The Global Edge Computing Market is projected to grow at a CAGR of 30% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The surging government investment in smart city projects, the rising adoption of smart devices and connected vehicles by consumers and the emergence of 5G are widening the industry's growth.
Besides, the influx of funding by companies to facilitate the adoption of artificial intelligence (AI) and the Internet of Things (IoT) is influencing the market heavily. Moreover, the growing adoption of cloud-based methods and technologies to provide quick improvements in telecommunication, cloud computing, and IoT among various industries and sectors are fueling the ascension of the market, further states the research report, "Global Edge Computing Market Analysis, 2023.”
The market is broadly fragmented based on Component, Application, End Users, and Organization Size. Further classification of Components includes Solutions and Services in which the Solution is classified into, Hardware (Sensors/Routers and Edge Nodes/Gateways), Software, and Platforms. Based on Application, the market is categorized into Connected Vehicles, Smart Devices, Remote Monitoring, Industrial Internet of Things, Augmented & Virtual Reality, Smart Cities, Content Delivery, and others. Based on End Users, the industry is segmented into Energy & Utilities, Healthcare & Lifesciences, Transportation & Logistics, Manufacturing, Retail & Consumer Goods, IT & Telecom, Government & Defence, and Others. Finally, the industry, based on Organization Size, is classified into Small, Medium, and Large.
Platform's Popularity Fueling the Growth of the Solution Segment
Solution Component is expected to dominate the global edge computing market from 2023 to 28. In Solution, hardware acquired significant shares owing to the surge in cloud-based applications and implementation of cloud-based technologies in various technology. Moreover, declining hardware prices, such as types of equipment, including sensors, router gateways, and others, have increased sales. In addition, the platform's influence on hardware and software functionality is also leading to it witnessing rapid growth. Furthermore, the increasing popularity of IT/OT solutions has led enterprises to adopt edge-computing platforms, ensuing further industry hikes.
Asia-Pacific Region Experiences Significant Market Expansion though 2028
The Asia-Pacific region is expected to experience significant growth during the forecasting period. The edge-computing market in the region is expanding quickly and luring international companies into the market. Additionally, technological innovations fueling the shift to urbanization are pushing the industry's progress. Moreover, the technological breakthroughs, revolutionizing several sectors and industries, backed by the government for digital economy and progress, are further amplifying Asia-Pacific's overall industry growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including IBM Corporation, Amazon Web Services, Cisco Systems, Inc., Huawei Technologies Co. Limited, ABB Group, Intel Corporation, Microsoft Corporation, SAP SE, Hewlett Packard Enterprise Development LP, AT&T Inc., Rockwell Automation Inc., Atos SE, Digi International Inc., General Electric Company, and ADLINK Technology Inc. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report