Market research future insights:
Edge computing market and the development of driverless vehicles, the infrastructure for linked automobiles, and the growing need for lightweight systems. Between 2022 and 2030, the Edge computing market is expected to reach USD 168.59 billion, expanding at a startling 24.51% CAGR.
Bringing computers and data processing near to the data source is the major goal of edge computing in the market. The Edge computing market has seen growing utilisation along with the expansion of edge computing. Therefore, sectors like the BFSI, manufacturing firms, IT and communications, and many more are using edge computing in the industry. The IoT's significant effect in modern society is the primary cause of the rise in the usage of edge computing. The increased use of cloud computing and storage solutions is also helping to promote edge computing. Edge computing allows for operation and processing, which speeds up decision-making near to the data source. Even Purdue University has employed IoT sensors to hasten and enhance plant development as well as the process of food production.
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Edge computing is a distributed computing paradigm that brings computation and data storage closer to the edge of the network, where data is generated. This approach allows for faster and more efficient data processing, as it reduces the amount of data that needs to be sent across a network to the cloud or a data center. The edge computing model can be used in applications such as IoT, autonomous vehicles, and industrial automation. Benefits of edge computing include improved latency, improved security, and cost savings.
Edge computing is important because it creates new and improved ways for industrial and enterprise-level businesses to maximize operational efficiency, automate core processes, and improve overall performance. Edge computing also enables real-time data processing for more immediate insights from connected devices and systems, allowing for instantaneous decision-making, improved customer experience, and faster response to changing market conditions. Additionally, edge computing can reduce latency in data transmission and provide better security for sensitive data.
Edge computing is seen as the future of computing, as it allows for data to be processed closer to where it is needed, with minimal latency. In 2022, some of the key trends in Edge Computing include:
5G connectivity becoming increasingly important for edge computing. 5G networks will enable faster speeds and lower latency, which are key requirements for edge computing applications.
The rise of virtual radio access networks (vRAN) to enable better scalability and flexibility in edge computing deployments.
The growth of IoT, as edge computing is essential for powering the connected devices in IoT networks.
The emergence of edge cloud computing, which will allow for the provision of services closer to where they are needed.
The increasing importance of customer experience, as edge computing can enable companies to provide faster, more reliable services to customers.
The rise of edge computing innovators, who are driving the development of new technologies to enable edge computing.
Regional analysis:
The Edge Computing Market receives support from many different locations. Some regions are comparable to others, such as the Asia Pacific region, Europe, and North America. As a result of the consistently high rate of population growth in the Asia Pacific region, that area currently accounts for the greatest proportion of the total share. The North American area has a smaller edge computing market share than the Asia Pacific region, but it still comes in second place overall in the edge computing market. It is important to take into account the remaining areas, such as Europe and the rest of the globe, because it is anticipated that they would see economic expansion in the next few years.
Market segmentation:
In 2021, the hardware industry captured a sales share of more than 40% in terms of components. The hardware is expected to hold the largest Edge computing market share throughout the course of the projection since it is becoming more and more popular in the managed services sector. The amount of data produced by IoT and IIoT devices is rapidly expanding along with their quantity. Enterprises are thus using edge computing equipment to reduce the stress on the cloud and data centres in order to deal with the volume of data generated.
In terms of applications, the Industrial Internet of Things (IIoT) sector led the edge computing market. In 2021, the division attracted a revenue share of above 28%. In order for manufacturers to achieve the aim of digitising their facilities, edge computing has become crucial. In the industrial sector, edge computing has a sizable installed base in the form of device edge. As services become more complex and the infrastructure edge is made more accessible, it is anticipated that demand for edge infrastructure will rise.
In 2021, the energy and utilities industry achieved a revenue share of above 15%. Smart grids, which rely on device edge infrastructure, are probably going to help the energy and utility sector's income rise. Global attempts to increase the efficiency of electrical utility services, including the development of alternative renewable power sources like solar and wind, are being fueled by environmental sustainability programmes. In order to empower capabilities and improve operating efficiencies, smart grids are being implemented all over the world. These networks can allow microgrids to support generation from scattered renewable sources, real-time consumption control, and integration with smart appliances.
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Market Segmentation:
As per the components
- Service
- Software
- Hardware
As per the enterprise size
- Large enterprise
- SMEs
As per the end-users
- Transportation
- Manufacturing
- BFSI
- Healthcare
- Semiconductor
- IT telecommunication
- Energy
- Education
- Government
- Retail
- Utilities
- Hospitality
As per the region
- North America
- Europe
- Asia-Pacific
The Middle East and Africa
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Key players:
Alphabet Inc., IBM Corporation, General Electric Company, Amazon, Inc., Intel Corporation, Microsoft Corporation, SAP SE, Schneider Electric SE, eInfochips, EdgeConnex Inc., Integrated Device Technology, Inc., Fujitsu Ltd, Siemens AG, The Hewlett Packard Enterprise Company, ZenLayer Inc., Rittal GmbH Co. KG, ABB Ltd, Yokogawa Electric Corporation, and Advanced Micro Devices, Inc.
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