REDDING, Calif., July 24, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Edge Computing
Market by Component (Hardware, Platforms, Services),
Application (Smart Cities, Industrial IoT, AR/VR, Other), End-use
Industry (Energy & Utilities, Manufacturing, Retail, Other),
and Geography - Global Forecast to 2031,' the edge
computing market is projected to reach $169.3 billion by 2031, at a CAGR of
37.4% from 2024 to 2031.
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Edge computing refers to managing data at the network's edge,
where it is generated, rather than processing it in a centralized
data-processing warehouse. Edge computing is rapidly transforming
the way data is handled, processed, and delivered from countless
devices worldwide. The benefits of edge computing include reduced
operating costs, minimized internet bandwidth usage, and enhanced
performance. These advantages are expected to drive the growth of
the edge computing market in the coming years.
The edge computing market is expected to witness significant
growth in the upcoming years, driven by the rapid proliferation of
intelligent IoT applications across various industries. The
increase in data collected from IoT devices, coupled with the
widespread availability of high-speed broadband networks and the
advent of 5G technology, is fueling the demand for high-speed data
processing.
The edge computing market is segmented by component
(hardware, platforms, and services {training & support services
and consulting services}), application (smart cities, industrial
IoT, remote monitoring, content delivery, AR/VR, and other
applications), end-use industry (manufacturing, retail, healthcare,
media & entertainment, telecommunications, transportation &
logistics, government & defense, energy & utilities, and
other end-use industries), and geography. The study also evaluates
industry competitors and analyzes the market at the regional and
country levels.
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Based on component, the edge computing market is
segmented into hardware, platforms, and services. In 2024, the
hardware segment is expected to account for the largest share of
over 52% of the edge computing market. The large market
share of this segment is attributed to the increasing IoT
deployments and market players' increasing investments in edge
computing infrastructure. For instance, in February 2023, bitsensing (South Korea) launched the 24GHz Traffic
Insight Monitoring Sensor (TIMOS), powered by the NVIDIA Jetson
platform, with AI edge computing to enable smart city environments
by delivering accurate and reliable real-time detection on the road
including traffic statistics, incidents, violations, and ETA.
Based on application, the edge computing market is
segmented into smart cities, industrial IoT, remote monitoring,
content delivery, AR/VR, and other applications. In 2024, the smart
cities segment is expected to account for the largest share of over
22% of the edge computing market. The large market share of
this segment is attributed to the increasing number of smart city
projects worldwide and the rising adoption of smart technologies
for urban management. Smart cities are increasingly incorporating
edge computing strategies to mitigate the costs associated with
transmitting extensive data and reduce bandwidth requirements.
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Based on end-use industry, the edge computing market is
segmented into manufacturing, retail, healthcare, media &
entertainment, telecommunications, transportation & logistics,
government & defense, energy & utilities, and other end-use
industries. In 2024, the energy & utilities segment is expected
to account for the largest share of over 19% of the edge
computing market. The large market share of this segment is
attributed to the increasing initiatives undertaken by market
players to implement edge computing for data processing in remote
locations and the growing need to enhance production capabilities,
streamline processes, improve sustainability, and extend the life
of assets in the energy & utilities industry. For instance, in
June 2023, Itron Inc. (U.S.) launched
Edge Gateway, an edge-computing platform aimed at empowering
utilities to achieve decarbonization and sustainability objectives
while efficiently managing critical infrastructure.
Based on geography, the edge computing market is
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of over 43% of the edge
computing market. North America's
large share is attributed to the region's well-established
technological and educational infrastructure, high adoption of
advanced technologies, and concentration of numerous established
edge computing companies and start-ups. Furthermore, the adoption
of edge computing solutions has been on the rise among North
American enterprises seeking to enhance their IT infrastructure and
harness the advantages of cutting-edge technologies, notably 5G and
IoT.
The key players operating in the edge computing market are
Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Dell
Technologies, Inc. (U.S.), Hewlett-Packard Enterprise Company
(U.S.), General Electric Company (U.S.), Huawei Technologies Co.,
Ltd. (China), IBM Corporation
(U.S.), Juniper Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.),
FogHorn Systems, Inc. (U.S.), Google LLC (U.S.), Intel Corporation
(U.S.), SAP SE (Germany),
MachineShop, Inc. (U.S.), and Saguna Networks Ltd. (Israel).
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Scope of the Report:
Edge Computing Market Assessment—by
Component
- Hardware
- Platforms
- Services
- Training & Support Services
- Consulting Services
Edge Computing Market Assessment—by
Application
- Smart Cities
- Industrial IoT
- AR/VR
- Remote Monitoring
- Content Delivery
- Other Applications
Edge Computing Market Assessment—by
End-use
Industry
- Energy & Utilities
- Transportation & Logistics
- Manufacturing
- Healthcare
- Government & Defense
- Retail
- Telecommunications
- Media & Entertainment
- Other End-use Industries
Edge Computing Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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