Meticulous Research®—a leading global market research company, published a research report titled, ‘Edge Computing Market by Component (Hardware, Platform, Services), Application (Smart Cities, Industrial IoT, AR/VR, Others), End-use Industry (Energy & Utilities, Manufacturing, Retail, Others), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global edge computing market is projected to reach $122.7 billion by 2030, at a CAGR of 37.1% during the forecast period. The growth of the edge computing market is attributed to the increasing load on cloud infrastructure, the growing adoption of Industrial IoT solutions, and the rising demand for low-latency processing and real-time automated decision-making solutions. However, the high capital expenditure required for infrastructure development restrains the market’s growth.
Moreover, the emergence of autonomous vehicles and connected car infrastructure is anticipated to offer significant opportunities for the growth of the global edge computing market. However, security concerns related to IoT devices may hinder the market's growth. Additionally, the widespread adoption of 5G technology is a notable trend in the edge computing market.
Meticulous Research® has segmented this market based on component, application, end-use industry, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the global edge computing market is segmented into hardware, platform, and services. In 2023, the hardware segment is expected to account for the largest share of the global edge computing market. The large market share of this segment is attributed to the increasing IoT deployments and increasing investments in edge computing infrastructure by market players. For instance, in February 2023, bitsensing (South Korea) launched 24GHz Traffic Insight Monitoring Sensor (TIMOS), powered by the NVIDIA Jetson platform, with AI edge computing to enable the smart city environment 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 attributed to the increasing investments in digital transformation initiatives across various industry segments.
Based on application, the global edge computing market is segmented into smart cities, industrial IoT, remote monitoring, content delivery, AR/VR, and other applications. In 2023, the smart cities segment is expected to account for the largest share of the global edge computing market. The large market share of this segment can be 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, thus reducing bandwidth requirements.
However, the content delivery segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the growing demand for expedited data processing over content delivery networks and the increasing need to minimize data transmission costs for enterprises and various stakeholders.
Based on end-use industry, the global edge computing market is segmented into manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other end-use industries. In 2023, the energy & utilities segment is expected to account for the largest share of the global edge computing market. The large market share of this segment can be attributed to the increasing initiatives by market players to implement edge computing for data processing in remote locations, as well as the growing need to enhance production capabilities, streamline processes, and extend the life of assets. For instance, in June 2023, Itron Inc. (U.S.) launched the 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 within the telecom industry, including the rollout of 5G technology and the proliferation of IoT-enabled devices.
Based on geography, the global edge computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global edge computing market. North America’s major market share is primarily attributed to the region's well-established technological and educational infrastructure, a higher rate of adoption of advanced technologies, and the concentration of numerous established edge computing companies and startups. Furthermore, the adoption of edge computing solutions has been on the rise among several North American enterprises seeking to enhance their IT infrastructure and harness the advantages of cutting-edge technologies, notably 5G and IoT. These factors have significantly propelled the growth of the edge computing market in North America.
However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the increasing cloud traffic, a growing preference among both government bodies and market players for local data storage and processing, and the rising investments in the telecommunications sector. Additionally, government initiatives promoting digitalization across various industries and substantial investments in IoT and cloud technologies contribute to the market's growth in the region.
The key players operating in the global 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).
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