Meticulous Research®, a prominent international market research firm, 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.’
As per the recent report by Meticulous Research®, the global edge computing market is expected to hit $122.7 billion by 2030, with a compound annual growth rate (CAGR) of 37.1% throughout the forecast period. The surge in the edge computing market is linked to heightened pressure on cloud infrastructure, expanding usage of Industrial IoT solutions, and the escalating need for swift processing and real-time automated decision-making solutions. Nevertheless, the market's growth faces a hindrance due to the substantial capital investment necessary for infrastructure development.
Furthermore, the rise of autonomous vehicles and the development of connected car infrastructure are expected to present substantial growth prospects for the global edge computing market. Nonetheless, security issues associated with IoT devices could impede market expansion. Moreover, the widespread integration of 5G technology stands out as a significant trend in the edge computing market.
Meticulous Research® has structured its analysis of this market by dividing it into segments based on component, application, end-use industry, and geography, facilitating comprehensive examination. The report assesses competitors within the industry and scrutinizes market dynamics at both regional and national levels.
Based on component, The global edge computing market is divided into hardware, platform, and services. In 2023, it's projected that the hardware segment will hold the largest portion of the market. This dominance is attributed to the growing implementations of IoT and increased investments in edge computing infrastructure by industry players. For example, in February 2023, bitsensing from South Korea launched the 24GHz Traffic Insight Monitoring Sensor (TIMOS), powered by the NVIDIA Jetson platform. This innovation incorporates AI edge computing to facilitate smart city environments by providing precise and reliable real-time road detection, including traffic statistics, incidents, violations, and estimated time of arrival (ETA).
Additionally, the hardware segment is forecasted to experience the most significant compound annual growth rate (CAGR) throughout the forecast period. This expansion is linked to escalating investments in digital transformation endeavors across diverse industry sectors.
Based on application, The global edge computing market is categorized into various applications such as smart cities, industrial IoT, remote monitoring, content delivery, AR/VR, and others. It is projected that in 2023, the smart cities segment will hold the largest portion of the global edge computing market. This dominance is driven by the growing prevalence of smart city initiatives globally and the increasing uptake of smart technologies for urban governance. Edge computing strategies are increasingly integrated into smart city frameworks to alleviate the expenses linked with transmitting large volumes of data, consequently reducing bandwidth demands.
Nevertheless, the content delivery segment is anticipated to achieve the most significant compound annual growth rate (CAGR) throughout the forecast period. This surge is credited to the rising requirement for swift data processing via content delivery networks and the escalating necessity to reduce data transmission expenses for enterprises and other stakeholders.
Based on end-use industry, The global edge computing market is divided into various end-use industries, including manufacturing, retail, healthcare, media entertainment, telecommunications, transportation logistics, government defense, energy utilities, and others. It is projected that in 2023, the energy utilities sector will dominate the global edge computing market. This dominance is attributed to market players' increasing endeavors to employ edge computing for data processing in remote areas, alongside the growing necessity to improve production capabilities, streamline operations, and prolong asset lifespan. For instance, in June 2023, Itron Inc. introduced the Edge Gateway, an edge-computing platform designed to assist utilities in achieving decarbonization and sustainability objectives while effectively managing critical infrastructure.
Nonetheless, it is anticipated that the telecommunications segment will experience the most significant compound annual growth rate (CAGR) throughout the forecast period. This growth is fueled by the rising desire for voice assistants such as Cortana, Alexa, Google Assistant, and Siri, along with technological advancements within the telecom sector, including the deployment of 5G technology and the widespread adoption of IoT-enabled devices.
Based on geography, In 2023, North America is projected to hold the largest portion of the global edge computing market. This dominance is mainly attributed to the region's robust technological and educational infrastructure, a greater uptake of advanced technologies, and the presence of numerous established edge computing companies and startups. Moreover, the adoption of edge computing solutions has been increasing among various enterprises in North America, aiming to improve their IT infrastructure and leverage the benefits of leading-edge technologies, particularly 5G and IoT. These factors have significantly driven the growth of the edge computing market in the region.
Yet, the Asia-Pacific market is forecasted to achieve the most significant compound annual growth rate (CAGR) throughout the forecast period. This growth is credited to escalating cloud traffic, a rising inclination among government bodies and industry players for local data storage and processing, and increased investments in the telecommunications sector. Additionally, governmental efforts to promote digitalization across diverse sectors and substantial investments in IoT and cloud technologies are driving market expansion in the region.
Key Players
The prominent players in the global edge computing market include 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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Key questions answered in the report-
- What are the market segments showing significant growth potential in terms of component, application, end-use industry, and geographical region?
- What is the past performance or historical data regarding the edge computing market?
- What are the projected market figures and estimations for the timeframe spanning from 2023 to 2030?
- What are the primary factors propelling, hindering, and presenting potential advantages within the global edge computing market?
- Who are the key players in the global edge computing market, and what are their respective market standings?
- How does the competitive environment appear in the edge computing market?
- What are the latest advancements or updates observed in the global edge computing market?
- How do leading companies implement various strategies within this market?
- What are the patterns observed in different geographical regions and which areas are exhibiting significant growth within the market?
- Who are the up-and-coming contenders in the global edge computing market, and how do they vie with established players?
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