The global edge computing market size is projected to reach USD 43.4 billion by 2027 and registering a CAGR of 37.4% during the forecast period from 2020 to 2027, according to a new report by Million Insights. Numerous applications with 5G technology are changing traffic patterns and opening technology growth opportunities for telecom providers. This factor has become a threat for cloud leaders and they have started to invest in edge ecosystem by partnering with telecom companies.
The growing adoption of edge computing by telecom companies is anticipated to open new growth avenues in Multi-access Edge Computing (MEC) market space. This MEC allows enterprises to reduce network congestion and also ensure high performance of applications by fetching processing tasks along with running applications close to cellular customers. Moreover, growing implementation of edge computing at mobile edge nodes and base stations is anticipated to increase the deployment of new applications and services for customers, thereby expected to drive the market growth. Due to the increasing number of connected devices worldwide, there has been constant development in edge Artificial Intelligence (AI) which is anticipated to drive the edge computing market growth in the next few years.
In addition, edge AI technology is projected to enable real-time operations such as reducing power consumption, data creation and also reduce the cost of data communication for self-driving cars and wearable devices. Several companies like Google Inc.; NVIDIA Corporation; and Intel Corporation are designing processors for computing technology in order to boost the inferencing process. For example, Atos SE introduced AI-enabled high-performing servers which are based on edge computing technology to manage data.
In 2019, North America held the leading market share in terms of revenue, and this growth is attributed to growing adoption of edge computing technology among manufacturers in U.S. Asia Pacific is projected to grow with the fastest CAGR during the forecast period due to the growing number of start-ups which are engaged in developing advanced business solutions.
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Further key findings from the report suggest:
• The software segment is expected to grow with the fastest CAGR during the forecast period due to rising adoption of edge computing-based software stack platforms.
• Among industry verticals, the data center is emerge as fastest growing segment over the forecast period due to increased sift from centralized cloud server to edge server to reduce latency.
• Asia Pacific is projected to grow with highest CAGR during the forecast period due to increasing uptake of IoT-backed applications and emergence of 5G in the region.
• Belden Inc.; Cisco Systems, Inc.; Microsoft Corporation, Digi International Inc.; Amazon Web Services (AWS), Inc.; Intel Corporation; IBM Corporation; and Hewlett Packard Enterprise Development LP;
Million Insights has segmented the global edge computing market on the basis of component, industry vertical and region:
Edge Computing Component Outlook (Revenue, USD Billion, 2016 - 2027)
• Edge Nodes/Gateways (Servers)
• Edge-Managed Platform
Edge Computing Industry Vertical Outlook (Revenue, USD Billion, 2016 - 2027)
• Energy & Utilities
• Transportation & Logistics
• Smart cities, smart homes, smart buildings
Edge Computing Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America