BANGALORE, India, Jan. 19, 2022 /PRNewswire/ -- The Edge Computing Market is Segmented by Type (Hardware, Software & Service), Application (Transportation and Logistics, Manufacturing, Energy and Utilities, Healthcare and Life Sciences, IT and Telecom, Others). The report covers global opportunity analysis and industry forecasts from 2022 to 2028.
The global Edge Computing market size is projected to reach USD 55930 Million by 2028, from USD 8237 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028
Major Factors Driving The Growth Of The Edge Computing Market Are:
The increasing use of IoT across industries, exponentially expanding data volumes and network traffic, and rising need for low-latency processing and real-time, automated decision-making solutions are just a few of the factors driving the growth of the edge computing market
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Trends Influencing The Growth Of The Edge Computing Market
The need to reduce latency and increase speed is expected to drive the growth of the edge computing market. For example, in the case of the autonomous car, most of the data it collects and requires becomes obsolete after a few seconds. On a congested highway, milliseconds are crucial. In the digital factory, where intelligence-based technologies constantly monitor all parts of the manufacturing process to maintain data consistency, milliseconds are also important. In many circumstances, there isn't enough time to round trip data between clouds. Edge computing reduces latency by processing data closer to the source and lowering the physical distance it must travel.
The need for reliable connectivity with reduced downtime is expected to drive the growth of the edge computing market. There is less possibility of a network problem in a remote place hurting local customers with IoT edge computing devices and edge data centers located closer to end-users. IoT edge computing devices will continue to function efficiently on their own even if a neighboring data center goes down. This is because they handle essential processing functions natively.
When all of your data must finally flow through a single conduit to a cloud analyzer, essential business and operational operations that rely on actionable data become extremely vulnerable. As a result, a single DDoS assault can bring a global corporation's entire business to a halt. When you deploy data analysis tools across organizations, you also distribute risk. While edge computing might be argued to increase the attack surface for would-be hackers, it also reduces the impact on the company as a whole. This feature is expected to further increase the growth of the edge computing market.
Edge computing provides a much more cost-effective path to scalability, allowing businesses to grow their processing capacity by combining IoT devices and edge data centers. Edge computing devices with processing capabilities help reduce growth expenses because each new device added does not place significant bandwidth demands on the network's core. This in turn is expected to fuel the growth of the edge computing market.
Edge computing is a part of the larger IoT ecosystem, which includes the cloud as well. As 5G coverage grows and networks gain more speed and capacity, analysts and researchers expect organizations to take advantage of both edge computing's low latency and 5G's speed to develop next-generation workloads and new use cases that rely on or benefit from the two technologies working together
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Edge Computing market Share Analysis :
Based on region, the North American market held the largest market share of about 37 % followed by Europe, which accounted for about 32% of the edge computing market share.
On other hand, the Asia-pacific region is expected to witness the highest growth during the forecast period due to increased IoT applications and 5G proliferation
Based on the application, the software services segment is expected to hold a market share of about 57%.
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Top Companies In The Edge Computing Market:
Some of the top companies in the edge computing market are IBM, Microsoft, Amazon Web Services, Dell, Cisco, HPE, Huawei, Lenovo, etc. These organizations together are expected to account for more than 60% edge computing market share in 2020.
- IBM
- Microsoft
- Amazon Web Services
- Dell
- Cisco
- HPE
- Huawei
- Lenovo
- Nokia
- Fujitsu
- Gigabyte Technology
- GE
- ADLINK
- Advantech
- Atos
- Litmus Automation
- Others
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SIMILAR REPORTS
- The global Edge Computing in Manufacturing market size is projected to reach USD 12460 Million by 2028, from USD 1531.4 Million in 2021, at a CAGR of 34.5% during 2022-2028.
- The global Mobile Edge Computing market size is projected to reach USD 1530.6 Million by 2028, from USD 250.9 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 28.9% during 2022-2028
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