DUBLIN–(BUSINESS WIRE)–The “Edge Computing Market by Component (Hardware, Platform, and Services), Application (Smart Cities, IIoT, Content Delivery, Remote Monitoring, AR and VR), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
Global Edge Computing Market to Grow from USD 2.8 Billion in 2019 to USD 9.0 Billion by 2024, at a CAGR of 26.5% During the Forecast Period
Rising focus of enterprises on increasing speed, ensuring resiliency and security, and eliminating outage issues in minimal time, to drive the growth of edge computing market
The edge computing market is growing rapidly with the growing adoption of Internet of Things (IoT) across industries; rising demand for low-latency processing and real-time, automated decision-making solutions; and the need for surmounting exponentially increasing data volumes and network traffic. However, a reluctance among Small and Medium-sized Enterprises (SMEs) to adopt edge computing solutions owing to initial Capital Expenditure (CAPEX) for infrastructure is projected to limit the growth of the market.
Industrial Internet of Things application segment to grow at the highest CAGR during the forecast period
The implementation of IoT across industries has increased rapidly, which drives companies to implement solutions that could enhance IoT deployments through data processing closer to the source. By infusing edge computing in Industrial Internet of Things (IIoT) processes, companies could achieve an improved network communication and cooperative coordination with the cloud connected to the system. Further, it helps organizations to reduce workloads by facilitating lost-cost, low-power, and high bandwidth networks.
Manufacturing vertical to hold the largest market size during the forecast period
Edge computing facilitates localized processing which helps reduce latency issues and enables smart and intelligent manufacturing through predictive analytics. With the rise in IoT deployment, manufacturing companies have been rapidly adopting edge computing to improve interoperability among IoT devices, reduce unforeseen downtime issues, and improve production efficiency.
Edge computing market in Asia Pacific to grow at the highest CAGR during the forecast period
The high growth of the market in Asia Pacific (APAC) is attributed to the pervasive use of mobile devices, growing data volumes, and increase assimilation of workload-centric Information Technology (IT) infrastructure in the region with the rising need for businesses to remain globally competitive.
Furthermore, the inclination of countries across the region toward emerging technologies, such as cloud computing, IoT, 5G, and Artificial Intelligence (AI), is also expected to fuel the growth of the edge computing market. However, limited technology sophistication among SMEs, privacy issues, and limited technical expertise in advanced technologies remain the biggest hurdle in the edge computing adoption across APAC. Regional technological advances and increasing awareness of edge computing benefits to minimize infrastructure complexities and installation costs opens new avenues for the growth of edge computing market in the region.
- Growing Adoption of IoT Across Industries
- Rising Demand for Low-Latency Processing and Real-Time, Automated Decision-Making Solutions
- Surmounting Exponentially Increasing Data Volumes and Network Traffic
- Initial Capex for Infrastructure
- Emergence of Autonomous Vehicles and Connected Car Infrastructure
- Lightweight Frameworks and Systems to Enhance Efficiency of Edge Computing Solutions
- Vulnerability Issues With IoT Devices
- Use Case 1: Maximum Asset Utilization By Remotely Monitoring Machines Located in Harsh Environmental Conditions
- Use Case 2: Improved Predictive Maintenance Through Consistent Asset Performance Evaluation
- Use Case 3: Implementing Core-To Edge Infrastructure for Network Complexity Reduction, Network Outage Elimination, and Patient Care Improvement
- Use Case 4: Deploying Edge Data Centers for Improved Content Delivery and Website Latency
- Use Case 5: Improved Operation Margins Through Edge Analytics and Real-Time Visualization
- Use Case 6: Enhanced Internet Performance and Gaming Consistency With Edge Nodes
- Use Case 7: Reducing Road Traffic Accidents Through Real-Time Localized Processing
- Use Case 8: Achieving Edge Co-location to Improve Roi and Meet Rising Consumer Demands
- Dell Technologies
- Litmus Automation
- Saguna Networks
- Vapor IO
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