Pune, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Mobile Edge Computing (MEC) Market Size Analysis:
“SNS insider report states that the Mobile Edge Computing Market is poised to grow and will be valued at USD 5947.77 Million by 2032, expanding with a CAGR of 32.83% over the forecast period of 2024-2032.”
Mobile Edge Computing has emerged as a transformative technology that enables low-latency, real-time action by moving computing power closer to the end user. It allows organizations to process the data at the edge of their networks, which improves performance for such applications as augmented reality, virtual reality, autonomous driving, and smart city solutions. The technology is becoming increasingly important as the growth of 5G networks gains speed, being the key component to unlocking the full potential of ultra-fast, low-latency communication networks.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) (AWS Wavelength, AWS Greengrass)
- Microsoft Corporation (Azure Edge Zones, Azure IoT Edge)
- Google Cloud (Anthos, Edge TPU)
- IBM (IBM Edge Application Manager, IBM Watson IoT Platform)
- Cisco Systems, Inc. (Cisco Edge Fog Fabric, Cisco Ultra Cloud Edge)
- Hewlett Packard Enterprise (HPE) (HPE Edgeline, HPE GreenLake)
- Nokia (Nokia MEC, Nokia 5G Edge)
- Ericsson (Ericsson Edge Gravity, Ericsson Distributed Cloud)
- Intel Corporation (Intel Smart Edge, Intel Network Builders)
- VMware, Inc. (VMware Edge Cloud, VMware Tanzu)
- Radisys Corporation (Radisys MEC, Radisys MediaEngine)
- Mavenir (Mavenir MEC, Mavenir Cloud RAN)
- AT&T Inc. (AT&T MEC, AT&T Network Edge)
- ZTE Corporation (ZTE MEC Solution, ZTE Edge Computing Platform)
- Huawei Technologies Co., Ltd. (Huawei MEC Solution, Huawei CloudEdge)
- Aviat Networks (Aviat MEC, Aviat Cloud Services)
- Dell Technologies (Dell Edge Gateway, Dell EMC VxRail)
- Orange Business Services (Orange MEC, Orange 5G Edge)
- Siemens AG (Siemens MindSphere, Siemens Industrial Edge)
- EdgeConneX (EdgeConneX Edge Data Centers, EdgeConneX EDC) and others
Mobile Edge Computing (MEC) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 462.05 million |
| Market Size by 2032 | USD 5947.77 million |
| CAGR | CAGR of 32.83 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • There is a growing demand among enterprises to ensure Quality of Experience (QoE) in their operations. • Heightened emphasis on providing high bandwidth and minimizing latency. |
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Market Drivers for Mobile Edge Computing Growth
One of the principal market drivers for Mobile Edge Computing is the increasing deployment of 5G networks. With more and more devices becoming connected, including IoT sensors, smart appliances, and industrial machineries, there is a need for faster data processing and decreased latency. It opens the opportunity for implementing real-time, edge-based decision-making, which is crucially important for such applications as autonomous driving and telemedical services. Simultaneously, the growing number of immersive gaming solutions drives the growth of Mobile Edge Computing. Further, unlike other IT market segments, the market of smart cities and industrial automatization live through its rapid growth, opening new opportunities for municipalities and businesses to optimize their operations and use of resources.
Segment analysis
By Component
In 2023, the software segment was the largest revenue contributor in the Mobile Edge Computing market and held a share of 58% of the market. The demand for MEC software solutions is increasing as organizations deploy applications closer to the end user, thus reducing latency and improving response time. The MEC software platforms enable the integration of numerous edge computing resources to facilitate seamless data processing, analytics, and real-time application management. The segment is anticipated to expand further as more organizations adopt cloud-native architecture and containerized applications which allow the efficient deployment and management of resources at the edge.
By Vertical
The Healthcare sector is expected to be the fastest-growing in the MEC market. Mobile edge computing is increasingly being adopted in healthcare for remote patient monitoring, telemedicine, and real-time diagnostics across various applications. The healthcare sector is generating an enormous amount of data from an array of sources including wearable devices, medical imaging devices, pharmaceutical companies, and electronic medical records. The ability to process data at the edge is then of paramount importance. MEC provides the ability for healthcare facilities to analyze data in real time and make appropriate responses to improve the patient’s health. The operating efficiencies of hospitals and other healthcare facilities are also improved.
Mobile Edge Computing (MEC) Market Segmentation:
By Component
- Hardware
- Software
- Video Analytics
- Location Services
- Internet of Things (IoT)
- Data Caching
- Connected Vehicles
- Others
- Service
- Consulting
- System Integration
- Maintenance
By Technology
- 4G
- 5G
- Wi-Max
By Application
- Location-based Services
- Video Surveillance
- Unified Communication
- Optimized Local Content Distribution
- Data Analytics
- Environmental Monitoring
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry Vertical
- Media & Entertainment
- Retail
- IT & Telecom
- Healthcare
- BFSI
- Others
Which Region Dominated the Mobile Edge Computing Market?
North America led the MEC market in 2023, accounting for 35% of the total revenue. The region’s dominance is a result of the early adoption of 5G technology, aggressive investments in edge infrastructure, and the presence of key technology providers such as Cisco, HPE, and Verizon. In the U.S., there have been significant strides to deploy MEC solutions in telecommunications, media streaming, and industrial IOT applications. In addition, the increasing focus on smart city developments is expected to continue boosting the market in North America.
The Asia-Pacific region is projected to witness the fastest growth over the forecast period due to the rapid growth of 5G networks and their rapid construction in countries such as China, Japan, and South Korea. The region’s rapidly expanding digital infrastructure and growing investment in such outstanding MEC use cases as smart city projects and industrial automation similarly promote such dynamics. The surge in mobile data traffic and the rising number of connected devices in Asia-Pacific further amplify the need for real-time processing capabilities at the network edge.
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Recent Development
- In 2023, Nokia launched its new MEC solution that aims to improve edge capabilities for telecom operators and allows them to provide ultra-low-latency services and guaranteed support for mission-critical applications.
- Ericsson partnered with leading telecom operators to deploy a cloud-native MEC platform designed to support real-time analytics and IoT applications in urban environments.
- AWS announced the expansion of its Wavelength Zones in 2023, allowing enterprises to deploy edge computing services closer to end users and improve application performance across multiple industries.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Mobile Edge Computing (MEC) Market Segmentation, By Component
8. Mobile Edge Computing (MEC) Market Segmentation, By Technology
9. Mobile Edge Computing (MEC) Market Segmentation, By Application
10. Mobile Edge Computing (MEC) Market Segmentation, By Organization Size
11. Mobile Edge Computing (MEC) Market Segmentation, By Industry Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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