The Edge Computing Market size is expected 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, according to a report published by MarketsandMarkets.
The key factors driving the Edge Computing Market include growing adoption of Internet of Things (IoT) across industries; rising demand for low-latency processing and real-time, automated decision-making solutions; and need for surmounting exponentially increasing data volumes and network traffic
Smart Cities segment to hold the largest market size during the forecast period
With the increasing push toward Smart City initiatives, countries across the world are implementing edge computing solutions to enhance building security, home automation, parking and traffic management, and city asset management. Edge computing empowers IoT deployments in smart cities with low-latency and high bandwidth connectivity.
Platform segment to grow at the highest CAGR during the forecast period
The platform segment is expected to grow at a higher CAGR during the forecast period, owing to its computing enhancement capabilities. With an increase in edge devices and data centers, companies require software capable of controlling operations of edge devices and data centers, within the network infrastructure, and improving their operational feasibility. The platform helps connect nodes in an edge infrastructure and enables easy flow of data across the networks.
North America houses some of the major edge computing vendors, such as Cisco, IBM, HPE, Dell Technologies, FogHorn Systems, MachineShop, and Axellio. These players have their headquarters, direct sales offices, and large number of data centers in the region to cater to the North American client base. Many companies in the region are adopting edge computing to enhance their Information Technology (IT) infrastructure and leverage the benefits of new technologies, such as 5G and IoT, which has further added to the high adoption of edge computing solutions in North America.