Edge Computing Market to Reach US$ 206 Bn by 2032; North America dominates with 42% of the Market Share
Smart city initiatives are playing a crucial role in the growth of the edge computing market. These projects require a high degree of automation and data processing capabilities, which can be achieved through edge computing. As the adoption of smart city projects increases globally, the demand for edge computing solutions is expected to continue to grow.
New York, April 19, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global edge computing market was generated valued at USD 40 million in 2022 and surpass around USD 206 billion by 2032, and it is poised to reach a CAGR of 18.3% from 2023 to 2032. Edge computing is a distributed computing paradigm, a range of networks and devices at or near the user. Businesses can optimize their IT expenses by processing data locally rather than in the cloud with the help of edge computing.
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- By Component, the hardware biopsy segment generated a revenue share of 45% in 2022.
- By Application, the industrial Internet of Things segment has dominated the market, growing at the highest CAGR over the forecast period 2023 to 2032.
- By Industry Verticals, the energy and utility segment held over 68% of the market for biopsy devices.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
The factors such as emerging smart city projects, the advent of technological advancements, and the increasing IoT penetration were expected to propel the demand for edge computing solutions. Key players are concentrating on new product launches for improving customers experiences to improve customer experiences numerously. Similarly, the market growth will expand due to the surge in the adoption of IoT augmented with the 5G operations. A major share of industrial IoT service providers is offering a 5G capable network, and this will improve the growth of the edge computing market during the forecast period 2023-2032.
Factors affecting the growth of the edge computing market
There are several factors that can affect the growth of the edge computing market. Some of these factors include:
- Increasing IoT Penetration: With the increasing penetration of the Internet of Things (IoT), the edge computing market is expected to witness significant growth. The proliferation of IoT devices has created a need for efficient and fast data processing at the edge of the network.
- Emerging Smart City Projects: The growth of the edge computing market is also being driven by the emergence of smart city projects. These projects require a large amount of data processing and analysis to enable efficient and sustainable management of urban infrastructure.
- Increasing Demand for Low-Latency Processing: The edge computing market is witnessing an increasing demand for low-latency processing, which is further boosting its growth. Low-latency processing is critical for applications such as autonomous vehicles, which require real-time decision-making capabilities.
- Advent of Technological Advancements: Technological advancements such as 5G networks, artificial intelligence (AI), and machine learning (ML) are expected to further boost the growth of the edge computing market. These technologies enable faster and more efficient data processing, which is essential for edge computing.
- Key Players are Concentrating on New Product Launches: The key players in the edge computing market are focusing on launching new products and services, which is driving market growth. These companies are investing heavily in research and development to create innovative solutions that meet the evolving needs of customers.
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Top Trends in Global Edge Computing Market
IoT and edge computing in evolving countries such as Indonesia, China, and India aids as an advantageous opportunity for edge computing architecture. Moreover, IoT and edge computing for architects is emerging as key trend. Edge computing is a technological evolution with no restrictions on any particular industry. Thus, IoT and edge computing have a great future. Additionally, large enterprises in the industry, such as manufacturing and telecom, are progressively using edge computing.
A network requires low-latency connectivity and high security; thus healthcare system has acquired a grip with the help of online consultations. Businesses around many industry verticals have decreased their investments and expenditures to gain significant cost reductions. After the COVID-19 pandemic, the demand for edge computing has seen a rise. This was likely to continue during the forecast period because of the continued prominence of developing communications infrastructure.
North America held the largest revenue share of 42% of the overall market. The increasing implementation of connected devices like iPad, smartphones, tablets, and others has generated a huge demand for edge computing solutions. In this region, numerous key players are concentrating on launching edge computing solutions to gain a competitive market edge.
Asia Pacific held a significant revenue share. Due to COVID-19, there is an increased focus on strengthening networking technology. The significant development of the connected device ecosystem of the region has resulted in huge data generation. It surges the demand for a robust computational infrastructure.
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Scope of the Report
|Market Value (2022)||USD 40 Billion|
|Market Size in 2032||USD 206 Billion|
|CAGR (2023 to 2032)||18.3%|
|North America Revenue Share||42%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The key requirement in today’s business scenario is reducing the data sent to the cloud and service access latency, mainly for enterprises via cloud infrastructure. The latency is the time the data packet travels in the computer network. Lower latency marks a higher data transmission rate. It has numerous applications, such as content delivery & remote monitoring of manufacturing sites and oil & gas fields. Furthermore, edge computing also helps in increasing application performances and the business efficiency of enterprises by decreasing operating costs. This was accomplished by reducing the costs related to unnecessary storage as well as transmission in the cloud.
By implementing evolving technologies, enterprises are progressively shifting toward digitalization to accelerate and automate their business processes efficiently. Edge computing has the ability to drop storage costs and data transmission through localized processing. Though, investing in the edge infrastructure increase company’s CAPEX. Therefore, companies are considering whole-edge computing solutions that may require heavy investments in edge data centers, edge devices, and edge nodes. The edge infrastructure is the major factor that restrains the market’s growth, but due to the continuous R&D process, the cost will likely be reduced.
The 5G network could probably provide life-changing advancements during the forecast period. This will allow benefits for the deployment of edge computing solutions. The introduction of 5G and the increasing requirements for decentralized data processing power are projected to increase the demand for edge computing. Furthermore, the demand for edge computing will propel as telecom companies increase their mobile application performance speed. Moreover, the shifting significance of high-performing smartphone apps is also increasing the market demand.
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Report Segmentation of the Edge Computing Market
The hardware segment held the largest revenue share at 45%. The demand for the hardware segment is increasing because it has become popular in the managed services industry. During the forecast period, this will likely hold a significant market revenue share. The number of IoT devices is growing rapidly owing to an increase in the volume of data created by these devices. Therefore, enterprises are implementing edge computing gear to deal with the volume of data created to reduce the burden on the data centers and cloud.
The IIOT segment accounted for the highest revenue share of 30%. Edge computing has played an essential role in allowing manufacturers to reach the goal of digitalizing their facilities. As edge infrastructure becomes more available, the demand for edge infrastructure is estimated to increase.
Industry Verticals Insight
The energy & utility segment dominated the market with the largest revenue share above 16%. Smart grids depend on the device edge infrastructure, further increasing the segment’s growth. Several initiatives are taken for the sustainability of the environment: improving electrical utility services efficiencies worldwide and enhancing alternative renewable power sources like wind and solar. Smart grids are being installed globally to enhance operational efficiencies and enable capabilities. It includes microgrids to support generation from incorporation with smart appliances, real-time consumption control, and dispersed renewable sources.
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- Industrial Internet of Things
- Smart Cities
- Content Delivery
- Remote Monitoring
- Augmented Reality and Virtual Reality
- Other Applications
By Industry Verticals
- Energy and Utilities
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Transportation and Logistics
- Government and Defence
- Media and Entertainment
- Other Industry Verticals
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The major market players focus on developing innovative collaboration software to gain a competitive edge and attract a more extensive customer base. For instance, in February 2022, Asana’s work management platform released Asana Flow. It is a complete range of solutions that businesses can use to enhance, run, and build their workflow. The growing number of such offerings is projected to favor the market’s growth over the forecast period 2023-2032.
Market Key Players:
- ABB Ltd.
- Microsoft Corporation
- General Electric Company
- Cisco Systems, Inc.
- Honeywell International Inc.
- Hewlett Packard Enterprise Development
- IBM Corporation
- Huawei Technologies Co., Ltd.
- Intel Corporation
- Other Key Players
Recent Development of the Edge Computing Market
- In June 2022- SixSq declared their continuing partnership to provide sound-embedded software. This software can examine particular sounds in any environment with the help of Nuvla Marketplace.
- In May 2022- The Manufacturing Connect platform was co-developed by Litmus with Google Cloud to simplify the complex task of collecting data from disparate factory devices and exposing it to AI and Google Cloud data applications.
- In April 2022- Nokia declared plans to incorporate Microsoft Azure Arc abilities into the Nokia MX Industrial Edge platform, unlocking the potential of mission-critical applications for Industry 4.0 use cases.
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