Press release
Multi-Access Edge Computing Market Report 2024: Size, Share, Growth, Trends, Analysis, Forecast, Outlook
Multi-Access Edge Computing Market Report
The multi-access edge computing market size is expected to see exponential growth in the next few years. It will grow to $43.12 billion in 2028 at a compound annual growth rate (CAGR) of 59.5%. The growth in the forecast period can be attributed to smart grids and energy management, network slicing optimization, edge-enabled healthcare solutions, open source mec platforms. Major trends in the forecast period include industry-specific edge solutions, decentralized cloud architectures, edge-to-cloud orchestration, network slicing for customization, edge computing for autonomous systems, integration with iot devices..
Market Overview -
Multi-access edge computing refers to a type of network architecture that offers IT service environments and cloud computing capabilities at the network's edge. Reduced latency, more effective network management and service delivery, and enhanced customer experience are the main objectives of MEC.
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Rising Number Of Connected Devices Fuels Growth In Multi-Access Edge Computing Market
The increase in the number of connected devices is contributing to the growth of the multi-access edge computing market. The connected devices include computing hardware, laptop or desktop, mobile devices that connect with the internet and each other via various wired and wireless networks. The connected devices allow for a wide range of latency and bandwidth. As a result, it employs multi-access edge computing (MEC), which offers ultra-low latency and high bandwidth while allowing applications to make use of real-time radio network data. For instance, in May 2023, as per Dataprot, a Serbia-based cybersecurity solutions company, there were over ten billion active IoT devices in use in 2021, with an anticipated increase to 25.4 billion by 2030. Therefore, an increase in the number of connected devices is expected to promote the growth of the multi-access edge computing industry going forward.
Competitive Landscape -
Major companies operating in the multi-access edge computing market report are ADLINK Technology Inc., Advantech Co. Ltd., Nokia Corporation, Cisco Systems Inc., International Business Machines Corporation (IBM Corporation), Huawei Technologies Co. Ltd., Juniper Networks Inc., Saguna Networks Ltd., SpiderCloud Wireless Inc., Vapor IO Inc., FogHorn Systems Inc., Vasona Networks, ZTE Corporation, Microsoft Corporation, Intel Corporation, Hewlett Packard Enterprise Development LP, Dell Technologies Inc., Ericsson AB, Fujitsu Limited, NEC Corporation, Lenovo Group Limited, AT&T Inc., Verizon Communications Inc., Deutsche Telekom AG, Orange S. A., Vodafone Group Plc, Telefonica S. A., China Mobile Communications Corporation, SK Telecom Co. Ltd., KT Corporation, LG Uplus Corp., Samsung Electronics Co. Ltd., Inteliquent Inc., PacketFabric LLC, EdgeConneX Inc., AlefEdge Inc., MobiledgeX Inc., Akamai Technologies Inc., ClearBlade Inc., Adapdix Corporation, Azion Technologies LLC, Phizzle Inc., Rigado LLC, Johnson Controls International plc, Equinix Inc., ADVA Optical Networking SE, Aruba Networks Inc., Avassa Inc., Amazon Web Services Inc., Cloudera Inc., Section. io Inc.
Product Innovations Transforming The Multi-Access Edge Computing Market
Major companies operating in the multi-access edge computing market are developing innovative products for enterprises to gain a competitive edge in the market. Product innovations encompass advancements in edge computing hardware and software solutions, offering faster processing, low-latency, and enhanced functionality, catering to the diverse needs of IoT applications and 5G networks. For instance, in July 2023, M1 Limited, a Singapore-based telecommunications company, launched Pinnacle, a multi-access edge computing (MEC) platform, in collaboration with ST Engineering, a Singaporean multinational technology and engineering group. Powered by M1's dedicated 5G network and ST Engineering's AGIL Edge Platform for 5G, Pinnacle is designed to empower enterprises with new digital capabilities. It offers real-time data processing, low latency, and high-performance services, enabling businesses to streamline operations and harness the potential of technologies like augmented reality, virtual reality, live video analytics, and industrial IoT. Pinnacle also provides 5G connectivity, scalable industry solutions, and end-to-end servicing to simplify digital transformation for enterprises.
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Key Segments -
The multi-access edge computing market covered in this report is segmented -
1) By Component Type: Hardware, Software, Service
2) By Organisation Size: Small And Medium Enterprise, Large Enterprise
3) By Technology: Augmented Reality, Data Caching, Internet of Things, Real Time Video Analytics, Virtual Reality
4) By End-User: IT And Telecom, Smart Cities, Smart Homes, And Smart Buildings, Datacenters, Energy And Utilities, Automotive And Governement, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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