Meticulous Research® – a leading global market research company published a research report titled “Edge Computing Market by Application (Smart Cities, Industrial IoT, Remote Monitoring, Content Delivery, AR VR), Industry (Manufacturing, Retail, Healthcare, Media, Telecommunications, Logistics, Government, Energy, Utilities) - Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the edge computing market is expected to grow at a CAGR of 34.9% from 2019 to reach $28.07 billion by 2027. Substantial growth in the global edge computing market is mainly attributed to the growing load on the cloud infrastructure and rising adoption industrial IoT. Consequently, the rising demand for low-latency processing and real-time automated decision-making solutions are propelling the market growth. Emergence of autonomous vehicles and connected car infrastructure is also supporting the growth in the edge computing market and thus, creating high growth opportunities for vendors in this market. However, high procurement and operational cost are expected to pose some challenges for the growth of the edge computing market over the coming years.
Global edge computing market study presents historical market data in terms of values (2017 & 2018), estimated current data (2019), and forecasts for 2027- by component (hardware, platform, services) by application (smart cities, industrial IoT, remote monitoring, content delivery, AR-VR and others (autonomous vehicles, drones, & gaming, etc.), by end-use industry (manufacturing, retail, healthcare, media & entertainment, IT & telecommunications, transportation & logistics, government & defense, energy and utilities and others (agriculture, education and BFSI), and region. The study also evaluates industry competitors and analyzes the market country level.
On the basis of component type, the edge computing market is classified into Hardware, Platform, and Services (consulting, training and support). The edge computing platforms segment is expected to grow at a fastest CAGR during the forecast period. With an increase in edge devices and data centers, companies require software capable of controlling operations of edge devices and data centers within the network infrastructure. Further the need for improving their operational feasibility is driving the growth in the edge computing platforms segment.
On the basis of application, the edge computing market is classified into smart cities, industrial IoT, remote monitoring, content delivery, AR-VR and others (autonomous vehicles, drones, & gaming, etc.). The smart city applications market is accounted for the largest share of the global edge computing market in 2018. Due to the increasing push toward Smart City initiatives, countries across the world are implementing edge computing solutions to enhance building security, home automation, parking and traffic management, and city asset management; which is driving the growth in the edge computing market for smart cities applications.
On the basis of end-use industry, the edge computing market is classified into manufacturing, retail, healthcare, media & entertainment, IT & telecommunications, transportation & logistics, government & defense, energy and utilities and others (agriculture, education, and BFSI). Among these, the IT & telecommunications segment is projected to grow at a fastest CAGR throughout the forecasted period. The adoption of edge computing in this sector is mainly attributed to the increasing need of vendors to deploy products faster to their customers.
On the basis of geography, the global edge computing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America commands the largest share of the edge computing market and is expected to maintain its dominance throughout the forecast period. The growth in the North America market is majorly attributed to the presence of large number of edge computing vendors in the region and large number of companies in the region adopting edge computing to enhance their IT infrastructure and leverage the benefits of new technologies, such as 5G and IoT. However, Asia-Pacific region is expected to register the fastest growth during the forecast period. The amount of cloud traffic in this region is increasing rapidly. As cloud penetration increases in this region, a shift from cloud computing to edge computing is expected. Businesses and governments in this region have shown greater inclination toward storing and processing data locally, which is driving the adoption of edge computing by the enterprises in Asia-Pacific region.
Some of the key players operating in global edge computing market are Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Dell Technologies (U.S.), Hewlett-Packard Enterprise (U.S.), General electric company (U.S.), Huawei Technologies (China), IBM Corporation. (U.S.), Juniper Networks (U.S.), Cisco Systems (U.S.), FogHorn Systems (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), SAP (Germany), MachineShop (U.S.), and Saguna Networks (Israel), among others.
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