Edge Computing Market Research Report by Forecast to 2024
Edge Computing Market Overview:
Global Market for Edge Computing is estimated to reach USD 22,453.9 million by 2024, registering a 28.4% CAGR during the forecast period of 2018 to 2024
Edge computing is slated to witness significant growth in the coming years owing to the remarkable rise in the number of smart applications. Edge computing, coupled with the 5G boom in various industries, as the need for faster data processing is growing. Industrial Verticals like consumer electronics and healthcare are in demand for high-speed data processing at the edge or source of the data generation. It is projected that microdata centers will be organized near to or onto the 5G network tower to empower edge computing.
The growing spread of the Internet of Things (IoT) and growing security concerns at public places are driving market growth. The IoT trend is poised to gain higher demand in the coming years, considering the organization’s initiatives for digital transformation. The rapid growth and increasing adoption of IoT within organizations are estimated to aid the edge computing market size.
Major Key Players:
MRFR recognizes the key players in the global edge computing market as Amazon, Inc., General Electric Company, Microsoft Corporation, Intel Corporation, SAP SE, Alphabet Inc., Schneider Electric SE, IBM Corporation, Huawei Technologies Co. Ltd., Integrated Device Technology, Inc., ADLINK Technology Inc., eInfochips, EdgeConnex Inc., The Hewlett Packard Enterprise Company, Fujitsu Ltd, Siemens AG, ZenLayer Inc., Yokogawa Electric Corporation, Rittal GmbH & Co. KG, ABB Ltd, and Advanced Micro Devices, Inc.
Edge Computing Market Segmental Analysis:
- By technology, the market has been segmented into mobile edge computing and fog computing.
- By deployment, the market has been segmented into on-premise and cloud.
- By component, the market has been segmented into hardware, software, and solutions.
- By application, the market has been segmented into IoT, data caching, analytics, environment monitoring, augmented reality, location services, and others
- By vertical, the market has been segmented into transportation, energy & utilities, healthcare, manufacturing, semiconductor, government, IT & telecommunication, retail, education, hospitality, and others.
Edge Computing Market Regional Analysis:
North America dominates the global market for edge computing and is closely followed by Europe. These regions are technologically advanced and have the presence of several leading market players who have contributed significantly to the technical advancements made. The deployment rate of cloud technology and IoT is high in these regions. In Europe, Germany leads to market growth for the region and holds the largest share.
The Asia-Pacific is set to expand at the fastest rate with the highest CAGR during the review period. Growing real-time applications of edge computing are a significant factor responsible for driving market growth. China holds the largest share of the regional market and is estimated to grow at the highest CAGR during the forecast period.