The global edge computing market size was valued at USD 3.7 billion in 2021 and is expected to reach USD 16.4 billion by 2028, at a CAGR of 34.1% during the forecast period 2022-2028. Edge computing adds a layer of complexity to the business by requiring a diverse set of stakeholders for IT infrastructure, networking, software development, traffic delivery, and service operations. Edge also brings together software and hardware, as well as networking architecture, to suit a wide range of use cases across a variety of industries. An edge is projected to generate significant growth potential for new entrants in the coming years, as the technology is still in the initial phases of development and its implementation and operational models are still to mature.
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Artificial Intelligence (AI) integration into the edge environment is projected to propel future growth. An edge AI system is supposed to assist businesses in making real-time choices in milliseconds. The need to eliminate privacy concerns associated with transmitting huge volumes of data, as well as latency and bandwidth constraints that limit an organization's data transmission capabilities, is projected to fuel market expansion in the coming years. Edge computing use cases have presently outpaced early infrastructure deployments, and they are projected to spur new edge computing use cases and infrastructure expenditures. Edge computing is predicted to become more widespread and move toward platform-centric solutions over the projection period. Edge platforms could utilize sophisticated management and orchestration tools to decrease infrastructure complexities and provide user-friendly settings for developers to install novel edge apps and services with relative simplicity as a result of this change. Though the COVID-19 epidemic has had an influence on the market, the edge computing market has various short-term development potential. Over the next few months, edge and IoT technologies in healthcare and life sciences are likely to increase rapidly. The Internet of Things (IoT) and edge computing have enabled disruptive technology breakthroughs to alter the healthcare market.
The global edge computing market segmentation:
1) By Component: Hardware, Platform, and Service.
2) By Application: Smart cities, Industrial Internet of Things [IoT], Remote monitoring, Content delivery, Augmented reality [AR] and Virtual reality [VR], and others.
3) By Organization size: SMEs, and large enterprise.
4) By Verticals: Manufacturing, Energy & Utility, Government & Defense, Telecommunications, Media & Entertainment, Retail & Consumer goods, Transportation & Logistics, Healthcare & Life Science, and others.
In 2020, Asia Pacific accounted for a sizable revenue share, due to an increasing focus on strengthening networking technology in the region as a result of COVID-19. The region's noteworthy development of the connected device ecosystem is resulting in a large volume of data being generated, necessitating the need of an advanced computing environment. Furthermore, key service providers also including Microsoft Corporation, which recently introduced Azure Edge Zones, and Google Inc., which recently announced its Global Mobile Edge Cloud (GMEC) strategy aimed largely at the US market, are projected to boost regional growth in the coming years.
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some of the major players key players in the global edge computing market, which Cisco, HPE, Huawei, Dell Technologies, Nokia, Litmus Automation, FogHorn Systems, Digi International, Saguna Networks, Juniper Networks
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