5G Edge Computing Market is projected to reach the value of $41.59 billion by 2030

According to the report published by Virtue Market Research, the Global 5G Edge Computing Market was valued at $10 billion In 2022 and is projected to reach a market capitalization of $41.59 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 19.5%.

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The 5G edge computing market has seen tremendous growth in recent years, driven by various factors such as the demand for high-speed connectivity, increasing adoption of IoT devices, and advancements in cloud computing technologies. One of the primary long-term market drivers for the 5G edge computing market is the increasing demand for high-speed and low latency connectivity. With the rising adoption of IoT devices and the need for real-time data processing, edge computing has become a critical component in delivering the required computing power and network capabilities. Edge computing helps reduce latency by processing data locally, enabling faster response times and improving user experiences.

However, the COVID-19 pandemic has had a significant impact on the 5G edge computing market. The pandemic has led to a surge in remote working and the adoption of digital technologies, leading to increased demand for reliable and high-speed connectivity. The need for edge computing has become more apparent, as companies seek to improve their network capabilities and provide better experiences for their customers. As a result, the market has witnessed an increased focus on edge computing solutions that can provide scalable, secure, and reliable network infrastructure.

One of the short-term market drivers for the 5G edge computing market is the increasing adoption of 5G networks. With the rollout of 5G networks, companies are looking to leverage the technology to provide faster and more reliable connectivity, enabling the delivery of innovative services such as augmented and virtual reality. 5G networks are designed to support massive amounts of data traffic and reduce latency, making them ideal for edge computing applications.

Moreover, the 5G edge computing market presents significant opportunities for companies operating in various industries, such as healthcare, manufacturing, and transportation. For instance, in the healthcare sector, edge computing can help improve patient care by enabling real-time data analysis and monitoring of patient health. Similarly, in the manufacturing industry, edge computing can help reduce downtime by providing real-time data analytics, enabling predictive maintenance, and improving operational efficiency.

A trend observed in the 5G edge computing market is the increasing focus on developing edge computing solutions that are secure and scalable. With the growing volume of data generated by IoT devices, there is a need for edge computing solutions that can handle the processing and storage of large amounts of data securely. As a result, companies are investing heavily in developing edge computing solutions that incorporate security features such as encryption, access control, and threat detection. The 5G edge computing market has been rapidly growing and evolving, as more companies are looking to leverage the technology to improve their network capabilities and provide innovative services.

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Segmentation Analysis:
The global 5G Edge Computing Market segmentation includes:

By Component:
• Hardware
• Software
• Services

Hardware is the largest component in this market segment, as it includes devices such as routers, switches, and servers that are required for edge computing. The hardware segment is expected to continue to grow during the forecast period, as companies invest in new devices and equipment to improve their network capabilities. The software segment includes applications and platforms that are designed to run on edge computing devices. The software segment is expected to grow at a moderate rate during the forecast period, as companies focus on developing and deploying new applications and platforms to support their edge computing needs. Finally, the services segment includes consulting, integration, and support services that are required for the implementation and management of edge computing solutions. The services segment is expected to be the fastest-growing component during the forecast period, as more companies seek to outsource their edge computing needs to specialized service providers.

By Organisation Size:
• Large Enterprises
• SMEs

Large enterprises are the largest segment in this market, as they have the resources and capabilities to invest in new technology and infrastructure. The large enterprises segment is expected to continue to dominate this market during the forecast period. However, SMEs are expected to be the fastest-growing segment during the forecast period, as they increasingly look to leverage edge computing to improve their network capabilities and compete with larger companies. SMEs may face challenges in adopting edge computing, such as limited resources and expertise, but they can benefit from the growing number of edge computing service providers that offer cost-effective and customizable solutions.

By Application:
• Smart Cities
• Industrial Internet of Things (IIoT)
• Remote Monitoring
• Content Delivery
• Augmented Reality (AR) and Virtual Reality (VR)
• Others

Smart cities is the largest segment in this market, as more cities are adopting IoT devices and smart technologies to improve public services and infrastructure. The smart cities segment is expected to continue to dominate this market during the forecast period, driven by the increasing demand for sustainable and efficient urban development. The AR and VR segment is expected to be the fastest-growing segment during the forecast period, as more companies look to leverage these technologies to provide immersive experiences and improve customer engagement. The remote monitoring and IIoT segments are also expected to grow rapidly during the forecast period, as companies seek to optimize their operations and improve efficiency.

By Vertical:
• Manufacturing
• Energy and Utilities
• Government and Defense
• Telecommunications
• Media and Entertainment
• Retail and Consumer Goods
• Transportation and Logistics
• Healthcare and Life Sciences
• Others

Manufacturing is the largest segment in this market, as the sector requires high-speed connectivity and real-time data processing to improve productivity and efficiency. The manufacturing segment is expected to continue to dominate this market during the forecast period. However, the telecommunications vertical is expected to be the fastest-growing segment during the forecast period, as more companies invest in 5G networks and edge computing solutions to improve their network capabilities and provide innovative services. Other growing segments include healthcare and life sciences, which are expected to benefit from the increased adoption of IoT devices and the need for real-time data analysis and monitoring

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Regional Analysis:
Asia-Pacific is currently the largest market for 5G Edge Computing, owing to the high penetration of smartphones and the rapid growth of IoT devices in the region. The increasing adoption of 5G technology by various industry verticals, including healthcare, transportation, and manufacturing, is also driving the market growth in the region. Furthermore, the Asia-Pacific region is expected to witness the fastest growth during the forecast period, due to the increasing investment in 5G infrastructure by governments and telecom operators.

Latest Industry Developments:
• In 2022, IBM launched IBM Cloud Satellite, a cloud service that enables customers to deploy and manage applications across any environment, including on the edge. IBM Cloud Satellite leverages 5G and edge computing to deliver consistent, secure, and scalable cloud services to any location, such as remote offices, factories, or ships.

• In 2022, Microsoft announced Azure Edge Zones, a new service that extends Azure services and capabilities to the edge of the network, enabling low-latency, high-bandwidth, and secure cloud computing for 5G and edge devices. Azure Edge Zones are powered by Microsoft's partnerships with telecom operators, such as AT&T, Verizon, and Vodafone, as well as hardware vendors, such as Dell, HPE, and Lenovo.

• In 2022, 5TONIC, an open research and innovation laboratory focused on 5G technologies, founded by Telefónica and IMDEA Networks, announced a breakthrough in network as a service by demonstrating the integration of 5G and edge computing with a cloud-native platform. The demonstration showed how 5G and edge computing can enable low-latency, high-performance, and scalable services for various sectors, such as healthcare, manufacturing, and gaming.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.