Edge Computing Market Size to Hit at USD 116.5 Billion by 2030 – GlobeNewswire

Ottawa, July 07, 2022 (GLOBE NEWSWIRE) — The global edge computing market size was valued at USD 40.49 billion in 2021. Edge computing can resolve this issue significantly by processing and analysing data closer to the center where it is acquired. As per Cisco Internet Business Solutions Group (IBSG), the number of connected IoT internet – enabled devices exceeded the growing global population in 2010, with a device to person ratio of 1:1.84. By 2020, it is predicted that each individual would have up to ten internet gadgets, generating more than 40 zettabytes of data every year. As a result, the pressure on network infrastructure is constantly growing, offering prospects for development in the edge computing sector.

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The Internet of Things (IoT) market has expanded dramatically in recent years and is likely to expand even further in the subsequent years. As the devices connected to the internet grow steadily, they generate an increasingly huge amount of data. As a result, the requirement to handle and evaluate this data more quickly is increasing accordingly. Although cloud computing is critical to the development of IoT, it cannot match the expectations for quicker data processing in all cases. And from the other side, keeping big volumes of data stored in the cloud may be costly, and accessing this material from the cloud is also costly.

Key Takeaway

  • By component, the U.S. edge computing market was estimated at USD 692.3 million in 2021 and growing at a CAGR of 33.1%
  • North America region has accounted market share of over 41% in 2021
  • In 2021, the server segment accounted 45% market share
  • The market share of edge sensors/routers segment was 24% in 2021
  • In 2021, the energy and industrial segment has garnered 18% revenue share
  • In 2021, the Industrial Internet of Things (IIoT) segment accounted 32% market share

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Regional Snapshot

North America dominated the market in 2021. The confluence of IIoT and edge computing is creating favorable conditions for firms in the United States to transition to link manufacturing. Multiple companies have also emerged to provide infrastructure for building edge-enabled solutions, which are expected to drive market growth in the region. Telus Communications and MobiledgeX, Inc., for example, work together to develop the MobiledgeX Early Access Project. The initiative has enabled programmers to develop, test, and evaluate the effectiveness of edge-enabled apps in a minimal setting.

Due to the COVID-19 pandemic, Asia Pacific is expected to drive strong growth from2022 to 2030, owing to an increased focus on enhancing communications technology in the area. Because of the region’s tremendous expansion of the connected device ecosystem, a great volume of data is created, necessitating the need for a strong computing architecture. Google Inc. unveiled its Global Mobile Edge Cloud (GMEC) concept, which is primarily geared at the US market. Microsoft Corporation’s launch of Azure Edge Zones is expected to stimulate growth in the region in the next years.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 40.49 Billion
Revenue Forecast by 2030 USD 116.5 Billion
CAGR 12.46% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players Amazon Web Services (AWS), Inc., Siemens AG IBM Corporation, Aricent, Inc., ABB, General Electric Company, Atos,Hewlett Packard Enterprise Development, Cisco Systems, Inc., Huawei , and others.

Market Dynamics

Driver

Growing adoption of IoT across industries

The growth of IoT has resulted in a large rise of data, causing companies to rely more heavily on centralized multi – cloud management solutions. The global IoT solution and service market is predicted to grow at a double-digit CAGR of 14.9 percent between 2020 and 2025. A research report predicts that the number of active IoT devices will reach 31 billion by 2025. Furthermore, Accenture forecasts that IIoT would contribute USD 14.2 trillion to the global economy by year 2030. Shifting the complete IT infrastructure to the cloud raises concerns about performance and cost sustainability. As a result, enterprises that use IoT sensors, actuation, and other IoT devices are increasingly interested in edge computing solutions such as network edge, devices, and hyper-localized data.

Restraint

Initial CAPEX for infrastructure

Corporations are fast embracing digitalization by implementing innovative technology to seamlessly automate and speed their daily operations. Edge computing may cut data transport and storage costs via localized processing, but engaging in edge infrastructure still increases organizations’ CAPEX. Companies seeking full edge computing solutions would need to make significant investments in edge nodes, other edge devices, and edge network infrastructure. They would also have to pay more money to safeguard the gadgets and the core system. As a result, many content distribution organizations are hesitant to migrate to the edge solely to achieve low speed processing.

Opportunity

The emergence of self-driving cars and linked automobile infrastructure

Increasing consumer usage and different technology breakthroughs have resulted in the expansion of equipment for connected and autonomous vehicles. Automated vehicles transmit weather, light, and traffic conditions and use that information to navigate, regulate, and operate. Edge computing has great prospects to enhance the progress of driverless driving by making analysis quicker and closer to the source of data. Although it is still in its early stages, several businesses have begun to rethink the cloud using edge computing to enable autonomous and connected automobile technologies.

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Challenge

Integration with existing cloud infrastructure is difficult.

Understanding the possibilities of edge computing includes combining edge computing applications and services with existing cloud infrastructure. Because of the restricted storage and computing capabilities of edge nodes, a well-equipped infrastructure in between edge and the cloud is required. Developing a dependable edge networks to manage network traffic from various nodes would be difficult with the rising usage of multi-cloud architectures inside the enterprise. Most IT managers are having difficulty locating a workable approach and cloud suppliers capable of meeting the high bandwidth needs, as well as additional data reporting.

Market Segmentation

By Component

  • Hardware
    • Edge Nodes/Gateways (Servers)
    • Sensors/Routers
    • Others
    • Cameras
    • Drones
    • HMD
    • Robots
    • Others
    • Hardware by Type
    • Hardware by End Point Devices
  • Software
  • Services
  • Edge-managed Platforms

By Organization Size

  • Large Enterprises
  • SMEs

By Deployment

  • On Premise
  • Cloud

By Industry Vertical

  • Industrial
  • Energy & Utilities
  • Healthcare
  • Agriculture
  • Transportation & Logistics
  • Retail
  • Datacenters
  • Wearables
  • Smart Cities
  • Smart Homes
  • Smart Buildings

By Application

  • IIoT
  • Remote Monitoring
  • Content Delivery
  • Video Analytics
  • AR/VR
  • Others

 By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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