According to IMARC Group’s latest report, titled “Edge Computing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global edge computing market size reached US$ 11.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.4% during 2023-2028.
Edge computing is a distributed information technology (IT) architecture that brings enterprise applications closer to data sources, such as local edge servers and the internet of things (IoT). It involves data analysis, storage, and management and networking and helps minimize the frequency of processes running on the cloud and transmits them to local devices. It is used to ingest data generated from nearby endpoint devices and uses machine learning (ML) programs to analyze and direct the data in response to the analysis. It deploys applications to all edge locations reliably and seamlessly and facilitates openness and flexibility to adopt evolving needs. Edge computing also harnesses in-device computing capability to provide predictive analysis in real-time and allows companies to manage and use physical assets and create new interactive human experiences. Besides this, it serves as an alternative to sending endpoint-generated data to on-premises and on-cloud centralized servers for processing. It reduces unnecessary administrators, saves the associated costs, and deploys software where needed. It also assists in delivering substantial business benefits, including faster insights, improved response time, and better bandwidth availability. As it holds limited data sets that cannot be used by hackers, it provides enhanced data security and privacy. At present, several organizations are adopting edge computing to minimize bandwidth use, server resources, and associated costs.
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Market Trends
The significant growth in the internet of things (IoT) and associated devices and the rising need for computing solutions with low latency represent one of the key factors positively influencing the market. Moreover, the escalating demand for edge computing in hospitals, factories, and retail locations that use critical systems to process sensitive data reliably and safely is fueling the growth of the market. In addition, edge computing assists real-time applications in analyzing and processing collected data. This, coupled with the increasing applications of edge computing in smart grids, critical infrastructure monitoring, traffic management, augmented reality (AR), security and vigilance, and environmental monitoring, is creating a favorable market outlook. In addition, healthcare providers employ edge computing to convert data into new insights and help improve patient outcomes and deliver financial and operational value, which is contributing to the market growth. Furthermore, the implementation of multiaccess edge computing (MEC) that facilitates proximity, ultra-low latency, high bandwidth, and virtualization is propelling the market growth. Other factors, such as the advent of 5G networks and numerous frameworks for IoT solutions, are anticipated to drive the market.
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List of Key Companies Covered in this Market Report:
- ABB Ltd.
- Amazon Web Services (AWS) Inc.
- Cisco Systems Inc.
- Digi International Inc.
- General Electric Company
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- SAP SE
- Siemens AG.
The report has segmented the market on the basis of component, organization size, vertical and geography.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Vertical:
- Manufacturing
- Energy and Utilities
- Government and Defense
- BFSI
- Telecommunications
- Media and Entertainment
- Retail and Consumer Goods
- Transportation and Logistics
- Healthcare and Life Sciences
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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