse telemetry data (irrespective of global distances) and improves business continuity by protecting against unplanned outages or data loss. Thus, with remote work on the rise and businesses utilizing digital platforms and services, edge computing functionalities will deliver faster, reliable, and cheaper data processing.
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By organization size, large enterprises follow SMEs and is showing significant growth in the market
Organizations with more than 1,000 employees are categorized under the large enterprises segment. The traction of edge computing solutions in large enterprises is higher than in SMEs. This is due to their ability to adapt and leverage the benefits of advanced technologies, including edge computing. Enterprises have their offices across regions. The mentioned factors enable enterprises to provide a solution through real-time employee data access. Large enterprises are adopting edge computing solutions increasingly to enhance the operational efficiency of their businesses across regions. The Edge Computing Market is undergoing significant technological transitions, such as enhancement in personalized marketing, big data, social media, real-time solutions, and the use of analytics and ML. All these advancements are favourably welcomed and highly adopted by large organizations. According to a Business Today report in June 2022, edge computing can help large enterprises reduce network costs, avoid bandwidth constraints, reduce transmission delays, limit service failures, and provide better control over the movement of sensitive data. Advanced applications such as AI, proactive monitoring, predictable insights, AR and VR applications, benefit from computing at the edge.
European region to record second highest CAGR in the Edge Computing Market in 2023
Europe has shown significant economic growth in the past few years, despite a dynamic regulatory environment. This is due to the rising expectations of companies in the region to improve their business efficiency by saving time and money. Hence, several major US-based edge computing companies have expanded in the region to build strong clientele and establish a base of operations overseas. Similarly, the regional technology providers are collaborating with the global edge computing providers to maintain a competitive edge, retain existing customers, and allure new ones. For instance, Siemens, a German industrial software provider, collaborated with SAS to create AI-embedded IoT analytics for the
Top Key Companies in Edge Computing Market:
The Major Players for Edge Computing Market includes some of the key vendors as well as startups offering contact center solutions across the globe, which include Cisco (US), AWS (US), Dell Technologies (US), Google (US), HPE (US), Huawei (China), IBM (US), Intel (US), Litmus Automation (US), Microsoft (US), Nokia (Finland), ADLINK (Taiwan), Axellio (US), Capgemini (France), ClearBlade (US), Digi International (US), Fastly (US), StackPath (US), Vapor IO (US), GE Digital (US), Moxa (Taiwan), Sierra Wireless (Canada), Juniper Networks (US), EdgeConnex (US), Belden (US), Saguna Networks (Israel), Edge Intelligence (US), Edgeworx (US), Sunlight.io (UK), Mutable (US), Hivecell (US), Section (US), EdgeIQ (US).
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Edge Computing Advantages:
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