According to the latest report by IMARC Group, titled "Edge Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global edge computing market is expected to exhibit a CAGR of 25.6% during 2022-2027. Edge computing refers to a network of micro data centers that assist in reducing the number of processes running on the cloud by storing critical data closer to the source or end user. It is widely used to optimize cloud computing systems by minimizing network traffic and communications bandwidth between cloud and user devices. It aids in data acquisition, mobile signature analysis and data caching while decreasing latency and improving the overall process efficiency. It is widely being deployed across organizations for enhancing their production, performance as well as profits.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Edge Computing Market Trends:
The market is primarily driven by the rapid growth of the Internet of Things (IoT) on the global level. Edge computing solutions are widely integrated with IoT-enabled devices, which aids in efficiently handing, processing and handling large volumes of data. These solutions also assist in improving internet connectivity for receiving and delivering data via the cloud. This, along with the escalating adoption of connected devices and the rising applications requiring real-time computing, is providing a thrust to the market growth. Moreover, the growing adoption of real-time and big data analytics is strengthening the demand for edge computing. The market is further driven by the significant improvements in network technologies, including 4G and 5G connections. The development of faster and uninterrupted networks assists in supporting real-time applications, thereby creating a positive outlook for the market. There has been a steady increase in the implementation of multi-access edge computing (MEC) by telecom companies that is used for mitigating network congestion and improving application performance. This, in confluence with the rising adoption rates of edge computing by various organizations to reduce the costs associated with an extensive cloud computing architecture, is providing an impetus to the market growth. In addition to this, the widespread adoption of the remote working model by various enterprises on account of the rapid outbreak of the coronavirus disease (COVID-19) is acting as another major growth-inducing factor. These computing solutions are extensively being utilized for enhancing the network performance of streaming services amid the rising trend of work-from-home culture across the globe.
- On the basis of the component, the market has been divided into hardware, software and services.
- Based on the organization size, the market has been bifurcated into small and medium-sized enterprises (SMEs) and large enterprises.
- On the basis of the vertical, the market has been classified into manufacturing, energy and utilities, government and defense, BFSI, telecommunications, media and entertainment, retail and consumer goods, transportation and logistics, healthcare and life sciences, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include ABB Ltd., Amazon Web Services (AWS), Inc., Cisco Systems Inc., Digi International Inc., General Electric Company, Hewlett Packard Enterprise Development LP, Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, SAP SE, and Siemens AG.
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