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Redding, California - July 12, 2024

Edge Computing Market to be Worth $169.3 Billion by 2031

Edge Computing Market Size, Share, Forecast, & Trends Analysis by Component (Hardware, Platforms, Services), Application (Smart Cities, Industrial IoT, AR/VR, Other), End-use Industry (Energy & Utilities, Manufacturing, Retail, Other), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, 'Edge Computing Market by Component (Hardware, Platforms, Services), Application (Smart Cities, Industrial IoT, AR/VR, Other), End-use Industry (Energy & Utilities, Manufacturing, Retail, Other), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the edge computing market is projected to reach $169.3 billion by 2031, at a CAGR of 37.4% from 2024 to 2031. The growth of the edge computing market is driven by the increasing load on cloud infrastructure, the growing adoption of Industrial IoT solutions, and the rising demand for low-latency processing & real-time automated decision-making solutions. However, the high capital expenditure required for infrastructure development restrains the market's growth.

Furthermore, the emergence of autonomous vehicles and connected car infrastructure is expected to offer significant opportunities for the players operating in the edge computing market. However, security concerns related to IoT devices hinder the growth of this market. Additionally, the proliferation of 5G technologies is a prominent trend in the edge computing market.

The edge computing market is segmented by component (hardware, platforms, and services {training & support services and consulting services}), application (smart cities, industrial IoT, remote monitoring, content delivery, AR/VR, and other applications), end-use industry (manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other end-use industries), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the edge computing market is segmented into hardware, platforms, and services. In 2024, the hardware segment is expected to account for the largest share of over 52% of the edge computing market. The large market share of this segment is attributed to the increasing IoT deployments and market players’ increasing investments in edge computing infrastructure. For instance, in February 2023, bitsensing (South Korea) launched the 24GHz Traffic Insight Monitoring Sensor (TIMOS), powered by the NVIDIA Jetson platform, with AI edge computing to enable smart city environments by delivering accurate and reliable real-time detection on the road including traffic statistics, incidents, violations, and ETA.

Moreover, the hardware segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing investments in digital transformation initiatives across various industries.

Based on application, the edge computing market is segmented into smart cities, industrial IoT, remote monitoring, content delivery, AR/VR, and other applications. In 2024, the smart cities segment is expected to account for the largest share of over 22% of the edge computing market. The large market share of this segment is attributed to the increasing number of smart city projects worldwide and the rising adoption of smart technologies for urban management. Smart cities are increasingly incorporating edge computing strategies to mitigate the costs associated with transmitting extensive data and reduce bandwidth requirements.

However, the content delivery segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for expedited data processing over content delivery networks and the increasing need to minimize data transmission costs for enterprises and other stakeholders.

Based on end-use industry, the edge computing market is segmented into manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other end-use industries. In 2024, the energy & utilities segment is expected to account for the largest share of over 19% of the edge computing market. The large market share of this segment is attributed to the increasing initiatives undertaken by market players to implement edge computing for data processing in remote locations and the growing need to enhance production capabilities, streamline processes, improve sustainability, and extend the life of assets in the energy & utilities industry. For instance, in June 2023, Itron Inc. (U.S.) launched Edge Gateway, an edge-computing platform aimed at empowering utilities to achieve decarbonization and sustainability objectives while efficiently managing critical infrastructure.

However, the telecommunications segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for voice assistants like Cortana, Alexa, Google Assistant, and Siri, coupled with the technological advancements in the telecom industry, including the rollout of 5G technology and the proliferation of IoT-enabled devices.

Based on geography, the edge computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 43% of the edge computing market. North America’s large share is attributed to the region's well-established technological and educational infrastructure, high adoption of advanced technologies, and concentration of numerous established edge computing companies and start-ups. Furthermore, the adoption of edge computing solutions has been on the rise among North American enterprises seeking to enhance their IT infrastructure and harness the advantages of cutting-edge technologies, notably 5G and IoT.

However, Asia-Pacific is projected to record the highest CAGR of over 39.5% during the forecast period. The growth of this regional market is driven by increasing cloud traffic, government bodies’ and market players’ growing preference for local data storage & processing, and increasing investments in the telecommunications sector. Additionally, government initiatives promoting digitalization across various industries and substantial investments in IoT & cloud technologies contribute to market growth in Asia-Pacific.

Key Players

The key players operating in the edge computing market are Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Dell Technologies, Inc. (U.S.), Hewlett-Packard Enterprise Company (U.S.), General Electric Company (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (U.S.), Juniper Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), FogHorn Systems, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), SAP SE (Germany), MachineShop, Inc. (U.S.), and Saguna Networks Ltd. (Israel).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5061

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of component, application, and end-use industry?
What is the historical market size for edge computing solutions globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the edge computing market?
Who are the major players in the edge computing market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the edge computing market?
What are the growth strategies adopted by major market players?
What are the key market trends, and which are the high-growth countries?
Who are the local emerging players in the edge computing market, and how do they compete with the other players?

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Redding, California - July 12, 2024

Edge Computing Market to be Worth $169.3 Billion by 2031

Edge Computing Market Size, Share, Forecast, & Trends Analysis by Component (Hardware, Platforms, Services), Application (Smart Cities, Industrial IoT, AR/VR, Other), End-use Industry (Energy & Utilities, Manufacturing, Retail, Other), and Geography - Global Forecast to 2031

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