Global Edge Computing Market

April 2, 2022
ID: SR/ICT-137
Format:Pdf
Pages:220

Global Edge Computing Market By Component (Hardware, Software, and Solution), By Application (Smart Cities, Connected cars, Critical Infrastructure Monitoring, Traffic management, Environmental Monitoring, Augmented Reality, Assets Tracking, Security & Surveillance, and Other), By Organization Size (Small & Medium Enterprises, and Large Enterprises), By Industry Vertical (Energy & Utilities, Government & Public Sector, Manufacturing, Agriculture, Healthcare, Entertainment & Media, Transportation, Retail, Telecom & IT, Others), and By Region (North America, Europe, Asia Pacific, South America, and The Middle East & Africa)-Global Forecast to 2028.

Description

Edge Computing Market Overview

The global edge computing market is valued at USD 5.18 billion in 2021 and is projected to reach USD 66.58 billion by 2028, growing at a CAGR of 32.8% during the forecast period, 2022-2028. With the continued growth of the Internet of Things (IoT) and related devices, Market participants are integrating edge computing solutions with IoT-enabled devices to advance internet connectivity to send and receive data to and from the cloud. The growing adoption of a hardware component in the various industrial verticals is the key factor driving the market growth. Furthermore, with the growing number of IoT integrated devices and the emergence of 5G in the region. with the rapid growth of mobile services and the rising operating cost pressure, the telecom industry is expected to drive the global edge computing market growth.

What is Edge Computing?

Edge computing is a web-based solution that decreases the number of processes running in the cloud and moves them to a local device such as user computers, edge servers, and IoT devices. Reduces latency and improves process efficiency by minimizing the amount of remote communication between client and server. Therefore, some organizations adopt edge computing to reduce bandwidth usage, server resource, and associated costs. Edge computing is a rising trend in big data by moving device workloads closer to users and overhead in centralized data centers.

Growth Driver

Increasing adoption of the IoT and edge Artificial Intelligence (AI) across the industries

The proliferation of the Internet of things (IoT) IoT has significantly risen in data, owing to which organizations are gradually turning to centralized cloud computing and storage solutions. The growth in the adoption of Internet of things (IoT) devices in various applications. Migrating your entire IT infrastructure to the cloud introduces delays and economic feasibility issues. Therefore, organizations using IoT sensors, actuators and other devices are gradually looking for edge computing solutions such as hyper-localized data centers, devices and edge nodes. The rise in the number of connected devices worldwide has enhanced the growth of edge artificial intelligence, which are the factors that drive the growth of the edge computing market.

Opportunity

Rise of autonomous vehicles infrastructure

Growing demands and several technological improvements have led to the proliferation of autonomous vehicles infrastructure. Edge computing enables autonomous vehicles to process, store, and conversation data in real-time with nominal potential across vehicles and through higher networks. Autonomous vehicles broadcast data about weather, road, and light conditions and use the same to control, navigate, and drive. Edge data centers collect and send valued data back to the automakers. There are great opportunities for edge computing to support the development of autonomous vehicles. Many companies have started reinventing the cloud through edge computing to support autonomous and connected car technologies, which are further expected to boost the growth of the edge computing market.

Restraints

Lack of Edge Monitoring Devices and Capital Expenditure for Infrastructure

Companies are fast moving to digital by adopting new technologies to automate and accelerate their business processes efficiently. Edge computing can reduce data transmission and storage costs through localized processing, but investment in edge infrastructure still contributes to enterprise capital expenditure. Companies looking for a comprehensive edge computing solution will invest heavily in edge nodes, other edge devices, and edge data centers. Furthermore, the lack of edge monitoring devices with the release of edge computing and intelligent performance monitoring platform is still under development to monitor the problems faced by edge application devices.

Pre-Covid-19 impact on global edge computing market

Before the covid-19 period, the global edge computing industry is growing due to increasing pressure on cloud infrastructure and the emergence of intelligent applications. A rise in the number of smart devices and a reduction in bandwidth used to move backup data from data centers to central cloud platforms, the expansion of the worldwide edge computing market is being fueled by an influx of data in the form of smart machines, automobiles, and Internet of things (IoT) devices.

Covid-19 impact on global edge computing market

During the COVID-19 pandemic, the edge computing market is grown due to an increasing trend in the use of edge computing in artificial intelligence called edge AI, which is used to provide accurate, effective identification of real-time data along with the isolation and treatment of COVID-19 patients. Demand for edge computing is anticipated to rise during the Covid19 epidemic as it rises network speeds, addresses security concerns, and facilitates bandwidth, essential for current operating conditions. the COVID-19 pandemic is inspiring the use of these solutions by numerous organizations due to the growing numeral of employees working from home.

Post-Covid-19 impact on global edge computing market

After the Covid-19 period, growing demand on the edge computing market with the growing implementation and increasing expenditure on these technologies. With work from home becoming the norm and the healthcare system gaining critical mass with online consultations, a network architecture that demands low-latency connectivity and high security is predicted to emerge. 5G network function virtualization, streaming games, cloud are some of the usage cases where the advantage is expected to capture a significant share during the forecast period.

Component Segmental Analysis

The global edge computing market is segregated into hardware, software, and solution based on the component. The hardware segment is anticipated to have the largest market share in the component of the edge computing market. The segmental growth is attributed to decentralizing storage and computing operations for the large-scale distribution of hardware components, enabling a decrease in network traffic and the arrangement of edge infrastructure.

Application Segmental Analysis

The market is categorized into smart cities, connected cars, critical infrastructure monitoring, traffic management, environmental monitoring, augmented reality, assets tracking, security & surveillance, etc. The Smart Cities segment held a significant market share over the forecast period. The extensive deployment of IoT sensor networks, with continuous data streaming for effective management of assets and services such as air quality management, waste and water management, traffic management and robust connectivity.

Organization Size Segmental Analysis

Based on the organization size segmental analysis, the market is categorized into Small & Medium Enterprises and Large Enterprises. The Large Enterprises segment held a significant market share due to the ability to adapt and leverage the benefits of advanced technologies with edge computing. Large enterprises are increasingly adopting edge computing solutions to enhance the operational efficiency of their businesses across their regions, which are the factors driving the segmental growth of the market.

Industry Vertical Segmental Analysis

Based on the industry vertical segmental analysis, the market is categorized into Energy & Utilities, Government & Public Sector, Manufacturing, Agriculture, Healthcare, Entertainment & Media, Transportation, Retail, Telecom & IT, Others. The Manufacturing segment accounted for the maximum market share due to the growing quantity of IoT sensors across factory floors, and manufacturers have started accomplishing industrial automation and manufacturing efficiency. However, IoT-enabled manufacturing needs the building and maintenance of high-capacity data centers for processing, storage, and analysis of huge data generated by sensors.

Region Segmental Analysis

The edge computing market is categorized into North America, Asia Pacific, Europe, South America, and The Middle East & Africa based on the region. The Asia Pacific accounts for the higher market share during the forecast period. Due to the increasing number of IoT integrated devices and the emergence of 5G in the region. The deployment of 5G networks is expected to contribute to the telecom edge infrastructure that supports 5G-enabled applications. Furthermore, with the rapid growth of mobile services and the rising operating cost pressure, the telecom industry has taken measures to expand user experience, optimize network operation, increase profits, and improve resource utilization efficiency by introducing new products and technologies.

Competitor Analysis

Companies include Cisco System Inc., Microsoft Corporation, Honeywell International Inc., Hewlett Packard Enterprise, Nokia Corporation, Huawei technologies co. Ltd., ABB, Sierra Wireless, Belden Inc., Dell Inc., Fujitsu Ltd., Atos SE, Others Prominent Players in the global edge computing market.

Key Stakeholders

Market research and consulting firms
Industry associations
Research organizations and consulting companies
Service provider
Local governments
Regulatory bodies
Suppliers
Retailers

Recent Development

In 2020, Edge Micro launched five new micro-edge data centers in the US. The company has designed a containerized data center with six racks supporting 8 kW of power.
In 2020, Cisco Systems, Inc. Partnered with Microsoft on IoT and edge computing technologies.
In 2019 Dell Inc. Partnered with AT&T for 5G software infrastructure and open-source edge computing. The two companies planned to explore the development of key areas of open infrastructure technology for the edge of next-generation networks.
In 2019, China Mobile Beijing and Huawei launched a smart stadium pilot project at Beijing South Station based on Multiple Access Edge Computing (MEC). This project is expected to bring more profits to the company.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 5.18 Billion
The revenue forecast in 2028	USD 37.76 Billion
Growth Rate	CAGR of 32.8% from 2022 to 2028
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Cisco System Inc., Microsoft Corporation, Honeywell International Inc., Hewlett Packard Enterprise, Nokia Corporation, Huawei technologies co. Ltd., ABB, Sierra Wireless, Belden Inc., Dell Inc., Fujitsu Ltd., Atos SE, Others Prominent Players.

Market Modelling

By Component

Hardware
Software
Solution

By Application

By Organization Size

Small & Medium Enterprises
Large Enterprises

By Industry Vertical

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the edge computing market?

Edge computing is a web-based solution that decreases the number of processes running in the cloud and moves them to a local device such as user computers, edge servers, and IoT devices.

What is the growth rate of the global edge computing market?

The global edge computing market was calculated at USD 5.18 billion in 2021, and it is expected to reach USD 37.76 billion in 2028 with a CAGR of 32.8% during the forecast period of 2022-2028.

What are the growth drivers in the global edge computing market?

The proliferation of the Internet of things (IoT) IoT has significantly risen in data, owing to which organizations are gradually turning to centralized cloud computing and storage solutions.

Who are the major key players in the global edge computing market?

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