Edge Computing is a distributed computing structure that enables data to be analyzed, processed, and transferred at the edge of the network, i.e., where data is being generated. It helps minimize the need for data processing at a remote data center, which reduces latency & enhances process efficiency. Since edge computing also reduces server resources, associated costs, & overall bandwidth usage, several companies are adopting it significantly nowadays.
The Middle East Edge Computing Market is anticipated to grow at a CAGR of around 29.65% during the forecast period, i.e., 2022-27, says MarkNtel Advisors. The market growth attributes primarily to the technology evolution and the rising trend of BYOD (Bring-Your-Own-Device) across modern business practices. With the increasing number of IoT (Internet of Things) devices coming online, the volume of data generated is increasing rapidly. Since storing & transmitting this data is difficult & costly, it brings Edge Computing into significant demand.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Countries Covered||UAE, Saudi Arabia, Israel, Turkey, Rest of Middle East|
|Key Companies Profiled||Global Air, Inc., Valeo, TORALIN, BorgWarner, Indus Motors Company Pvt. Ltd., Danhard, Inc. FJC Inc.)|
|Unit Denominations||USD Million/Billion|
Edge computing helps avoid any security risks associated with the data by storing & processing it when its generated. Data generated by the IoT devices need to be analyzed in real-time to provide a faster response. Moreover, the rapid growth of cloud infrastructure and the surging number of intelligent applications are other crucial aspects expected to drive the market in the coming years, further states the research report, “Middle East Edge Computing Market Analysis, 2022.”
Impact of COVID-19 on the Middle East Edge Computing Market
Of these three, the Hardware Component is projected to capture the largest market share in the coming years. With the adoption of advanced technologies like AMR & EDC, the use of sensors, routers, gateways, & edge nodes has greatly increased, which drives the need for hardware-based edge computing. Moreover, with the surging number of IoT & Industrial IoT (IIoT), the amount of data generated is also rising. Hence, to reduce the burden of this data across the cloud & data centers, edge computing hardware is utilized.
This edge computing hardware should be compact & highly durable and have sufficient power range, storage capacity, & connectivity to withstand tough environmental conditions. Moreover, the declining prices of gateways, sensors, edge nodes, etc., is another crucial aspect contributing to the increasing demand for edge computing hardware.
Here, the BFSI sector is anticipated to hold a prominent market share in the coming years, mainly due to the rapidly growing digitalization and technological advancements like digital banking, Machine Learning, Blockchain, etc., across banks & financial institutions. Edge Computing helps the financial & banking sectors manage their data efficiently and improve their overall operations. The mounting trend of seamless digital payments with high security and the surging deployment of IoT devices to provide real-time analysis & enhance customer experience are also fueling the demand for edge computing across the BFSI industry.
Emirates Telecommunication Group Company (Etisalat) in Collaboration with Microsoft to Launch 5G Enterprise Multi-Access Edge Computing
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Middle East Edge Computing Market is expected to grow at a CAGR of around 29.65% during 2022-27.
A. The BFSI sector is expected to dominate the market through 2027 and provide remunerative growth opportunities to the market players.
A. The large volume of data generated due to the increasing number of IoT devices is the key factor projected to drive the Middle East Edge Computing Market during 2022-27.
A. Post-COVID-19 Pandemic, the Middle East Edge Computing Market will grow steadily owing to the rising trend of remote working.