Global Edge Computing Market Worth $157.91 Billion By 2030
According to a research report published by Spherical Insights & Consulting, the Global Edge Computing Market Size to grow from USD 7.44 billion in 2021 to USD 157.91 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 37.9% during the forecast period. New data centres are being built, expanding the market, since there is an exponential rise in demand for data storage across all industries worldwide, primarily to support big data solutions.
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Browse 48 market data Tables and 58 Figures spread through 215 Pages and in-depth TOC on “Global Edge Computing Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Services, Edge-managed Platforms), By Application (IIoT, Remote Monitoring, Content Delivery, Video Analytics, AR/VR, Others), By Industry Vertical (Industrial, Energy & Utility, Healthcare, Agriculture, Transportation & Logistics, Retail, Datacenters, Wearables, Smart Cities, Smart Homes, Smart Buildings), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”
Edge computing is a latest technology which is designed on a distributed computing system. Through the help of edge computing users will be easily able to access data from various linked devices. Edge computing systems are widely used in reducing the network burden and reducing the time of operation to miliseconds. The development of Internet of Technology (IoT) is a key driving factor which is boosting the overall growth of the market. Apart from this, the rising technological advancement as well as the increasing use of 2G, 3G, and 4G long term evolution (LTE) wireless networks are increasing the demand for the IoT edge computing solutions. In addition, increasing demand for IoT security solutions for improving the security and online communication flexibility is also driving the market. Edge computing in autonomous cars provide faster and accurate data usage that allow edge data centers to delete non critical data while saving the important data in the vehicle. If edge computing is combined with AI and ML, it ill help in attaining situational awareness in a fraction of time by maintaining local processing capacity . This way, smart driving will easily able to reduce the road accident and avoid traffic bottlenecks.
The hardware segment holds the largest market share.
On the basis of component, the edge computing market is segmented into Hardware, Software, Services, Edge-managed Platforms. Among these, the hardware segment holds the largest market share. The rising popularity of hardware in the managed services industry and is estimated to hold the significant market share owing to the increasing usage of IoT and IIoT devices which create large number of data. Thus, to manage such huge amount of data, most of the companies have started to use edge computing solutions.
The Industrial Internet of Things to dominate the market.
Based on application, the edge computing market is segmented into IIoT, Remote Monitoring, Content Delivery, Video Analytics, AR/VR, Others. Among these, IIoT is anticipated to dominate the market over the forecast period. This is because edge computing is playing a pivotal role which allow the manufacturers to enable digitization in their organizations. Manufacturing segment has already started adopting edge computing by installing it in the form of devices. In addition, the rising demand for edge infrastructure is anticipated to rise because service intricacy increases and infrastructure edge will become more accessible.
The healthcare industry to witness fastest market growth.
On the basis of industry vertical, the global edge computing market is segmented into Industrial, Energy & Utility, Healthcare, Agriculture, Transportation & Logistics, Retail, Datacenters, Wearables, Smart Cities, Smart Homes, Smart Buildings. Among these, healthcare segment is anticipated to witness fastest market share owing the increasing implementation of digital health strategies with varying degrees of maturity and success. Apart from this, clinics and hospitals are widely using edge computing solutions across main use cases such as continuous patient monitoring, patient record management, and remote patient care.
Asia Pacific to witness the fastest market growth over the forecast period.
The Global data center Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Among these, Asia Pacific is anticipated to witness the fastest market growth owing to the rising focus on strengthening networking technology. This region has seen a significant development of the connected device ecosystem which results in the huge amount of data.
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Key Market Players: Amazon, Inc., General Electric Company, Intel Corporation, SAP SE, Microsoft Corporation, IBM Corporation, EdgeConnex Inc.
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