The “Global Edge Computing Market Size By Component, By Application, By Vertical, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Edge Computing Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Aug. 1, 2023 /PRNewswire/ — The Global Edge Computing Market is projected to grow at a CAGR of 23.97% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 2.98 Billion in 2020 and is expected to reach USD 11.92 Billion by the end of the forecast period.
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Browse in-depth TOC on “Edge Computing Market“
202 – Pages
126 – Tables
37 – Figures
Real-Time Data Processing and the IoT Revolution Fuel Growth in the Edge Computing Market
As the demand for real-time data processing and the increasing implementation of Internet of Things (IoT) technologies transform the digital landscape, the edge computing market is expanding quickly. By utilising decentralised processing capacity, edge computing, which is used to describe computational facilities close to data sources, enables mobile computing and Internet of Things applications. This technology, in contrast to conventional data centres, processes data directly on devices, minimising the need for internet traffic and encouraging quicker decision-making.
Edge computing has become more popular as a result of the growing strain that IoT proliferation has placed on cloud infrastructure. Businesses are adopting edge computing technologies, which hasten decision-making processes, across numerous industrial verticals.
Additionally, by addressing concerns about latency and expense associated with a complete IT infrastructure move to the cloud, telecom enterprises’ increased use of edge computing creates opportunities for the Edge Computing Market. Notably, organisations using IoT devices like sensors and actuators are increasingly adopting edge computing solutions including edge nodes, devices, and hyper-localized data centres.
One of the best examples of edge computing’s potential is Purdue University. The institution uses IoT sensors and gadgets to optimise plant growth and food production operations in partnership with a vendor of edge computing solutions. Purdue can effectively gather, integrate, analyse, and publish enormous amounts of sensor data by utilising wireless and edge computing technology. This results in time and cost savings, greater research accuracy, and quicker communication.
After the COVID-19 outbreak, the market for edge computing is expected to rise significantly. Low-latency connectivity and strong network security become essential as work-from-home arrangements become the new standard and the healthcare system increasingly relies on online consultations. As a result, during the next three to four years, the demand for edge computing solutions is anticipated to skyrocket.
Edge computing has developed into a solution-specific technology with specialised hardware for a range of uses. Over the projection period, several key use cases, including 5G and network function virtualization, streaming gaming, next-generation content delivery networks (CDNs), and cloud services, are expected to see significant development. This is the first steps towards a future internet environment where edge computing is widely accessible and has user-friendly interfaces for developers.
Although the Edge Computing Market has many advantages, issues with cybersecurity and hacking could limit its expansion. For the sector to have a secure and profitable future, these issues must be resolved. Moreover, due to the current structure of edge computing, there is a lack of standardization and challenges in edge computing processes and connectivity, which is the primary restraint for the Edge Computing Market growth. The significant capital expenditure required to deploy it could be the market’s biggest stumbling block. Edge computing’s main disadvantage is that it can potentially lead to an increase in vector attacks, which could cause a market decline.
Key Players in Edge Computing Market
IBM, Cisco, HPE, Huawei, GE Digital, Saguna Networks, Dell Technologies, Cloudflare, Inc, and Microsoft are among the leading companies pushing innovation and reshaping the edge computing market. These businesses are pioneers in market share, SWOT, key development strategies, product benchmarking, and market ranking analysis.
The processing and use of data has the potential to be revolutionised as the edge computing market grows. Edge computing is positioned for considerable development in the upcoming years thanks to its capacity to supplement cloud-based solutions and support the IoT revolution. However, to fully take advantage of the potential that lie ahead, industry players must work together to overcome cybersecurity challenges.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Edge Computing Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Edge Computing Market into Component, Application, Vertical, And Geography.
- Edge Computing Market, by Component
- Edge Computing Market, by Application
- Industrial Internet of Things
- Smart Cities
- Remote Monitoring
- Edge Computing Market, by Vertical
- Media And Entertainment
- Government And Defense
- Edge Computing Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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