LONDON, Sept. 17, 2020 /PRNewswire/ -- According to a new market research report titled, "Mobile Edge Computing Market by Component, Application (Location-based Services, Unified Communication, Optimized Local Content Distribution, Data Analytics, Environmental Monitoring), Organization Size, and Region – Global Forecast to 2027." The mobile edge computing market is expected to grow at a CAGR of 30.1% from 2020 to 2027 to reach $2.8 billion by 2027.
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Mobile edge computing is a network architecture that enables IT and cloud-computing capabilities at the edge of a cellular network. It is a new option for network providers challenged to meet consumer demands for improved coverage and greater bandwidth. It is mainly used to reduce network congestion and improve applications by performing related processing tasks closer to the end user. The technology is designed to be implemented at cellular base stations, providing rapid deployment of applications and other customer services. The increasing need among enterprises to deliver QoE along with rising demand for low-latency processing and real-time automated decision-making solutions are anticipated to boost the growth of this market. However, the lack of required infrastructure and deployment capabilities are obstructing the growth of the market.
Impact of COVID-19 on the Mobile Edge Computing Market
In the first quarter of 2020, the world was hit by the COVID-19 pandemic. The outbreak was declared as the global pandemic by WHO, as it has spread in many countries across the globe and raised the number of cases multi-folds in few weeks. The COVID-19 pandemic has adversely hit many economies around the globe. The combat measures such as complete lockdown and quarantine to fight against COVID-19 have put strong adverse impacts on many industries across the globe, including the telecommunication industry.
The COVID-19 outbreak will have a serious impact on the mobile edge computing market because the GDP of the many countries has taken a toll, and adoption of 5G technology will be delayed because the 3GPP standards body has been sidelined by the COVID-19 outbreak. Moreover, the possibility of a general economic recession in response to the pandemic could severely shrink IT budgets in the coming months, making the potential customer base for new 5G technology commensurately smaller. Due to the outbreak of COVID-19, the growth of 5G support smartphone sales and network deployment will likely be slowed, which can obstruct the development of the mobile edge computing market to some extent.
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Moreover, due to the COVID-19 pandemic, many countries are postponing the deployment of 5G technology, which can directly hamper the growth of the mobile edge computing market. For instance, United Internet's CEO, Ralph Dommermuth, said that the construction of its subsidiary 1&1 Drillisch's 5G network would experience delays due to current measures adopted in the country to prevent a further spread of the COVID-19 pandemic in Germany. 5G buildout could take a short to medium-term hit because of economic slowdown given the spread of COVID-19 outbreak globally and resulting in supply chain disruption, 5G technology hardware delays and general effects of the economic downturn. But in the longer term, the burgeoning needs for home connectivity, digital health and even economic stimulus measures may give 5G technology buildout a boost. So, it is expected that 2020 would be a tough time for the growth of the mobile edge computing market.
The overall mobile edge computing market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (hardware, software, & services), application (location-based services, video surveillance, unified communication, optimized local content distribution, data analytics, and environmental monitoring), organization size (large enterprises and small & medium-sized enterprises) and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the overall mobile edge computing market is segmented into hardware, software, and services. In 2020, the hardware segment is estimated to account for the largest share of the overall mobile edge computing market. Rapidly increasing investment in IoT and 5G technology, along with their high deployment rate is fueling the growth of this segment.
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Based on application, the overall mobile edge computing market is segmented into location-based services, video surveillance, unified communication, optimized local content distribution, data analytics, and environmental monitoring. In 2020, the location-based services segment is estimated to account for the largest share of the overall mobile edge computing market. Recent developments in positioning technologies and improved data transmission through cloud computing and 5G are expected to drive the growth of this segment.
Based on organization size, the overall mobile edge computing market is segmented into large enterprises and small & medium-sized enterprises. In 2020, the large enterprises segment is estimated to command the largest share of the overall mobile edge computing market. Large-scale enterprises are deploying mobile edge computing technology owing to the increasing need for improved quality of service. Moreover, the rising data generation with greater data response requirements along with growing network subscriber base across the world has increased the demand for advanced mobile edge computing solutions among large enterprises.
Geographically, the North American region is estimated to command the largest share of the global mobile edge computing market in 2020. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, owing to increased investments in telecommunication sectors, government initiatives to encourage digitalization, heavy investments in IoT & cloud technologies, and high penetration of smart devices in emerging economies.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past four years. The mobile edge computing market has witnessed a number of product launches in recent years. The global mobile edge computing market is consolidated and dominated by few major players, namely, Huawei technologies co., Ltd. (China), Saguna Networks, Ltd. (Israel), Juniper Networks, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Vapor IO (U.S.), ZephyrTel (U.S.), AT&T, Inc. (U.S.), Nokia Corporation (Finland), Renesas Electronics Corporation (Japan), Corning, Inc. (U.S.), Adlink Technology, Inc. (Taiwan), Advantech Co., Ltd. (Taiwan), Emerson Electric co. (U.S.), and GigaSpaces Technologies, Inc. (U.S.), among others.
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Scope of the Report:
Mobile Edge Computing Market, By Component
Mobile Edge Computing Market, By Application
- Location-based Services
- Video Surveillance
- Unified Communication
- Optimized Local Content Distribution
- Data Analytics
- Environmental Monitoring
Mobile Edge Computing Market, By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Mobile Edge Computing Market, By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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