Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the edge computing market will attain a value of USD 192.40 billion by 2031, with a CAGR of 37.09% during the forecast period (2024-2031). The widespread usage and adoption of IoT is leading to overload on cloud foundation is the driving factor of the edge computing market. Due to the COVID-19 pandemic there is seen a surge in the adoption of edge computing and data centres. The growth in the adoption of edge computing in various industries and increasing emphasis on developing communication infrastructure further creates huge opportunities in the market.
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Browse in-depth TOC on the " Edge Computing Market "
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Edge Computing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $15.42 Billion |
| Estimated Value by 2031 | $ 192.40 Billion |
| Growth Rate | Poised to grow at a CAGR of 37.09% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Organization Size, Application, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Adoption of Edge Computing in Telecommunication Sector |
| Key Market Drivers | Increasing Adoption of Speedy Data Processing and Real-time Analytics |
Shift Towards Sustainability Makes the Energy & Utility Segment a Domination Force in This Market
The energy and utility segment are the largest segment by vertical in the edge computing market. The shift towards the environmental sustainability is driving the market. The initiatives made by the government to improve the electrical utility services around the globe has led the development of power sources such as solar and wind. The smart grids enhance operational efficiency including real time consumption control which is contributing towards the market growth.
Hospitals & Life Sciences is Fastest Growing Due to Ongoing Digital Implementation in this Segment
The healthcare and life sciences segment is expected to grow at a significant CAGR during the forecasted period. The healthcare industry is continuously developing and implementing digital technologies. The hospitals and clinics are heavily implementing edge computing solutions for patient record management, and patient monitoring and care. The doctors or medical officials can treat their patient faster by using patient data, telemedicine program, and others which is leading towards the expansion of the market.
North America Expected to Dominate the Market due to Rising Occurrence of Chronic Diseases
The North America region is expected to dominate the edge computing market and will continue to grow significantly in forthcoming years. The rising incidence of chronic diseases like cancer as well as increased funding in R&D activities by industry players is helping in the market expansion. The presence of numerous key market competitors is improving and diversifying their products, thus enabling the market to grow faster.
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Edge Computing Market Insight
Drivers:
- Increasing Adoption of Speedy Data Processing and Real-time Analytics
- The Rising Technological Advancement and Innovation
- Increasing Adoption of IoT Devices
Restraints:
- Lack of Standardization in the Industry
- High Associated Implementation Cost Hurdles the Market Growth
- Data Security and Privacy Concerns Increases Complexities
Prominent Players in Edge Computing Market
The following are the Top Edge Computing Companies
- Amazon Web Services
- Fujitsu Ltd.
- Hewlett Packard Enterprise Company
- IBM Corporation
- Juniper Networks, Inc.
- NXP Semiconductors N.V.
- Schneider Electric SE
- SAP SE
- Tencent Holdings Limited
- Vodafone Group Plc
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Key Questions Answered in Edge Computing Market Report
- Which is Edge Computing?
- How Big was the Edge Computing Market in the year 2023?
- Who are the Major Key Competitors in Edge Computing Marketing?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of edge computing market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the edge computing market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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