The increased implementation of edge platforms across various sectors is one of the key factors driving market growth. Edge computing helps industries improve their productivity by applying current cost-cutting strategies. The edge computing market is expected to increase due to factors such as decreasing costs of computation mediums and hardware components. Furthermore, edge computing is playing a crucial role in organizations worldwide, with a significant rise in the number of work-from-home jobs due to the outbreak of coronavirus disease (COVID-19).
One of the main pillars of economic progress has been advancements in communication technologies. The primary foundation of the many operations that are being digitalized every day across sectors is modern communications networks. The expansion of the edge computing market is also being driven by a shift in consumer preference for high-performance smartphone apps. In addition, the global edge computing market is expected to increase due to advancements in industry monitoring capabilities using edge computing, which enables quick responses to security issues. However, high maintenance cost and lack of technical knowledge among the professionals for the adoption of complex edge computing technology is estimated to hamper the market growth.
According to Business Intelligence Insights “Global Edge computing Market is expected to grow from USD 34.10 billion in 2021 to USD 123.89 billion by 2030, at a CAGR of 17.50% during the forecast period 2022-2030
The unanticipated outbreak of Covid 19 has had a positive influence on market growth. As a result of the pandemic, most businesses in a variety of industries are shifting toward digitization. As a contrary, market leaders such as Amazon Web Services (AWS) and Microsoft Azure are investing heavily in edge servers. The industry is predicted to have a massive impact on this market as a result of IoT technology and a 5G network.
Edge computing is also gaining popularity in the manufacturing and healthcare industries. For public safety, some countries, including China, are using helicopters and robots in hospitals. As a result of the pandemic, most firms across a wide range of industries are embracing digitization. Market leaders such as Amazon Web Services (AWS) and Microsoft Azure, on the other hand, as a result of Intel's collaboration with Udacity, developers can now work on both Udacity's IoT technology and Intel's Edge AI technology. In this pandemic circumstance, this approach is projected to increase market growth.
Telecom sector category dominated the market with more than 40% of the market share
In 2021, the market for edge computing’s was dominated by Telecom sector. The telecom edge will execute computing proximity to the telco's mini-data centers, which will be located on telco-owned land. Various telecom operators, including Telefonica and Telstra, are testing open-access networks with edge computing in pilot programs and prototypes. Moreover, Edge computing benefits the telecom sector exclusively, yet telecom businesses risk being reduced to irrelevant edge providers.
Hardware category dominated the market with more than 22% of the market share
The mode of application in which edge computing can be taken are hardware, software, services, and edge-managed platform in the worldwide edge computing industry, Hardware is the most popular application mode. This is due to the growing popularity of cloud-based services, in which the server plays a crucial role as an invisible computational backbone for services that consumers rely on. As this technology becomes more widely adopted, demand for various types of servers is expected to drive the market forward. Furthermore, there is an increasing demand for hardware products in the market.
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North America dominated the market and accounted for the largest revenue share of more than 44%
In both developed and emerging countries, the North America edge computing market grew rapidly. Start-ups and significant market players declare developed countries like the United States home. Consumer disposable income is rising, and edge computing-based products such as electric automobiles, fitness trackers, and smart home gadgets are becoming more popular. Similarly, in coming years, the growth of the edge computing market is foretold to show a significant increase in use of dietary products, such as, North America and Europe.
|Market Size Value in 2021||USD 34.10 billion|
|Market Size Value in 2030||USD 123.89 billion|
|Forecast Units||(USD Billion)|
|Countries Covered||North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE|
|Segments Covered||Based on the Components:, Based on the Application, Based on the Organization Size, Based on the Verticals, By Region|
|Competitive landscape||Leading companies, Competitive strategies and Consumer engagement scope|
|Customization is available||If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at email@example.com if you have any questions|