Edge Computing Market Expected to Deliver Dynamic Progression until 2029
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Edge Computing Market Size in 2022 was worth US $ 8.93 Bn. at a CAGR of 38.2 % and it is expected to reach US $ 85.96 Bn. in 2029.
Anticipated Growth in Revenue:
The global Edge Computing market witnessed remarkable growth, with a valuation of US$ 8.93 billion. Forecasts predict an impressive CAGR of 38.2%, propelling the market to reach a staggering US$ 85.96 billion by 2029. This exponential growth is fueled by a convergence of factors, including the proliferation of IoT devices, the demand for real-time data processing, and the necessity for low-latency computing solutions.
Edge Computing Market Overview:
Edge computing introduces a layer of complexity to organizations, necessitating coordination among various stakeholders to manage IT infrastructure, connectivity, application development, and service delivery. Despite these challenges, the technology holds immense potential across diverse industries. Its ability to facilitate localized data processing closer to the source enables quicker decision-making and enhances operational efficiency.
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Report Scope:
This comprehensive analysis of the global edge computing market aims to provide stakeholders with insights into industry dynamics, trends, and future prospects. The report delves into the market's past and current status, offering a forecasted outlook along with detailed analyses of key players. Additionally, it includes PORTER and PESTEL analyses to assess the market's micro-economic factors and their potential impacts.
Research Methodology:
The report employs a rigorous research methodology to analyze complex data and present it in a clear and understandable format. It encompasses both qualitative and quantitative approaches, incorporating primary and secondary research methods. By examining internal and external factors, the report provides decision-makers with a comprehensive understanding of the industry's dynamics and structure.
Drivers and Restraints:
The surge in IoT adoption across industries is a major driver for the edge computing market. Organizations, faced with latency and cost concerns associated with centralized cloud computing, are turning to edge solutions for localized data processing. However, the initial capital expenditure required for edge infrastructure poses a significant challenge for enterprises. Despite the potential cost savings in data transmission and storage, some companies remain hesitant to fully embrace edge computing.
Segmentation:
The market is segmented based on applications and verticals, with smart cities and energy/utilities emerging as key segments. In smart cities, edge computing facilitates digitization and enhances operational efficiency. Similarly, in the energy and utilities sector, the deployment of edge infrastructure, particularly in smart grids, drives revenue growth and supports environmental sustainability initiatives.
by Component
Service
Solutions
Hardware
Platform
by Application
Smart Cities
Analytics
Location Services
Data Caching
Augmented Reality
Optimized Local Content
Environmental Monitoring
Others
by Organization Size
Small & Medium Enterprises
Large Enterprises
by Vertical
Manufacturing
Transportation
Healthcare
Media & Entertainment
Telecom & IT
Government & Public
Energy & Utilities
Retail
Others
Regional Insights:
North America dominates the global edge computing market, accounting for the largest market share in 2022. The region's leadership is attributed to the widespread adoption of connected manufacturing and the emergence of platforms facilitating edge-enabled solutions. Collaborations between companies, such as Telus Communications and MobiledgeX, Inc., further propel market growth by fostering innovation in low-latency edge applications.
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Edge Computing Market Key Players:
1. Huawei
2. Vasona Networks
3. Foghorn Systems
4. Cisco Systems
5. Dell
6. Machineshop
7. Nokia Networks
8. Sixsq
9. Saguna Networks
10.Aricent
11.Adilink Technology
12.Juniper Networks, Inc.
13.Hewlett Packard Enterprise Development LP
14.SixSq Sàrl (Switzerland), FogHorn Systems
15.MachineShop Inc.
16.Vapor IO (US)
17.Xiotech Corporation
18.Mirror Image
19.Microsoft Corporation
20.IBM Corporation
21.Cisco Systems Inc.
22.Google Inc.
23.Hewlett Packard Enterprise Company
24.Intel Corporation
25.Schneider Electric SE
Key questions answered in the Edge Computing Market report include:
- What is the current size and growth trajectory of the Edge Computing market?
- What are the key factors driving the growth of the Edge Computing market?
- What are the major challenges faced by the Edge Computing market and how are they being addressed?
- What are the various types of Edge Computing market available in the market and what are their respective market shares?
- Which regions are witnessing the highest demand for Edge Computing market and what are the factors contributing to this demand?
- What are the key technological advancements shaping the future of Edge Computing market?
- What is the outlook for the Edge Computing market in the coming years and what factors are likely to influence its growth trajectory?
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