Global Edge Computing Market Size, Share, Growth Analysis, By Type(Hardware and Software), By End-User(Manufacturing and Healthcare) - Industry Forecast 2024-2031

Global Edge Computing Market size was valued at USD 11.25 billion in 2022 and is poised to grow from USD 15.42 billion in 2023 to USD 192.40 billion by 2031, growing at a CAGR of 37.09% in the forecast period (2024-2031).

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. 'Amazon Web Services (US)', 'Cisco Systems, Inc. (US)', 'Dell Technologies, Inc. (US)', 'Fujitsu Ltd. (Japan)', 'General Electric Company (US)', 'Hewlett Packard Enterprise Company (US)', 'Huawei Technologies Co., Ltd. (China)', 'IBM Corporation (US)', 'Intel Corporation (US)', 'Juniper Networks, Inc. (US)', 'Microsoft Corporation (US)', 'Nokia Corporation (Finland)', 'NXP Semiconductors N.V. (Netherlands)', 'Oracle Corporation (US)', 'SAP SE (Germany)', 'Schneider Electric SE (France)', 'Siemens AG (Germany)', 'Tencent Holdings Limited (China)', 'Verizon Communications Inc. (US)', 'Vodafone Group Plc (UK)'

The global edge computing market is being driven by the increasing adoption of IoT devices, the need for real-time data processing and analytics, and the growth of 5G networks. Edge computing enables faster and more efficient data processing by bringing computing closer to the source of data. This technology is gaining popularity in various industries, including healthcare, finance, and manufacturing, due to its ability to reduce latency, improve security, and enhance the overall performance of applications. Major technology players are investing heavily in research and development to create innovative edge computing solutions, indicating significant growth prospects for the market.

One major trend in the global edge computing market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. With the growth of IoT and the need for real-time data processing, edge computing is becoming a critical component in enabling the development and deployment of AI and ML applications. By processing data closer to the source, edge computing can reduce latency and improve the accuracy and speed of AI and ML algorithms. As a result, there is a growing demand for edge computing solutions that can support AI and ML workloads, indicating a significant trend in the market.

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.