Edge Computing Market Overview:
The global edge computing market, according to the analysis by Market Research Future (MRFR), is set to witness a substantial CAGR of 27.3% during the assessment period and is likely to reach an estimated market valuation of USD 9,219.3 million by the end of 2023.
Edge computing is slated to witness significant growth in the coming years owing to the remarkable rise in the number of smart applications. Edge computing, coupled with the 5G boom in various industries, as the need for faster data processing is growing. Industrial Verticals like consumer electronics and healthcare are in demand for high-speed data processing at the edge or source of the data generation. It is projected that microdata centers will be organized near to or onto the 5G network tower to empower edge computing.
The growing spread of the Internet of Things (IoT) and growing security concerns at public places are driving market growth. The IoT trend is poised to gain higher demand in the coming years, considering the organization’s initiatives for digital transformation. The rapid growth and increasing adoption of IoT within organizations are estimated to aid the Edge Computing Market.
An increase in several high computing connected mobile devices, owing to IoT, has allowed organizations to collect and store large volumes of complex data in the repository. This has further augmented the need to process, store, and examine the data to achieve specific tasks, therefore driving the demand for edge computing applications.
Though, acquiring talent and expertise, that better understand edge computing technology, the multifaceted infrastructure of edge computing network, and addressing the rising number of cyber-attacks intimidating the privacy and security of the data are some of the trials for the market players offering edge computing solutions that may limit the market growth in the coming years.
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The major market players in the Edge Computing market identified by MRFR include Microsoft Corporation, General Electric, SAP SE, Intel Corporation, and Amazon Inc. Partnerships, product launches, mergers, and acquisitions are the key market strategies used by these major companies to move the market forward. Other market players include IBM Corporation, Aricent, Integrated Device Technology, Huawei Technologies, and Alphabet Inc. among others
The global Edge Computing market is segmented on the basis of deployment, technology, component, application, end-users, and region. By technology, the Edge Computing market has been segmented into mobile edge computing and fog computing. However, the mobile edge computing market is likely to grow at an impressive CAGR of 31.1% and reach an estimated valuation of USD 4,562 million by the end of 2023.
- By deployment, the Edge Computing market has been segmented into on-premise and cloud. However, on-cloud deployment is gaining acceptance rapidly and is projected to achieve an exceptional CAGR of 32% over the forecast period.
- By component, the Edge Computing market has been segmented into hardware, software, and solutions. The hardware segment leads the market due to the eminence of an on-premise deployment. On the other hand, with on-cloud deployment proliferating, the software segment is expected to grow at the fastest growth rate and the highest CAGR during the assessment period.
- By application, the Edge Computing market has been segmented into data caching, IoT, analytics, environment monitoring, location services, augmented reality, and others, the IoT segment leads the market with the maximum share due to the significant upsurge in connected devices and demand for IoT. The considerable rise of IoT, however, has increased cost, delayed data computation and increased the cost of maintaining data servers. Edge computing solves these problems and allows many benefits. Meanwhile, the Data Caching segment is expected to grow at the fastest CAGR during the forecast period as it is vital in increasing the speed of data delivery upon request.
- By vertical, the Edge Computing market has been segmented into transportation, energy & utilities, healthcare, semiconductor, manufacturing, government, hospitality, IT & telecommunication, retail, education, and others.
- By the end-user, the market is sub-segmented into surveillance, gaming, and media, automotive, healthcare and education. The surveillance segment currently accounts for the most significant section due to the surge in demand for network-based video surveillance and high-resolution video technology. Meanwhile, the automotive sector is set to grow at the maximum CAGR of 32.1% during the assessment period due to the augmented number of vehicles linked to the internet and the widespread use of sensor-based technology in the automotive industry. The rapid growth of the automotive industry and the demand for edge computing is expected to boost growth.
North America dominates the global market for edge computing and is closely followed by Europe. These regions are technologically advanced and have the presence of several leading market players who have contributed significantly to the technical advancements made. The deployment rate of cloud technology and IoT is high in these regions. In Europe, Germany leads to market growth for the region and holds the largest share.
The Asia-Pacific is set to expand at the fastest rate with the highest CAGR during the review period. Growing real-time applications of edge computing are a significant factor responsible for driving market growth. China holds the largest share of the regional market and is estimated to grow at the highest CAGR during the forecast period.
Table of Contents
1. Executive Summary
2.2 Scope of The Study
2.3 List of Assumptions
2.4 Market Structure
3. Market Insight
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Data Collection Tools
4.6 Market Size Estimation – Top-Down & Bottom-Up Approach
4.7 Forecast Model
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List of Table
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global Edge Computing Market, By Technology, 2018–2023 (Usd Million)
Table 4 Global Edge Computing Market, By Deployment, 2018–2023 (Usd Million)
Table 5 Global Edge Computing Market, By Component, 2018–2023 (Usd Million)
List of Figure
Figure 1 Global Edge Computing Market: Market Structure
Figure 2 North America Market Size & Market Share by Country (2017 Vs 2023)
Figure 3 Europe Market Size & Market Share by Country (2017 Vs 2023)
Figure 4 Asia Pacific & Market Share by Country (2017 Vs 2023)
Figure 5 Rest of The World Market Size & Market Share by Country (2017 Vs 2023)
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