Edge Computing Market Grows With Demand For Low-Latency Data Processing

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Edge Computing market Report Scope and Overview

The SNS Insider report indicates that the Edge Computing Market size was valued at USD 16.47 Billion in 2023, and is expected to reach USD 200.8 Billion by 2031 and grow at a CAGR of 36.7% over the forecast period 2024-2031. Edge computing bridges the gap between cloud computing and traditional IT infrastructure by processing data closer to its source. This enables faster decision-making, improved operational efficiency, and enhanced customer experiences across multiple industries. The rising adoption of Internet of Things (IoT) devices, coupled with the increasing need for real-time data processing and analysis, is driving the edge computing market.

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Some of the Major Key Players Studied in this Report are:

• Amazon Web Services (AWS)
• AT&T
• Cisco Systems
• Dell
• Fujitsu Limited
• Huawei Technologies
• IBM Corporation
• Hewlett Packard Enterprise
• Microsoft Corporation
• Nokia Corporation
• Others

Furthermore, the market scope encompasses diverse applications, including remote monitoring, content delivery, video analytics, AR/VR, and more. This broad spectrum of applications caters to the specific needs of various industries, further propelling market growth. Customizing edge computing solutions to meet the unique requirements of different industries presents a significant opportunity for market growth. For instance, in manufacturing, edge computing can optimize production processes and enable predictive maintenance, while in healthcare, it can support remote patient monitoring and real-time data analysis. Similarly, edge computing can enhance customer experiences in retail through personalized services and efficient inventory management.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Component

• Hardware
• Software
• Services
• Edge-managed Platforms

On The Basis of Application

• IIoT
• Remote Monitoring
• Content Delivery
• Video Analytics
• AR/VR
• Others

On The Basis of Industry Vertical

• Industrial
• Energy & Utilities
• Healthcare
• Agriculture
• Transportation & Logistics
• Retail
• Data centers
• Wearables
• Smart Cities, Smart Homes, Smart Buildings

Impact of Russia-Ukraine War

The ongoing Russia-Ukraine war has disrupted global supply chains and impacted the availability of critical components for edge computing hardware. This has led to price fluctuations and potential delays in the deployment of edge computing solutions.

Impact of Economic Slowdown

An economic slowdown can lead to reduced IT budgets and cautious investment decisions, potentially impacting the adoption of edge computing solutions. However, the long-term benefits of edge computing, such as cost savings and operational efficiency, are likely to outweigh these short-term challenges.

Key Regional Developments

North America captured the largest revenue share of nearly 40% in 2023. The convergence of IIoT with edge computing is creating favorable conditions for manufacturers to move towards connected factories. Additionally, the presence of numerous technology startups focused on edge computing solutions is further bolstering the regional market growth.

Asia Pacific region is anticipated to witness significant growth due to the increasing focus on developing networking technologies. The growing adoption of IIoT, Industry 4.0, and the launch of 5G network services are generating vast amounts of data, necessitating a robust computational infrastructure, which edge computing effectively provides.

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Recent Developments

• February 2024: AWS partnered with NTT DOCOMO to deploy its nationwide 5G open radio access network (RAN) in Japan, enabling truly cloud-native, sustainable, and AI-driven 5G networks.
• February 2024: Cisco collaborated with Intel to establish private 5G innovation centers, enabling partners and vendors to test their 5G end devices and applications. These collaborations highlight the industry's focus on developing and implementing innovative edge computing solutions tailored for specific industry needs.

Key Takeaways

• The edge computing market is poised for significant growth driven by the increasing demand for real-time data processing and analysis across various industries.
• Customized solutions catering to diverse industry requirements present substantial growth opportunities.
• Hardware will likely maintain its dominance due to the rising demand for edge computing devices.
• North America and Asia Pacific regions are expected to witness the strongest growth due to favorable technological advancements and growing awareness of edge computing benefits.
• Strategic partnerships and collaborations between leading technology companies will drive the development and adoption of innovative edge computing solutions.

The increasing adoption of next-generation technologies like 5G and artificial intelligence (AI) is expected to further propel the edge computing market. Additionally, the growing awareness of the benefits of edge computing across various industries is likely to drive market expansion in the coming years.

Table of Contents- Major Key Points