Edge Computing Market is Estimated to Grow at a CAGR of 38.2% from 2022 to 2028
As stated in our extensive report; the Global Edge Computing Market accounted for USD 7.1 Billion in 2021.
The growth of Edge Computing is fueled by various vital factors, such as the rise in use cases that need low-latency processing, the increase of smart devices, the significance of big data, and the adoption of AI, IIoT, and 5G. In addition, Edge Computing adds another layer of complexity to the company by enabling a broad group of stakeholders to maintain IT infrastructures, networking, software development, traffic distribution, and service administration. The development of Edge Computing is still in its early stages. Although its operational and deployment models have yet to develop, Edge Computing is anticipated to present considerable growth opportunities for new entrants in the coming years. Edge further blends networking architecture, software, and hardware solutions to address a range of use cases across numerous industries.
Key factors influencing Edge Computing Market Growth
The growth of the Global Edge Computing Market can be attributable to the following:
- One of the key factors propelling the Global Edge Computing Market is the advancement of Internet of Things (IoT) technology. The worldwide Edge Computing Market is being boosted by the increase in demand for IoT security solutions to enhance the security and adaptability of online communications.
- The infrastructure for autonomous and connected vehicles has expanded due to increased consumer demand and other technological advancements.
- As a result of an increase in the use of cloud computing and storage solutions, businesses depend more and more on centralized cloud computing and storage solutions.
- The demand for IoT Edge Computing solutions is fueled by technological improvements and an increase in the use of 2G, 3G, and 4G long-term evolution (LTE) wireless networks.
- Alliances and acquisitions also accelerate the market development with hyper scalers, telecoms, and start-ups.
North America Region to Capture the Market
North America holds the most considerable market revenue in the Edge Computing Market and is anticipated to continue this trend during the forecast period. This can be attributed to important aspects such as the availability of required infrastructure and favorable circumstances for the integration of the industrial internet of things (IIoT) with Edge Computing. Start-ups and major market participants have their homes in developed nations like the US. For instance, the MobiledgeX Early Access Program was developed in cooperation between Telus Communications and MobiledgeX, Inc. The software has made it possible for programmers to create, test, and evaluate the effectiveness of edge-enabled apps in a low-latency setting.
The surging adoption of IoT across industries has positively influenced the overall Edge Computing Market sales.
Some of the key players in the Global Edge Computing Market include- Cisco(US), HPE(US), Huawei(China), IBM(US), Dell Technologies(US), Nokia(Finland), Litmus Automation(US), AWS(US), Foghorn(US), Microsoft(US), VMWare(US), SixSq(Switzerland), EdgeIQ(US), Saguna(Isreal) Vapour IO(US) and others