Edge Computing Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, June 21, 2019 /PRNewswire/ -- Market Overview
The edge computing market (henceforth, referred to as the market studied) was valued at USD 1272.2 million in 2018, and it is expected to reach USD 6959.2 million by 2024, registering a CAGR of 34.%, during the forecast period of 2019-2024. The development of processing-intensive applications involving IoT, artificial intelligence, and machine learning, which consume larger data sets and perform massive algorithmic parallelism on models has promoted the demand for localized computer, data storage, and network resources. Therefore, along with IoT and IIoT, the adoption of AI and ML also supports the growth of edge computing.
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- With the advancement in IoT, artificial intelligence, a new concept is coming in the market i.e., smart city initiatives that support the implementation of edge computing by telecom/carriers that are responsible for deploying the required network. Many US and European cities have already launched smart city initiatives and the initiatives are growing across the Asian and Middle Eastern regions.
- Another factor that is driving the edge computing market is 5G cellular technologies, which delivers massive bandwidth and supports a range of devices, from smartphones to autonomous vehicles and large-scale IoT. They are highly reliant on edge computing infrastructure, as the time taken for data to travel over the fiber networks connecting the radios on the towers to the network core is reducing.
- One of the main challenges for edge computing is the lack of a common security framework. Essentially, edge computing shares the same security challenges as the IoT, i.e., the devices are often small and not built with security considerations. Therefore, the security configuration and software updates, which are often needed through the lifecycle of the device, is not present.
Scope of the Report
With different technological innovations, such as sensors and other data producing and collecting devices, the analysis tools enterprises across industries are beginning to drive new levels of performance and productivity. Therefore, a distributed computing paradigm that brings computer data storage closer to the location where it is needed is called edge computing in gaining traction.
Key Market Trends
BFSI to be the Prominent Industry to Adopt Edge Computing Solutions
- Financial and banking industry (BFSI) is one of the largest end users of edge computing, globally. Increasing the adoption of digital and mobile banking initiatives, advanced platforms, such as blockchain and payment through wearable and mobile technology, are fueling the demand for edge computing solutions in the financial and banking industry sector.
- With the growth of smartphones, banks are deploying payment apps and services which are compatible with smartphones. They also ensure that consumers have effortless payments with maximum security and processing speeds. These features act as a supplement for the growth of the financial and banking industries. For example, the Barclays bank supports payment through smart watches, such as Apple watch and Fitbit, through its bPay.
- According to a report published by Credit Suisse on "Digital Payment Statistics", India is witnessing a high penetration of internet speed and consumer awareness and the digital payment is expected to increase at a higher rate. This will help the banking payments to grow at a healthy rate.
Asia-Pacific to Witness Highest Growth Rate
- Asia-Pacific is a very diverse region, China, India, Australia, and Japan are pioneering development in cloud services. This region is destined to be the major market for edge computing as it is best poised to solve the challenge of additional IT resource requirements, due to the availability of skilled labor.
- Asia-Pacific is the most populous, due to which a considerable amount of cloud traffic from this region was reported by Cisco in their report, in 2018. As cloud penetration increases in this region, a shift from cloud computing to edge computing is expected. Businesses and governments in this region have shown more inclination toward storing and processing data locally.
Competitive Landscape
The competitive rivalry in the edge computing market among the existing players is faintly high and increasing, considering the inflow of new entrants into the market. Currently, the market is dominated by cloud-based IoT vendors, such as Amazon, Microsoft, and Google. Companies, like GE, which have the expertise of delivering edge computing solutions across different industries, including aerospace or manufacturing, also have a significant market position. Acquisitions, partnerships with industry participants, and new product/service rollouts have been key competitive strategies exhibited by the vendors in the market.
- March 2019 - NTT Data selected FogHorn to deliver on-premise real-time analytics and artificial intelligence to its industrial clients. This collaboration is estimated to allow industrial and commercial customers to leverage the power of edge computing quickly, through NTT Data's premier professional services, varying from consulting and systems development to outsourcing.
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