Edge Computing Market Size in 2023 was worth US $ 12.33 Bn. at a CAGR of 38.2 % and it is expected to reach US $ 118.79 Bn. in 2030.
Edge Computing Market Overview
The global Edge Computing market size in 2023 was worth US$ 12.33 billion and is projected to reach US$ 118.79 billion by 2030, growing at a staggering CAGR of 38.2%. Edge computing represents a transformative approach that decentralizes data processing by bringing it closer to the data source or “edge” of the network. This technology significantly reduces latency, enhances real-time decision-making, and alleviates the bandwidth burden on cloud infrastructures. With the proliferation of IoT devices, 5G networks, and the increasing need for low-latency applications across various industries, edge computing is poised to revolutionize the IT landscape.
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Report Scope
This report offers a comprehensive analysis of the global edge computing market, providing insights into market size, growth potential, and key trends. The report delves into various factors driving the market, examines market segmentation, and provides a detailed regional analysis. Additionally, the report assesses the impact of COVID-19 on the edge computing industry and highlights the strategic initiatives of major players in the market. By analyzing both the qualitative and quantitative aspects, this report aims to offer a thorough understanding of the edge computing market to stakeholders, decision-makers, and investors.
Drivers
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Rising Adoption of IoT and Smart Devices: The increasing integration of IoT devices across industries is a significant driver of the edge computing market. As organizations deploy more IoT sensors and devices, the need for localized data processing becomes critical to ensure real-time analytics and decision-making capabilities. Edge computing facilitates this by enabling data processing closer to the source, reducing latency and improving efficiency.
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Advancements in 5G Technology: The rollout of 5G networks globally is expected to accelerate the adoption of edge computing. 5G’s high-speed connectivity and low latency create a perfect environment for edge computing, allowing industries such as autonomous vehicles, smart cities, and industrial automation to fully leverage the technology.
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Key Players: The key players are
1. Huawei
2. Vasona Networks
3. Foghorn Systems
4. Cisco Systems
5. Dell
6. Machineshop
7. Nokia Networks
8. Sixsq
9. Saguna Networks
10.Aricent
11.Adilink Technology
12.Juniper Networks, Inc.
13.Hewlett Packard Enterprise Development LP
14.SixSq Sàrl (Switzerland), FogHorn Systems
15.MachineShop Inc.
16.Vapor IO (US)
17.Xiotech Corporation
18.Mirror Image
19.Microsoft Corporation
20.IBM Corporation
21.Cisco Systems Inc.
22.Google Inc.
23.Hewlett Packard Enterprise Company
24.Intel Corporation
25.Schneider Electric SE
Segmentation:
By Application: The edge computing market is segmented into various applications, including smart cities, autonomous vehicles, industrial IoT, healthcare, and more. Among these, the smart city segment held the largest share in 2023, driven by the increasing demand for real-time data processing in urban management, traffic control, and public safety.
By Verticals: The market is segmented by industry verticals, such as manufacturing, healthcare, energy & utilities, retail, and transportation. The energy and utility segment accounted for the largest share of the market in 2023. The deployment of smart grids, which rely on edge infrastructure, is a major contributor to this growth. Additionally, the push towards environmental sustainability and renewable energy sources further bolsters the demand for edge computing in this sector.
By Components: The market is divided into hardware, software, and services. Hardware components, such as edge nodes and devices, are expected to dominate the market, while services related to edge computing are projected to grow significantly as companies seek to implement and manage edge solutions.
by Component
Service
Solutions
Hardware
Platform
by Application
Smart Cities
Analytics
Location Services
Data Caching
Augmented Reality
Optimized Local Content
Environmental Monitoring
Others
by Organization Size
Small & Medium Enterprises
Large Enterprises
by Vertical
Manufacturing
Transportation
Healthcare
Media & Entertainment
Telecom & IT
Government & Public
Energy & Utilities
Retail
Others
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Edge Computing Market Regional Analysis
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North America: In 2023, North America held the largest market share, accounting for 44% of the global market. The region’s dominance is attributed to the early adoption of advanced technologies, strong presence of key market players, and increasing investments in IoT and edge infrastructure. The U.S. leads the region, with manufacturers increasingly integrating edge computing into their operations, especially in the context of industrial IoT and smart manufacturing.
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Europe: Europe is expected to witness substantial growth in the edge computing market, driven by the rising adoption of smart technologies in sectors such as automotive, healthcare, and manufacturing. The region’s focus on sustainability and renewable energy also contributes to the increasing demand for edge computing solutions.
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Asia-Pacific: The Asia-Pacific region is poised to be the fastest-growing market for edge computing during the forecast period. Rapid urbanization, increasing investments in smart city projects, and the expansion of 5G networks in countries like China, India, and Japan are key factors driving the growth of the edge computing market in this region.
COVID-19 Impact Analysis
The COVID-19 pandemic has underscored the importance of edge computing, particularly in the healthcare sector. The need for real-time data processing and remote monitoring has accelerated the adoption of edge computing solutions in telemedicine, patient diagnostics, and medical device management. Additionally, as businesses across industries shift towards digital and remote operations, edge computing has become a critical enabler for maintaining operational efficiency and meeting customer expectations.
The pandemic has also highlighted the role of edge data centers, which have become essential for ensuring seamless cloud services and delivering content to end-users efficiently. As the world continues to navigate the challenges posed by the pandemic, edge computing is expected to play a crucial role in supporting the new normal of remote work, digital services, and IoT-driven innovation.
Key Questions Answered:
- What will be the CAGR of the Edge Computing market during the forecast period?
- Which segment emerged as the leading segment in the Edge Computing market?
- Who are the prominent players in the Edge Computing market?
- What will be the Edge Computing market size by 2027?
- Which company held the largest share in the Edge Computing market?
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