Edge computing services offer the most remunerative opportunities with a stupendous 31.5% CAGR during the projection period
UNITED STATES, March 10, 2022 /EINPresswire.com/ — Fact.MR foresees that the demand for edge computing is projected to expand at a CAGR of 30% in terms of value during the period of assessment. Moreover, the report estimates that the market for edge computing is likely to surpass US$ 69 Bn by end of 2032.
Edge computing products facilitate enhanced processing power and data transmission between connected devices. The shift in consumer preference for smart devices over conventional vehicles, and homes drives the demand for edge computing components such as services, software, and edge-managed platforms. Industrial automation trends that employ artificial intelligence (AI), and machine learning (ML) to curb costs and increase production capacities also contribute to growth.
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Key Takeaways from the Market Study
• Global market for edge computing to reach US$ 5 Bn by 2022-end
• North America leads global sales with 46% share of the total market value.
• South Asia & Oceania offers the most lucrative opportunities with the highest double-digit growth rate of 32% during the forecast period.
• Energy & utilities account for the largest share of the market value. The 18% share can be accredited to cost efficiency and enhanced control over energy grids offered by edge computing products.
• Datacenters are the most financially rewarding application segment with a meteoric 32.5% CAGR through 2032.
• Hardware is the most selling component segment with more than 46% share of the total market revenue.
• Edge computing services offer the most remunerative opportunities with a stupendous 31.5% CAGR during the projection period.
How is the Market Performing in the US?
As per the Fact.MR analysis, the emergence of edge computing and IIoT is motivating the manufacturers in the U.S. In addition to this, a lot of startups have emerged to provide platforms for developing edge-enabled solutions, which is expected to drive the regional market.
The US holds a lot of potential for the market owing to the trend of digital transformation among organizations and consumers alike, which presents exponential growth opportunities for market players. Further, it is expected that once on-board, users of edge computing will realize the benefits of the varied range of products and continue to generate demand during the forecast period.
Key Market Segments in Edge Computing Industry Research
• Edge Computing Hardware
o Edge Nodes/Gateways (Servers)
• Edge Computing Software
• Edge Computing Services
• Edge-Managed Platform
• Edge Computing for Energy & Utilities
• Edge Computing for Industrial Applications
• Edge Computing for Transportation & Logistics
• Edge Computing for Smart Cities, Smart Homes, Smart Buildings
• Edge Computing for Healthcare
• Edge Computing for Agriculture
• Edge Computing for Retail
• Edge Computing for Datacenters
• Edge Computing for Other Applications
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The competitive landscape of the edge computing market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
• In January 2022, Amazon Web Services (AWS) announced the general availability of its new Amazon Elastic Compute Cloud (Amazon EC2) Hpc6a instances. These “purpose-built” EC2 instances leverage 3rd Gen AMD EPYC CPUs to process high-performance computing (HPC) workloads at what Amazon claims.
• In November 2021, Kyndryl announced a landmark global strategic partnership that will combine its market-leading capabilities in the service of enterprise customers. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides incremental multi-billion dollar revenue opportunities for the two companies.
Key Companies Profiled
• Cisco Systems, Inc.
• Microsoft Corporation
• Amazon Web Services (AWS), Inc.
• Moxa Inc.
• NVIDIA Corporation
• Belden Inc.
What are the Recent Trends in the Market?
Consumer demand for high-performance smartphone applications such as high-definition multiplayer online battle arena (MOBA) games is important edge computing use cases. Edge computing and Internet of Things (IoT) in developing countries such as India, Indonesia, and China present lucrative opportunities for edge computing architecture.
In addition to this, IoT and edge computing for architects is emerging as one of the key trends. Edge computing is a technology evolution that is not restricted to any particular industry. As edge evolves, more industries find it relevant, which only brings fresh requirements or gives existing ones different contexts, attracting new parties to solve these challenges. Now more than ever, IoT and edge computing for architects holds a very promising future.
IoT-enabled devices warrant the use of advanced network infrastructure, and high processing speed, both of which are core benefits of edge computing. Therefore, IoT devices along with high-performance smartphone applications will strengthen the growth of the edge computing market between 2022 and 2032.
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Which Application of Edge Computing is Propelling Growth?
By application, energy & utilities will emerge as the highest revenue application with more than 18% share of the total market value. Increasing emphasis on efficient energy utilization is increasing the adoption of remote monitoring and controlling of energy grids.
Edge computing examples such as Automatic Meter Reading (AMR), distributed generator management, and real-time analysis of electricity generation are giving tailwinds to the market. The energy & utility segment will continue to generate revenues at an astounding 29% CAGR through 2032.
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