The edge computing market size is expected to grow from USD 53.6 billion in 2023 to USD 111.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period. Major driving forces of the market include surge in the adoption of IoT technology, entertainment via cloud gaming, automation of system(s) across several industries such as transportation and logistics, healthcare (for patient health live monitoring), availability of cost-effective edge computing platforms, among others.
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By component, hardware segment to record the second highest CAGR during the forecast period
The hardware segment plays a crucial role in the edge computing market. Edge computing involves processing data closer to its source rather than relying solely on centralized cloud infrastructure. This proximity to data sources requires specialized hardware components to enable efficient and reliable computing at the edge. Hardware in the edge computing market includes devices such as edge servers, edge gateways, routers, switches, sensors, and other edge devices. These components are designed to handle the unique challenges of edge environments, including limited power and computing resources, harsh conditions, and low-latency requirements. Additionally, specialized hardware accelerators, such as graphics processing units (GPUs) and field-programmable gate arrays (FPGAs), are employed to enhance processing capabilities and enable tasks like real-time analytics, machine learning, and video processing at the edge. Therefore overall, the hardware segment is vital for enabling the infrastructure and computational capabilities necessary to support the growing demand for edge computing applications across various industries.
By Application, Remote monitoring segment to exhibit significant growth during the forecast period
Remote monitoring services for edge computing technology have been there for years. The new digital monitoring services utilize the latest technologies, such as cloud computing, data analytics, AI, and mobile communications. Organizations are finding edge computing to reduce latency and moving toward the decentralized edge and scattering IT infrastructure over multiple remote sites. In a time-sensitive business, where delivery of every data packet is critical to the business, edge computing can make a huge difference through localized efficient processing; for instance, in the oil and gas industry, seismic and sensor data are required to be frequently stored and physically shipped, which can result in costly delays. In such cases, edge computing helps balance processing loads and analyse telemetry data (irrespective of global distances) and improves business continuity by protecting against unplanned outages or data loss. Thus, with remote work on the rise and businesses utilizing digital platforms and services, edge computing functionalities will deliver faster, reliable, and cheaper data processing.
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Unique Features in the Edge Computing Market
By processing data closer to the source and cutting down on the time it takes for data to travel between devices and the cloud, edge computing minimises latency. This is essential for real-time processing applications like AR/VR, driverless vehicles, and the Internet of Things.
Through local data processing and filtering, edge computing eases the load on network capacity by only transmitting pertinent data to the cloud. This minimises the expenses related to sending massive amounts of data while optimising bandwidth utilisation.
By dispersing workloads among edge devices and decentralising computing resources, edge computing improves resilience by lowering the possibility of single points of failure and guaranteeing continuous operation in the case of network outages or disturbances.
By keeping sensitive data localised and reducing exposure to possible risks during transmission to the cloud, edge computing enhances data privacy and security. This is especially crucial for sectors like finance and healthcare that have stringent compliance regulations.
Because edge computing solutions are so scalable, businesses may add more edge nodes as needed to meet increasing user demands and workloads. This scalability guarantees adaptability and flexibility in response to evolving business requirements.
Major Highlights of the Edge Computing Market
Technology manufacturers, telecom providers, cloud service providers, and industry stakeholders are collaborating and partnering to drive innovation, interoperability, and the development of edge computing standards and solutions, according to the edge computing market.
Edge computing addresses particular needs and promotes digital transformation in important industries by providing vertical-specific solutions suited to industries including manufacturing, healthcare, transportation, and smart cities.
In order to facilitate real-time inferencing and decision-making without relying on cloud resources, edge computing facilitates the deployment of AI and machine learning models directly on edge devices. This promotes innovation in intelligent edge applications.
By allowing enterprises to leverage edge device capabilities for IoT data processing, analytics, and control, edge computing smoothly integrates with IoT ecosystems to support a wide range of IoT applications and use cases.
By spreading workloads among edge devices and decentralising computing resources, edge computing improves resilience by lowering the possibility of single points of failure and guaranteeing continuous operation in the event of a network outage.
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Top Key Companies in the Edge Computing Market
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Cisco (US), AWS (US), Dell Technologies (US), Google (US), HPE (US), Huawei (China), IBM (US), Intel (US), Litmus Automation (US), Microsoft (US), Nokia (Finland), ADLINK (Taiwan), Axellio (US), Capgemini (France), ClearBlade (US), Digi International (US), Fastly (US), StackPath (US), Vapor IO (US), GE Digital (US), Moxa (Taiwan), Sierra Wireless (Canada), Juniper Networks (US), EdgeConnex (US), Belden (US), Saguna Networks (Israel), Edge Intelligence (US), Edgeworx (US), Sunlight.io (UK), Mutable (US), Hivecell (US), Section (US), EdgeIQ (US), have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the Edge Computing market.
The edge computing market – global forecast to 2028 report’s study includes an in-depth, extrapolated, competitive analysis of key players as well as the startups in the aforesaid market with their company profiles, financials, offerings, recent developments, and key market strategies (also a MarketsandMarkets™ view for top 5 global profiled company). The players in this market have implemented different strategies, both organic and inorganic, to expand their global presence, improve visibility, and increase their market shares. Organic growth strategies such as product launches, enhancements, similarly with solutions and services, and inorganic growth strategies such as partnerships, acquisitions, collaborations, have been the most dominating and effective strategies adopted by the major players from January 2020 through May 2023, which helped/is helping them strengthen their footprint in the aforesaid global market and broaden their customer base.
Huawei is a privately owned company and operates through four segments: consumer business, carrier business, enterprise business, and unallocated items. The carrier business segment includes solutions related to wireless networks, cloud core network, fixed network, IT infrastructure carrier software, and professional services. The enterprise segment covers digital infrastructure platform(s) built by using new ICT technologies. Smartphones, tablets, wearable devices, and converged home devices are included in the consumer segment. Huawei’s edge computing architecture consists of the Intelligent EdgeFabric (IEF), which provides integrated edge-cloud synergy services, and enables remote control, data processing, and analytics on edge computing resources. Intelligent video analysis, and big data stream processing technologies developed for the cloud can be pushed to the edge to provide hassle-free real-time service capabilities. IEF on the cloud can be used to centrally manage containers on millions of edge computing gateways, deploy functions, to modify configurations, carry out version updates, perform monitoring, and analyze operating conditions. Huawei’s Edge campus devices and applications can be quickly and effectively integrated with cloud services.
HPE is one of the leading players in the edge computing market. However, it faces stiff competition from other global players operating in the market. The company faced challenges in entering new product segment with its present business structure. The shortage of skilled workforce poses a threat for the HPE’s steady growth of profit. The company has a strong global presence in the edge computing market and has a diversified product portfolio with customized solutions. HPE has a strong distribution network and partner ecosystem, which is expanding its business in emerging markets. The company is continuously focusing on innovating products and automation of activities to deliver high quality products. The company is highly focused on organic and in-organic growth strategies to accelerate innovation through hybrid cloud solutions.
IBM is one of the leading providers of cloud platform services and cognitive solutions, which works across domains such as cloud, IT infrastructure, security, services, and research. The company operates in more than 175 countries and caters to various industries worldwide. The company functions through six main segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, Systems, Global Financing, and Other.
IBM offers infrastructure, hosting, and consulting services in different areas that consist of customer relationship management, business analytics optimization, outsourcing, software, and security. The company is focused on developing solutions and products powered by the latest technologies, including AI and ML, analytics, big data, and IoT. The company also offers services to help clients transform their businesses. In the distributed cloud market, IBM offers IBM Cloud Satellite, a managed distributed cloud solution that offers cloud services, APIs, access policies, security, and compliance.
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