Edge Computing Market To Witness a Pronounce Growth During 2022-2031 – Digital Journal

Edge Computing Market Outlook 2031

The global edge computing market was valued at US$ 6.95 Bn in 2021

It is estimated to grow at a CAGR of 37.3% from 2022 to 2031

The global edge computing market is expected to reach US$ 161.66 Bn by the end of 2031

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Overview of Global Edge Computing Market

Edge computing helps improve cloud computing systems by processing data at the network’s edge, close to the source of the data. Widespread usage and acceptance of IoT, which causes cloud foundation overload, is a key factor driving the edge computing market. Transmission of big amount of data places a significant strain on the network. Edge computing examines all data at the source’s edge, analyzing it and communicating only important information on it, rather than frequently broadcasting data over the network. Edge computing architecture is built on existing open-source technologies and security. Many telecommunication service providers are adopting edge computing in order to modernize their networks. Thus, the global edge computing market is expected to grow at a decent pace during the forecast period.

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Growth in Adoption of IoT across Industries to Drive Global Edge Computing Market

Rise in number of connected devices and growth of IoT have resulted in a significant increase in data. This is driving the demand for efficient data access and evaluation. Companies are increasingly relying on centralized cloud computing and storage solutions. For instance, according to Accenture, IIoT is projected to contribute US$ 14.2 Trn to the global economy by 2030. Migrating the complete IT infrastructure to the cloud raises concerns about latency and cost feasibility. As a result, enterprises that use IoT sensors, actuators, and other IoT devices are increasingly interested in edge computing solutions such as edge nodes, devices, and hyper-localized data centers. Furthermore, edge computing augments the existing cloud paradigm by bringing data processing closer to the data source, thus allowing enterprises to make faster decisions. For instance, the Purdue University collaborated with an edge computing solution provider to research and optimize plant growth and food production processes using IoT sensors and devices. The partnership allows the university to use wireless and edge computing technology to gather, collate, process, and communicate massive amounts of data generated by the sensors. The technology helps the university save time and expense by accelerating and improving the accuracy of their research and allowing for faster communication. Thus, growth in adoption of IoT across industries is one of the key factors that is likely to boost the demand for edge computing during the forecast period.

Advent of Autonomous Vehicles and Connected Car Infrastructure to Strengthen Demand for Edge Computing

Rise in customer demand and different technology breakthroughs have resulted in the expansion of infrastructure for autonomous and connected vehicles. Autonomous vehicles provide weather, light, and road conditions; and use that information to navigate, control, and drive. Several companies have begun to reinvent edge cloud computing to facilitate autonomous and connected automobile technologies. In April 2021, Honda and Verizon announced a research agreement to investigate how a new connected safety technology uses 5G and multi-access edge computing or mobile edge computing to enable quick, reliable communication between road infrastructure and automobiles in order to prevent road collisions. The companies aim to deliver rapid, dependable, and low-latency data transfer at the edge, which is critical for connected vehicles.

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Edge computing in autonomous cars can provide more accurate and faster data usage, allowing edge data centers to dump non-critical data while retaining crucial data within the vehicle. Edge computing, when combined with Artificial Intelligence (AI) and Machine Learning (ML), may also help attain situational awareness in a fraction of time by providing local processing capacity to accelerate the processing of massive data created by autonomous vehicles. Thus, smart driving can efficiently avoid traffic bottlenecks and help reduce road accidents. Several autonomous vehicle manufacturers are projected to invest in the technology in the near future due to the benefits of edge computing. This is likely to bolster the edge computing market.

Regional Outlook of Global Edge Computing Market

In terms of revenue, North America is anticipated to hold prominent share of the global market by the end of 2022. The convergence of IIoT and edge computing is creating ideal conditions for firms in the U.S. to transition to link manufacturing. Several companies have started providing platforms for building edge-enabled solutions. Telus Communications and MobiledgeX, Inc. worked together to create the MobiledgeX Early Access Program. The initiative has enabled developers to create, test, and evaluate the usefulness of edge-enabled apps in a low-latency environment.

Rise in usage of connected devices such as smartphones, tablets, and iPad is driving the demand for edge computing solutions in North America. Key players in the region are focusing on launching edge computing solutions to gain a competitive advantage in the market. In May 2020, IBM Corporation and Red Hat, Inc. launched new edge computing solutions, such as IBM Edge Application Manager and IBM Telco Network Cloud Manager, for various organizations in the 5G era. These solutions help enterprises accelerate their transition to edge computing.

Asia Pacific is likely to demonstrate robust growth in the market, led the presence of prominent industry players such as ADLINK Technology Inc., Huawei Technologies Co., Ltd., and Samsung. These leading players are concentrating on new product development in order to expand their product range.

Analysis of Key Players in Global Edge Computing Market

The global edge computing market is consolidated, with a few large-scale vendors controlling a majority of the share. Most of the firms are spending significantly on comprehensive research and development activities, primarily to introduce innovative products. Expansion of product portfolios and mergers and acquisitions are the main strategies adopted by key players. Amazon Web Services (AWS), Inc., Atos, Cisco System, Inc., Dell Technologies, EdgeIQ, Foghorn, HPE, Huawei, IBM Corporation, Litmus Automation, Microsoft Corporation, and Nokia are the prominent entities operating in this market.

Key Developments in Global Edge Computing Market

In June 2021, Cisco launched a new range of catalytic industrial routers with embedded 5G technology to expand the capacity of business networks to the edge with flexibility, scalability, and security

In April 2021, Verizon and AWS introduced private mobile 5G edge computing to organizations in the U.S. via the Verizon private 5G network and AWS outposts

In February 2021, HPE stated that its Spaceborne Computer-2 (SBC-2) was advancing space research by allowing real-time processing and powerful commercial edge computing in space for the first time

In January 2021, Litmus Automation announced the introduction of Litmus edge 3.0, a contemporary edge computing platform for collecting analytic data, analyzing it, building and running apps, and integrating it with an organization’s system

Each of these players has been profiled in the edge computing market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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