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
HardwarePlatformsServicesTraining & Support ServicesConsulting Services
Edge Computing Market Assessment—by Application
Smart CitiesIndustrial IoTAR/VRRemote MonitoringContent DeliveryOther Applications
Edge Computing Market Assessment—by End-use Industry
Energy & UtilitiesTransportation & LogisticsManufacturingHealthcareGovernment & DefenseRetailTelecommunicationsMedia & EntertainmentOther End-use Industries
Edge Computing Market Assessment—by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificJapanChinaIndiaSouth KoreaAustralia & New ZealandRest of Asia-PacificLatin AmericaMiddle East & Africa
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