USD 10.60 billion
Report ID: SQMIG45I2085 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 59 | Figures: 75
Edge Computing Market size was valued at USD 10.60 billion in 2021 and is poised to grow from USD 11.25 billion in 2022 to USD 102.37 billion by 2030, growing at a CAGR of 37.09% in the forecast period (2023-2030).
Global Edge Computing market is poised for significant growth, driven by the increasing demand for real-time data processing, the adoption of 5G technology, and the proliferation of IoT devices. As organizations recognize the benefits of edge computing in terms of reduced latency, improved efficiency, and enhanced user experiences, the market is expected to witness continued expansion in the foreseeable future. The exponential increase in data generation from various sources, including IoT devices, autonomous vehicles, and smart grids, has created a need for efficient data processing at the edge. Edge computing provides real-time analytics and actionable insights by processing data locally, reducing the burden on cloud infrastructure and network bandwidth. Moreover, the rising adoption of 5G networks is expected to further propel the global market. 5G technology enables ultra-low latency and high bandwidth, making it ideal for edge computing applications. This combination enhances the performance of latency-sensitive applications such as autonomous vehicles, industrial automation, and remote healthcare.
Furthermore, the growing demand for autonomous and connected devices is driving the deployment of edge computing solutions. Edge computing enables devices to make faster decisions and respond swiftly to real-time events, which is crucial for applications like self-driving cars, smart cities, and industrial IoT. However, the edge computing market faces certain challenges as well. Ensuring data privacy and security at the edge is a crucial concern, as decentralized computing can potentially expose data to various vulnerabilities. In addition, the deployment and management of edge computing infrastructure across geographically distributed locations can be complex and require robust network connectivity.
Global Market Size
USD 10.60 billion
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The Global Edge Computing market is segmented by type, end-user, and region. Based on type, the market can be segmented into hardware and software. Based on end-user, the market is segmented into manufacturing and healthcare. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Edge Computing Market Analysis by Type
By type, the market can be segmented into hardware and software. The hardware segment currently holds the largest share of the global edge computing market. This is due to the increasing adoption of edge devices and servers across various industries such as healthcare, manufacturing, and retail. Edge devices and servers provide real-time data processing and analytics capabilities, which are essential for applications such as predictive maintenance, quality control, and inventory management.
The software segment is expected to witness the fastest growth in the coming years. This is due to the increasing demand for edge platforms and analytics solutions that enable organizations to manage and analyze data generated by edge devices in a more efficient and effective manner. Edge analytics solutions provide real-time insights into data generated at the edge, enabling organizations to make faster and more informed decisions.
Edge Computing Market Analysis by End-User
By end-user, the market can be segmented into manufacturing and healthcare. The manufacturing segment currently holds the largest share of the edge computing market. This is due to the increasing adoption of edge computing solutions in the manufacturing industry to improve operational efficiency, reduce downtime, and optimize production processes. Edge computing solutions enable manufacturers to perform real-time analytics on data generated by sensors and other edge devices, providing insights into machine performance and predictive maintenance needs.
However, the healthcare segment is expected to witness the fastest growth in the coming years. This is due to the increasing demand for remote patient monitoring and telemedicine solutions that leverage edge computing technology to provide real-time health monitoring and virtual care services. Edge computing solutions enable healthcare providers to collect, process, and analyze patient data in real-time, allowing for early intervention and improved patient outcomes.
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North America dominated the global edge computing market, with the United States being the largest contributor to the regional growth. The increasing adoption of IoT devices and the need for real-time data processing and analytics are driving the growth of the edge computing market in this region. Furthermore, the presence of major technology players such as IBM, Microsoft, and Cisco in North America is contributing to the growth of the market. These companies are investing heavily in research and development to create innovative solutions that can meet the growing demand for edge computing services. Additionally, the rise in cloud computing and the need for high-speed connectivity is further fueling the growth of the market.
Asia Pacific is expected to be the fastest-growing region in the global edge computing market. Countries such as China, Japan, and South Korea are expected to contribute significantly to the growth of the market in this region. The rapid adoption of IoT devices and the increasing demand for real-time data processing and analytics are the key drivers of the edge computing market in APAC. Additionally, the growth of 5G networks and the need for high-speed connectivity are expected to further drive the growth of the market. The presence of major technology players such as Huawei, Alibaba, and Tencent in this region is also contributing to the growth of the market.
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Edge Computing Market Drivers
Increasing adoption of IoT devices
Edge Computing Market Restraints
Lack of standardization in the industry
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The global edge computing market is highly fragmented, with the presence of numerous players offering a diverse range of edge computing solutions and services. The market is characterized by intense competition among players to gain a larger market share. To remain competitive, players are focusing on developing innovative and cost-effective solutions that can cater to the diverse needs of various industries. Additionally, partnerships, collaborations, and acquisitions are becoming common among players to expand their geographical presence and enhance their product offerings, indicating the competitive nature of the market.
Edge Computing Market Top Player’s Company Profiles
Edge Computing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global edge computing market analysis, the market is experiencing significant growth due to the increasing adoption of IoT devices, the need for real-time data processing and analytics, and the growth of 5G networks. Despite the lack of standardization in the industry and the high initial costs of deploying edge computing solutions, the market is highly competitive and fragmented, with numerous players offering a diverse range of solutions and services. Key players in the market include Amazon Web Services, Cisco Systems, Dell Technologies, Huawei Technologies, IBM Corporation, Microsoft Corporation, Nokia Corporation, Oracle Corporation, and Verizon Communications Inc. A major trend in the market is the increasing adoption of AI and ML technologies, which require edge computing to reduce latency and improve accuracy.
|Market size value in 2021||USD 10.60 billion|
|Market size value in 2030||USD 102.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Edge Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Edge Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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