Edge Computing Market Overview:
The Edge Computing market is projected to grow from USD 36.35 Billion in 2022 to USD 168.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.51% during the forecast period (2022 – 2030).
Edge computing use has increased in recent days because of the high usage of smartphones and the internet. The primary focus of edge computing in the market is to offer data and computing processing close enough to the data source. The edge computer demand is more in industries such as BFSI, manufacturing companies, IT, and telecommunication to name some. The primary reason for the rise in the market for edge computing is the IoT’s high influence in recent times. Edge computing is also enhanced with the right of cloud computing and storage options. It is possible to boost the speed of making the decision to close the data source with the help of an edge computing processing solution. Purdue University has also used IoT sensors to pace up and improve plant growth along with the process of food production.
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Key Players:
Key Companies in the Edge Computing market includes,
- General Electric Company
- Amazon Inc.
- Intel Corporation
- Microsoft Corporation
- SAP SE
- Schneider Electric SE
- Alphabet Inc.
There has been good demand from the customer and technology development has increased in today’s time. This further has improved the market size of edge computing. The autonomous vehicles’ introduction to get details such as light, weather, road condition, control and to get navigation has improved due to edge computing. This eventually has increased the market share of the same. There are many advantages of the autonomous car which people have started to enjoy. Primarily the features which such a car offers are one reason that has actually made the manufacturing companies decide on investing in the new technology. This is likely to boost the market share of edge computing.
The spread of the pandemic crises due to Covid-19 affected different countries and markets but there was a positive impact on the edge computing market. The lockdown during the pandemic crisis was implemented by the government which is why people were not allowed to get out of their homes. Due to this, nearly every process was done on the digital platform. This increased the demand for the edge computing market which eventually increased the market size of edge computing as well. There was also increased use of the internet during this pandemic phase which creative different software that also contributed to the market growth of edge computing.
Market segmentation:
In 2021, the hardware industry captured a sales share of more than 40% in terms of components. The hardware is expected to hold the largest Edge computing market share throughout the course of the projection since it is becoming more and more popular in the managed services sector. The amount of data produced by IoT and IIoT devices is rapidly expanding along with their quantity. Enterprises are thus using edge computing equipment to reduce the stress on the cloud and data centres in order to deal with the volume of data generated.
In terms of applications, the Industrial Internet of Things (IIoT) sector led the edge computing market. In 2021, the division attracted a revenue share of above 28%. In order for manufacturers to achieve the aim of digitising their facilities, edge computing has become crucial. In the industrial sector, edge computing has a sizable installed base in the form of device edge. As services become more complex and the infrastructure edge is made more accessible, it is anticipated that demand for edge infrastructure will rise.
In 2021, the energy and utilities industry achieved a revenue share of above 15%. Smart grids, which rely on device edge infrastructure, are probably going to help the energy and utility sector’s income rise. Global attempts to increase the efficiency of electrical utility services, including the development of alternative renewable power sources like solar and wind, are being fueled by environmental sustainability programmes. In order to empower capabilities and improve operating efficiencies, smart grids are being implemented all over the world. These networks can allow microgrids to support generation from scattered renewable sources, real-time consumption control, and integration with smart appliances.
Regional Classification:
The regional analysis made on the edge computing market shows the segmentation of it is done into regions such as Europe, North America, and the Asia Pacific region. There had been a significant rise in the population of the Asia-Pacific region which actually is the reason why it is holding a huge market share.
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Industry News:
Samsung electronics and IBM collaborated to create the hybrid cloud solution and also planning to use the 5G for assisting businesses all over industries.
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