USD 102 Billion Multi-Access Edge Computing Market Reach by 2032 at 43.6% CAGR

According to the report published by Allied Market Research, The USD 102 Billion Multi-Access Edge Computing Market Reach by 2032 at 43.6% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Surge in 5G network rollout drives the market growth. In addition, the rise in adoption of IoT primarily drives the growth of the market. However, infrastructure costs and deployment challenges and concerns about security and privacy are primarily expected to hamper the growth of the market. Furthermore, industry 4.0 and smart manufacturing is expected to create lucrative growth opportunities for the market.

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The global multi-access edge computing market was valued at USD 2.8 billion in 2022, and is projected to reach USD 102 billion by 2032, growing at a CAGR of 43.6% from 2023 to 2032.

The multi-access edge computing market is segmented on the basis of component, end user, and region. On the basis of component, it is categorized into hardware, software, and services. On the basis of end user, it is fragmented into IT and telecom, manufacturing, retail, healthcare, automotive, smart cities, smart homes and smart buildings, and others.

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By component, the software segment held the major share in 2022, garnering nearly half of the global multi-access edge computing market revenue, owing to the effective use of edge computing resources, improves application performance, and helps in providing end users with high-bandwidth, low-latency services propel the market growth significantly. The services segment would also showcase the fastest CAGR of 46.0% during the forecast period, owing to improve operational efficiency, develop all new applications, and provide end consumers with quicker, more customized services in a variety of industries, such as manufacturing, transportation, telecommunications, and healthcare.

By end user, the IT and telecom segment accounted for more than one-fifth of the global multi-access edge computing market share in 2022, and is expected to rule the boost by 2032, owing to offer an economical and effective means of establishing connections and developing engagement with a wide-ranging audience. The automotive segment would also display the fastest CAGR of 48.6% throughout the forecast period, owing to the growing deployment of autonomous driving technology and the integration of cutting-edge technologies like machine learning and artificial intelligence (AI) are significant advancements.

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By region, North America garnered the highest share in 2022, holding more than one-third of the global multi-access edge computing market revenue in 2022, and is projected to retain its dominance by 2032, owing to the growing need for applications requiring extremely low latency and real-time data processing is crucial for sectors like autonomous vehicles, smart cities, and augmented reality (AR)/virtual reality (VR) aiding the growth of the multi-access edge computing market. The Asia-Pacific region would also portray the fastest CAGR of 48.0% during the forecast period, owing to the growing use of 5G technology as well as the rapid growth of IoT devices and applications which is expected to fuel the market growth in Asia-Pacific.

The key players operating in the multi-access edge computing industry include Hewlett Packard Enterprise Development LP., Juniper Networks, Inc. Huawei Technologies Co., Ltd. Intel Corporation, Advantech Co., Ltd., ADLINK Technology Inc., IBM, Vapor IO., Nokia, and SAGUNA. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition for multi-access edge computing industry.

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COVID-19 Scenario-

● Many different industries were significantly impacted by the Covid-19 pandemic, including the industry for multi access edge computing (MEC). At the edge of the network, closer to the end users, MEC technology allows low-latency computing and data processing. However, the MEC market is also experiencing difficulties as an outcome of the Covid-19 pandemic. The implementation and adoption of MEC solutions was hampered by lower investments, supply chain interruptions, and economic concerns.

● The need for telemedicine, online learning, remote work, and other digital services increased during the pandemic. The increase in digital activities resulted in a strain on network infrastructure and a greater demand for edge computing solutions that are reliable as well as efficient.

● By enabling more rapid data processing, lowering network congestion, and enhancing user experience generally, MEC is important in addressing these increased needs. Real-time apps and remote collaboration tools, services like video conferencing, and virtual classrooms are significantly easier to deploy because of the technology.

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