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Increasing Requirements For Decentralized Data Processing Power Is Projected To Drive The Demand For Edge Computing
Edge Computing Market SizeThe introduction of 5G coupled with the increasing requirements for decentralized data processing power is projected to drive the demand for edge computing. Shifting preference for high-performance smartphone apps is also contributing to the edge computing market’s revenue growth.
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The global edge computing market will multiply 13.7X from its current value during the forecast period (2020 - 2030). The adoption of Multi-access Edge Computing (MEC) by telecom companies will generate profitable opportunities for edge computing market leaders. As telecom companies look to enhance the performance speed of mobile applications, edge computing products will witness a steep rise in demand. Benefits of multi-access edge computing, such as reduced network congestion are primary drivers of growth.
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Edge Computing Market Trends
Consumer demand for high-performance smartphone applications such as high-definition multiplayer online battle arena (MOBA) games is important edge computing use cases. Edge computing Internet of Things (IoT) in developing countries such as India, Indonesia, and China present lucrative opportunities for edge computing architecture.
IoT enabled devices to warrant the use of advanced network infrastructure, and high processing speed, both of which are core benefits of edge computing. Therefore, IoT devices along with high-performance smartphone applications will strengthen the growth of the edge computing market between 2020 and 2030.
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Global Edge Computing Market: In-Depth Assessment on Key Segments
The global edge computing market is segmented on the basis of component, application, and region.
Component
Hardware
Edge Nodes/Gateways (Servers)
Sensors/Routers
Others
Software
Services
Edge-Managed Platform
Application
Energy & Utilities
Industrial
Transportation & Logistics
Smart Cities, Smart Homes, Smart Buildings
Healthcare
Agriculture
Retail
Datacenters
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
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Edge Computing Component Insights
Hardware components account for a majority share of more than 46% from the total market value. Technologies such as EDC, AMR, and MEC employ edge nodes, gateways, sensors, and routers. This further increases the demand for hardware components of edge computing. The segment will grow at a stupendous ~28% CAGR through 2030.
As organizations across the world leverage industry 4.0 technologies such as artificial intelligence, machine learning, and the internet of things, they require high-performance hardware components to aid precision performance. However, the highest growth can be traced to the edge computing services segment.
Edge Computing Market Forecast For Regions
North America is the largest regional market accounting for 46% share of the total market value. Developed countries such as the US are homes to start-ups and prominent market players.
When coupled with the high-disposable income of consumers, the North American region will continue its share-wide dominance with over 27% CAGR during the projection period. Regions in Asia Pacific, namely, East Asia and South Asia & Oceania present the most remunerative opportunities from six major regions.
East Asia will grow at 30% CAGR and South Asia & Oceania will grow at 32% CAGR from 2020 to 2030. Booming digital economies in these regions such as Indonesia, India, Singapore, China, Japan, and South Korea are central to the skyrocketing growth.
The increasing disposable income of consumers and penetration of edge computing-based products such as electric vehicles, fitness trackers, and smart home appliances drive the demand in this region.
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