Global Edge Computing Market

Edge Computing Market Size, Share, Growth Analysis, By Component(Edge Servers, Edge Gateways, Sensors, Devices, Software, Services), Organization Size, Application(Real-time Data Processing & Analytics, Predictive Maintenance, Remote Monitoring, Others), Vertical, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2085 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 59 | Figures: 75

Edge Computing Market Insights

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 widespread usage and adoption of IoT is leading to overload on cloud foundation and is the driving factor of the market. The rising adoption of edge computing in different industries is also driving the market. Due to the COVID-19 pandemic there is seen a surge in the adoption of edge computing and data centres. The rise in the investment by the government will also boost the market. The rising emphasis on developing communication infrastructure is also driving the market. Additionally, the healthcare system is continuously advancing like adoption of online consultation which requires high security and fast connectivity will further increases the market’s adaption. The increase in the adoption of the edge computing technology by the telecom industry provides opportunity for the market. The different companies are collaborating with each other for rapid technological advancements, service offerings and increasing adoption of edge computing market. 

Based on SkyQuest’s analysis, the edge computing has been used in advanced combat aircraft, F-35. With the help of sensors on each platform, they can access and fuse data with other F-35 aircrafts and can distribute a single picture of data across the planes. This happens automatically with the use of multifunction advanced data link (MADL). 

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.

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FAQs

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 competitive in nature, with the presence of numerous players offering a diverse range of edge computing solutions and services. To remain competitive, players are focusing on developing innovative and cost-effective solutions that can cater to the diverse needs of various industries.  'Amazon Web Services (US)', 'Dell Technologies, Inc. (US)', 'General Electric Company (US)', 'Fujitsu Ltd. (Japan) ', 'Hewlett Packard Enterprise Company (US) ', 'IBM Corporation (US) ', 'Juniper Networks, Inc. (US) ', 'NXP Semiconductors N.V. (Netherlands) ', 'Schneider Electric SE (France) ', 'SAP SE (Germany) ', 'Tencent Holdings Limited (China) ', 'Vodafone Group Plc (UK) ', 'Siemens AG (Germany) ', 'Verizon Communications Inc. (US) ', 'Cisco Systems, Inc. (US) ', 'Huawei Technologies Co., Ltd. (China) ', 'Intel Corporation (US) ', 'Microsoft Corporation (US) ', 'Nokia Corporation (Finland) ', 'Oracle Corporation (US)'

The increasing demand for low-latency data processing devices in industries such as manufacturing, healthcare, and others is driving the demand for edge computing systems. these require continuous and quick access to their data for increasing their operations and correct decision making. Discontinuous increasing demand for rapid data processing and real time analytics is driving the edge computing market. 

Rising Adoption of Edge Computing in Telecommunication Sector: The telecommunication sector is growing continuously by updating its infrastructure by integrating 5G worldwide which is driving towards the adoption of edge computing resources. The 5G and the IoT technology with the help of edge computing will help in reshaping the telecom sector. This will help the telecom sector in boosting their connectivity and in reducing latency for their customers and will introduce new services like data management at the edge. The 5G, IoT, and edge computing would be transformational for both communication service providers and their customers. The telecom industry is investing in the edge computing technologies which will help in developing new technologies and enhance user experiences.

North America is the largest region in the edge computing market and holds a share of about 39.6% in the market. The US is expected to grow at a CAGR of 30.6% during the forecasted period. The region is dominated due to the strong presence of vendors such as Amazon Web Service, Inc, General Electric, and others. These help in developing new solutions. The manufacturers in the U.S. are moving towards connected factories as the convergence of IoT to edge computing is shaping favourable conditions for them. For enabling edge computed solutions different startups are also growing up to provide such platforms which is surging the market growth. For instance, Telus communications and MobiledgeX, Inc. collaborated for building a program, MobiledgeX early access programme. 

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Global Edge Computing Market

Report ID: SQMIG45I2085

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