Rapid Growth of Edge Computing Driven by IoT and Low-Latency Needs
United States/WA: Edge Computing Market Will Boom In Near Future
Report Pages:[130 Pages]
Major companies operating in the Global Edge Computing Market are Microsoft Corporation, Schneider Electric SE, IBM Corporation, Cisco Systems Inc., Google Inc., Huawei Technologies, and Intel Corporation.
Market Overview
Edge computing is a highly advanced distributed computing paradigm that brings data and computation closer to the core sources of processing power. This will greatly reduce bandwidth and response times while giving companies real-time access to critical applications. One of the biggest advantages of edge computing is the reduction in costs that it produces. By allowing IT service providers to provide their customers with real-time access to applications and data, even in the face of high latency and high capacity data transmission, service providers can offer cost-competitive pricing plans for both server and storage purposes.
Market Dynamics
Growing adoption of IoT across various industries is expected to drive growth of the global edge computing market during the forecast period. Many end-use industries including automobile, healthcare, transportation, retail, residential, and insurance. IoT is advantageous as provides speedy orientation, monitor data, enhanced time management, ease of access, and prevents data breach. For instance, in January 2021, Zyter Inc. launched IoT solutions for smart hospitals that can monitor medication temperature and alert any changes.
However, security concerns in edge computing combined with initial CAPEX for infrastructure are expected to restrain growth edge computing market during the forecast period.
COVID-19 Impact Analysis
Although the majority of markets witnessed a negative impact due to the COVID-19 pandemic, the edge computing market has witnessed significant traction. As many enterprises are shifting towards cloud computing, the adoption of edge computing is rapidly increasing. The primary purpose of edge computing is to bring storage, compute, and network services closer to endpoints and also to improve overall application performance. Edge computing enabled doctors to deliver care to remote areas where connectivity may not be adequate and skilled healthcare personnel may not be available.
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Key Takeaways
The global edge computing market is expected to witness growth, registering a CAGR of XX% during the forecast period, owing to rising demand for low-latency processing and automated decision-making solutions.
Among regions, North America is expected to witness significant growth in the global edge computing market during the forecast period. This is owing to several startups emerging across the U.S. to provide platforms for developing edge-enabled solutions. For instance, in January 2021, Vertex Inc. acquired Tellutax, a U.S.-based edge computing technology startup to extend its global footprint in tax technology.
Asia Pacific is expected to register robust growth, owing to a large generation of data leading to a high need for powerful computation.
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Edge Computing Market, By Component (Hardware, Solutions, Platform, and Services), By Organization Size (Small and Medium Enterprises and Large Enterprises), By Application (Smart Cities, Data Caching, Analytics, Location Services, Environmental Monitoring, Optimized Local Content, Augmented Reality, and Others (Asset Tracking and Video Surveillance)), By End-use Industry (Government and Public, Manufacturing, Media and Entertainment, Healthcare, Telecom and IT, Transportation, Energy and Utilities, Retail, and Others (Hospitality, BFSI, and Education)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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