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Edge computing allows processing of data locally at the edge of the network, closer to data sources and significantly decreases latency in data transmission. It reduces bandwidth usage and provides real-time insights using artificial intelligence and machine learning capabilities deployed at the edge. Edge computing plays a critical role in applications requiring low latency such as industrial automation, autonomous vehicles, AR/VR, and IoT. With the increasing adoption of Internet of Things (IoT) devices across various industrial verticals, the need for processing data in real-time has amplified exponentially.
The global Edge Computing Market is estimated to be valued at US$ 111.3 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for real-time processing has accelerated the adoption of edge computing infrastructure globally. Edge infrastructure placed closer to end-users and data sources processes data locally with reduced latency. This facilitates real-time decision making in applications requiring instant insight such as autonomous vehicles. For instance, autonomous vehicles need to process data from multiple sensors in real-time to detect objects and translate them into appropriate actions. With edge computing deployed in-vehicle, sensors can feed data to local edge nodes for instant processing and ensuring road safety. The ability edge computing provides to analyze large volumes of data in real-time is expected to further drive its demand across various industries over the forecast period.
Market Name- Edge Computing Market
Segment Analysis
The global edge computing market is segmented by component, organization size, vertical, and geography. The component segment is further divided into hardware, software, and services. The hardware segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period. The increasing deployment of edge nodes to support low-latency applications is driving the growth of the hardware segment.
Key Takeaways
The global Edge Computing Market is expected to witness high growth.
Regional analysis related content comprises: North America is expected to have the largest market share during the forecast period. This is due to the early adoption of edge technology and the presence of prominent players in the region. The Asia Pacific region is projected to grow at the highest CAGR during the forecast period due to increasing investments in edge infrastructure projects.
Key players related content comprises: Key players operating in the edge computing market are Microsoft Corporation,,Google LLC,,IBM Corporation,,Huawei Technologies Co. Limited,,Cisco Systems Inc. The edge computing market is highly competitive with major players focusing on deploying full-fledged edge capabilities through strategic partnerships and collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
