Fort Collins, Colorado, Oct. 03, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Edge Computing Market Size, Growth, Share, Statistics Report, By Component (Hardware, Software, Services), By Application (Smart Cities, Web-based, AR/VR), By Enterprise (Small Enterprises & Medium Enterprises, Large Enterprises), Forecasts, and 2023-2032."
According to DataHorizzon Research, The edge computing market size was valued at USD 12.0 Billion in 2022 and is expected to reach USD 241.8 Billion by 2032 at a CAGR of 35.1%. The increase in digitalization by automating business processes is reducing additional costs. Edge computing can reduce data transmissions and storage costs with the help of localized processing, but this still adds to the overall CAPEX for the companies. Companies looking for competitive edge solutions must invest heavily in edge nodes, data centers, and devices.
Edge computing is a distributed IT architecture that brings computing resources from clouds and data centers near the source as possible. Edge computing primarily aims to reduce bandwidth latency while processing data and saving network costs. The router, ISP, routing switches, integrated access devices (IADs), multiplexers, and so on can all be considered the edge. The most important aspect of this network edge is that it should be located near the device.
The telecom industry is growing rapidly in video conferencing software like Zoom and Microsoft Teams, and creative approaches are being introduced to meet the increased demand. Furthermore, measures from North American countries to encourage the development of completely driverless vehicles are driving/increasing demand for edge computing solutions.
The US National Highway Traffic Safety Administration (NHTSA) announced final standards permitting the production and deployment of autonomous vehicles without manual controls, such as steering wheels or pedals, in March 2022. Thus, rising legislative support and extensive R&D operations by autonomous vehicle manufacturers are expected to boost the acceptance and adoption of self-driving cars in the next years. This has given a boost and has driven the market for edge computing.
The adoption and the wide spread of 5G across some countries will help the market for edge computing. Approximately 99% of the APIs are estimated to be centralized in one way or another. With the usage of 5G growing, the edge systems would have an enhanced messaging system with better connectivity, higher speeds, and stable connections.
With the increase in remote work and growth in the IT industry, video conferencing software like Zoom, MS Teams, and Google Meet is increasing, which has helped the edge computing software market grow. In 2020, SK Telecom and AWS developed different cloud centers, which are edged around 5G MEC.
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Report Snapshot:
| Report Title | Edge Computing Market |
| Market Size in 2022 | USD 12.0 Billion |
| Market Size by 2032 | USD 241.8 Billion |
| CAGR from 2023 to 2032 | 35.1% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Component | Hardware, Software, Services |
| By Application | Smart Cities, Remote Monitoring, AR/VR, Others |
| By Enterprise | Small Enterprises, Medium Enterprises, Large Enterprises |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | IBM Corporation, Amazon Web Services (SAP SE), Cisco, General Electric Company, Microsoft, Hewlett Packard Enterprise Development, Honeywell International Inc, SAP SE, Siemens AG, Intel, Atos, etc. |
Segmentation Overview:
The global edge computing market has been segmented as component, application, enterprise, and region. Based on application, AR/VR accounted for a huge segment growth in 2022 owing to their rapid emergence and high adoption.
North America is a leading region for edge computing, accounting for a significant share in 2022 and projected to remain dominant in the following years. The wide presence of technological startups is anticipated to propel regional market developments. On the other hand, Asia Pacific is a fast-growing market owing to the rise in the adoption of smart technologies and improvements to the internet infrastructure.
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Edge Computing Market Report Highlights:
- The global edge computing market growth is anticipated at 35.1% CAGR by 2032.
- The edge computing market growth is significantly driven by the increase in the use of edge devices across industries, and devices such as POS, medical sensors, smart cameras, industrial PCs, and infrastructure are required along with the different advancements such as IoT, Industry 4.0, AI is likely to boost the global market for edge computing.
- Based on component, the hardware segment accounted for a significant share in 2022 owing to the adoption of technological advancements.
- Large enterprises enjoyed a prominent position in the edge computing market and are likely to continue with a leading position throughout the forecast period.
- North America is a significant player in edge computing. Digitized services, the presence of technological startups, and the adoption of edge computing throughout several industries are expected to boost the regional market growth.
- Some prominent players in the edge computing market report include IBM Corporation, Amazon Web Services, Cisco, Inc., General Electric Company, Microsoft, Hewlett Packard Enterprise Development, Honeywell International Inc., SAP SE, Siemens AG, and Intel
Key Developments in the Industry:
- In 2023, KaleidEO Space Systems, India-based, attained the number-one position to use edge computing in space to capture high-resolution images with the help of an orbiting satellite.
- In 2022, IBM acquired Sentaca to accelerate its hybrid cloud businesses by merging with smaller companies.
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Edge Computing Market Report Segmentation:
Edge Computing Market, By Component (2023-2032)
- Hardware
- Software
- Services
Edge Computing Market, By Application (2023-2032)
- Smart Cities
- Remote Monitoring
- AR/VR
- Others
Edge Computing Market, By Enterprises (2023-2032)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Edge Computing Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest Of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest Of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest Of the Middle East & Africa
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