PRESS RELEASE
Published January 30, 2023
The Multi-Access Edge Computing Market was at US$ 1,955 Mn in 2021 and is growing to approx US$ 55,415 mn by 2030, with a CAGR growth of 47.5% between 2022 – 2030.
The Global Multi-Access Edge Computing Market size was estimated at USD 1,955 million in 2021 and is expected to reach USD 2522 million in 2022 and is expected to hit around USD 55,415 million by 2030, poised to grow at a compound annual growth rate (CAGR) of 47.5% from 2022 to 2030.
Our recently published report, “Multi-Access Edge Computing Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
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Multi-Access Edge Computing Market: Overview
Multi-access Edge computing refers to mobile edge computing, a member of the edge computing family that brings the IT service environment and cloud computing capabilities up close to the network’s edge. Instead of transferring all the data to the cloud for processing using traditional methods, the network edge may store, process, and analyze the data. In a network edge location near the customer, the data is processed. It benefits applications with real-time performance and reasonably large bandwidth, such as linked automobiles and Industry 4.0.
The environment has real-time access to RNI (Radio Network Information) and high bandwidth with extremely low latency. Thanks to multi-access edge computing, software applications may obtain precise temporal information and local material about the state of the local access network. It operates under the fundamental tenet that data processing closer to the user, as opposed to a centralized cloud, reduces network congestion.
To host various services and applications, it offers distributed computing capabilities. Since centralized cloud computing and storage solutions increasingly rely on Internet of Things devices, this is the primary driver propelling market development. However, IT infrastructure relocation to the cloud has latency and financial viability issues. As a result, many sectors that employ IoT sensors, actuators, and other IoT devices are looking carefully at edge computing options such as edge nodes, devices, and hyper-localized data centers.
Multi-Access Edge Computing Market: Growth Driver
The market is anticipated to grow as IoT devices are used across sectors, including manufacturing, IT and telecom, data centers, transportation, and logistics. Multi-access Edge Computing (MEC) technology is used by these sectors because they produce enormous volumes of data and need to make decisions more quickly.
The adoption of the technology by enterprises is further accelerated by MEC deployment, which reduces latency and offers a secure framework for data transport. Additionally, the 5G service delivery paradigm offers several new B2B options by utilizing edge clouds owing to the low latency and high throughput provided by MEC applications running on 5G networks. Through network slicing, session, security, and service continuity capabilities for extremely low latency and dependability, as well as seamless connection, 5G-enabled MEC also enables superior end-to-end performance. Furthermore, the ability of service providers to process massive amounts of complicated telemetry data at the network’s edge encourages new business model innovations and increases competitive competition. Additionally, integrating 5G with MEC architecture would provide public sector enterprises with connectivity and technology solutions and enhance initial response times.
Utility, mining, and the energy sectors have all grown to rely heavily on MEC. For example, offshore mining operations often rely on satellite technology as their primary method of communication, as well as hybrid storage and cloud computing solutions for data processing and transmission, which results in a waste of resources and time. Due to the necessity for advancement, end-use firms are now more dependable communications and storage channels for analyzing enormous volumes of data generated at distant places. In addition, equipment and sensors may be managed remotely by using MEC methods. The requirement for employing multi-access edge technology at scale is highlighted by the quick automation of operations using robots and sensors brought about by Industry 4.0 and the capability to monitor mining operations from a distance.
By expanding bandwidth to build 5G capabilities, the MEC market is also gaining from the increased desire to enhance mixed reality (MR), virtual reality (VR), and augmented reality (AR) experiences. Additionally, the integration of 5G and MEC has been driven by the requirement to deliver high-quality experiences via a wireless medium, which is anticipated to give the industry significant development possibilities over the next several years. Furthermore, by combining MEC technology with virtual reality (VR) and augmented reality (AR), the transmission of sports and entertainment has significantly improved, which benefits viewers’ viewing experiences.
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Multi-Access Edge Computing Market: Key Insights
A) As per the analysis shared by our research analyst, the Multi-Access Edge Computing market is estimated to grow annually at a CAGR of around 47.5% over the forecast period (2022-2030).
B) In terms of revenue, the Multi-Access Edge Computing market was valued at around USD 1,955 Million in 2021 and is projected to reach USD 55,415 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The software segment is estimated to hold the largest market share during the forecast period based on component segmentation.
D) Based on end-use segmentation, the data center segment is the leading revenue-generating category during the forecast period.
E) Based on geography/region, the North American part was the leading revenue generator in 2021.
Multi-Access Edge Computing Market: Regional Landscape
The most significant market share was held by North America in the multi-access edge computing industry. Over the anticipated years, it is expected that the expansion of 5G deployment will raise demand for multi-access edge computing services. Additionally, the growth of data center installations has given solutions developers the ability to incorporate edge computing and 5G, which has fueled the regional market expansion. Growing data center deployments have created chances for alliances and cooperation amongst different firms to enhance edge computing capabilities in their product and solution portfolios.
Multi-Access Edge Computing Market: Key Players
ADLINK Technology Inc.
Advantech Co. Ltd.
Huawei Technologies Co. Ltd.
Juniper Networks Inc.
SAGUNA
SMART Embedded Computing
FogHorn Systems
Hewlett Packard Enterprise Development LP
Vapor IO
Skyvera
The Multi-Access Edge Computing Market is segmented as follows:
By Component
Hardware
Software
Services
By End User
IT & Telecom
Smart Cities, Smart Homes, & Smart Buildings
Datacenters
Energy & Utilities
Automotive
Others
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