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"Global Edge Computing Market is anticipated to reach at US$ 12.97 Bn by 2028, growing at a CAGR of 25.3 % during the Forecast Period."
The global edge computing market is anticipated to grow rapidly during the period of the research study of 2020-2028. Some of the factors propelling the growth of the global market include growing adoption of IoT across the globe, the emergence of autonomous vehicles, and penetration of automated decision system
Increase in Load on Cloud Infrastructure is Fuelling the Market Growth
The major factor fuelling the growth of the global edge computing market is the increasing load on cloud infrastructure. Edge computing helps to bring the data storage nearer to the needed location. The conventional cloud computing solutions integrate processing and storage at one place, whereas the edge computing sends the computation data to the edge devices to handle which results in enhanced performance and accuracy. The huge data volume generated by enterprises and networks surpluses the limit of cloud storage causes a huge burden on cloud infrastructure, which results in latency and network congestion. This results in rising adoption for edge computing in several industry sectors to minimize these occurrences.
Moreover, edge computing collects data from various connected devices and provides real-time data, decrease the data volume, distance, and traffic which is anticipated to surge the demand for technology across the globe. Furthermore, the rapid development in 5G technology and its evolution is projected to create new opportunities for market growth during the forecast timespan.
Hardware Segment Accounted for Significant Market Share in Global Edge Computing Market in 2019
On the basis of the component, the hardware segment is anticipated to be the dominant segment throughout the forecast period. This is mainly due to the large scale of deployments aimed at decentralizing storage and computing application. In addition, manufacturers are developing advanced edge computing hardware to act as a facilitator of the entire network infrastructure and the initial point of the data source.
Cloud Segment Is Anticipated To Exhibit Rapid Growth during the Forecast Period
By deployment type, the cloud segment is projected to witness the fastest growth during the period of the research study. The cloud deployment is associated with superior features than on-premise deployment such as cost-effective, easy, and flexible. It also provides a high level of dependability and data security. These factors are estimated to fuel the growth of the global edge computing market throughout the forecast period.
Large Enterprises Accounts for Significant Share in Global Edge Computing Market
Based on enterprise size, the global market is dominated by large enterprises segment. In large enterprises, a large volume of data generated from actuators and sensors needs to be correlated, which helps then to minimize the future failure and help then in minimizing the risk of production loss and downtime. Moreover, the rising scale of data volume in large enterprises is expected to support the growth of edge computing in large enterprises.
North America Accounted for Significant Market Share in 2019
By region, North America is anticipated to be the dominant region by holding a larger market share in 2019. In North America, the presence of several edge computing vendors favours the growth of the region. The U.S. and Canada are the major contributors for the edge computing market in North America. Moreover, Asia Pacific is estimated to witness noteworthy growth in the coming years.
The companies are engaged in establishing strategic mergers and acquisitions in order to gain a competitive edge. For instance,
In January 2020, Equinix, one of the leading companies in the data center sector announced to acquire one of the start-up Packet operating in metal automation. The acquisition is intended to introduce a completely new segment to offer solutions for digital infrastructure deployment.
In January 2020, Apple Inc. announced the acquisition of Xnor.ai, a start-up based in Seattle, specialized in edge-based, low power AI tools.
Similarly, in October 2019, Siemens AG announced that they are planning to acquire the edge technology portfolio of Pixeom, a U.S. based company. As a part of this acquisition, Siemens is planning to add edge computing software components into their portfolio. This will help the company to enhance their customer base across the globe.
Some of the major companies operating in the global Edge Computing market include HPE, Cisco, Axellio, Huawei, Altran, IBM, ADLINK, Dell Technologies, Vapor IO, Nokia, Saguna Networks, Litmus Automation, Machine Shop, Foghorn Systems, and SixSq.
Global Edge Computing Market by Component
Global Edge Computing Market by Organization Size
- Large Enterprises
Global Edge Computing Market by Application
- Smart Cities
- Industrial IoT
- Content Delivery
- Remote Monitoring
Global Edge Computing Market by End-Use Industry
- Healthcare and Life Sciences
- Energy and Utilities
- Transportation and Logistics
- Government and Defense
- Retail and Consumer Goods
- Media and Entertainment
Global Edge Computing Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa