Edge Computing Market to Reach USD 123 Billion by 2028
Published | 22 April 2022
The edge computing market is growing at a high CAGR because of the rising integration of 5G technologies, developing IT infrastructure in various developed and developing countries along with rising adoption of technologies such as IoT, data analytics, sensors, machine learning, etc., among various industry verticals…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the edge computing market was worth USD 35.8 billion in the year 2021. It is estimated to grow at a CAGR of 19.40%, earning revenue of around USD 123.8 billion by the end of 2028. The market is flourishing at a high rate owing to the rising integration of 5G technologies, developing IT infrastructure in various developed and developing countries along with rising adoption of technologies such as IoT, data analytics, sensors, machine learning, etc., among various industry verticals. However, high risks of data breaches along with the involvement of high storage capacity needs may act as a huge restraining factor for the edge computing market growth.
Increasing Volume of Data and Need for Improved Response Time is Anticipated to Boost the Market Growth in the Forecast Period
With the increasing data volume, edge computing provides a reduced latency period for the devices. Therefore, it is proving highly efficient for the IoT and other upcoming technologies as it can provide a quicker response due to local processing compared to data centers in remote places. Due to its faster response time, it is especially proving a transforming technology in the healthcare sector, mainly during surgical procedures. Surgeries not only require high precision but also need speed and efficiency. Due to this, the demand for edge computing is projected to rise in the forecast period.
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High Demand from Large Enterprises is Driving the Edge Computing Market
Based on organization size, the edge computing market is segmented into small and medium-sized enterprises and large enterprises. The large enterprise segment holds the largest share in the market due to its high financial capacity in exploiting the benefits of advanced technologies including data analytics, big data, edge computing, etc. Furthermore, the need for edge computing is expanding among multinational corporations as these enterprises are establishing their business in new geographical locations, which is anticipated to boost the overall edge computing market.
Edge Computing Market - By Vertical
Based on verticals, the edge computing market is categorized into manufacturing, energy and utilities, government and defense, telecommunications, media and entertainment, retail and consumer goods, transportation and logistics, healthcare and life sciences, and other verticals. The manufacturing sector accounts for the largest market share owing to the rising automation and the adoption of sensors and IoT devices into operations to boost overall efficiency. Therefore, the manufacturers are adopting edge computing for the management and analysis of large volumes of data.
Edge Computing Market - Regional Insights
Geographically, the edge computing market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the edge computing market. However, the Asia-Pacific region is projected to register the highest growth rate during the forecast period. Emerging economies such as China, India, Japan, and countries like Singapore are emerging as potential markets for edge computing and are attracting the global player’s attention, which is anticipated to drive the market growth in the forecast period. Furthermore, rising government spending towards IT infrastructure development and increasing penetration of 5G technologies is also providing lucrative growth opportunities to the market.
Impact of COVID-19 on Edge Computing Market
The unprecedented COVID-19 pandemic outbreak provided lucrative growth opportunities to the edge computing market. The global restrictions in the manufacturing and supply chains of various industries posed huge challenges to the operations of industries. To overcome these challenges, the enterprises leveraged advanced technologies including 5G and edge computing for remote monitoring access of their operations. Furthermore, edge computing proved to be useful in the healthcare sector as well owing to the surge in the scope of telemedicine and remote patient monitoring during the peak of the COVID-19 pandemic.
The leading market players of the edge computing market are Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, Huawei Technologies Co., Ltd., Intel Corporation, Hewlett Packard Enterprise, ClearBlade, Inc., Amazon Web Services Inc., Google LLC, General Electric Company, FogHorn Systems, ADLINK Technology Inc., Juniper Networks Inc., EdgeIQ, Juniper Networks Inc., Altran Group, Dell Technologies Inc., Honeywell International Inc., Digi International Inc., Sierra Wireless, Belden Inc., Moxa Inc., Atos SE, and other prominent players.
The edge computing market is highly consolidated and concentrated due to the presence of multinational conglomerates such as Cisco, Microsoft, Google, IBM, etc. However, several startups are also emerging with small and micro-scale data centers. The companies constantly launch new products and offerings to gain a competitive edge. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the edge computing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the edge computing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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