SAN FRANCISCO, Aug. 31, 2021 /PRNewswire/ -- The global multi-access edge computing market size is anticipated to reach USD 23.36 billion by 2028, exhibiting a CAGR of 42.6% over the forecast period, according to a new report by Grand View Research, Inc. Rise in the adoption of Over The Top (OTT) media streaming services and emerging demand among individuals to gain access to personalized content is expected to drive the market growth. Increasing number of users adopting the OTT video delivery model is expected to promote telecom companies and mobile networks to upgrade their existing infrastructure. Using the multi-access edge computing (MEC) architecture system brings backend functionality closer to the user network, which is expected to aid Multichannel Video Programming Distributors (MVPD) to meet their customers' demands.
Key Insights & Findings:
- The software segment is anticipated to be the fastest-growing segment owing to emerging demand among service providers to use software that can be deployed for various applications without making changes to existing 3GPP standards hardware infrastructure
- The energy and utilities segment is expected to witness the fastest growth rate over the forecast period owing to increasing demand among companies to quickly access insights and analyze data generated from remote locations
- The Asia Pacific region is expected to emerge as the fastest-growing regional market due to strong support from the government to encourage advanced network infrastructure
- Some of the key players in the multi-access edge computing market are Microsoft Corporation, Hewlett Packard Enterprise Development LP, FogHorn Systems, and Saguna Networks, Ltd.
Read 175 page market research report, "Multi-access Edge Computing Market Size, Share & Trends Analysis Report By Solution (Hardware, Software, Services), By End-use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
The industry is witnessing increased adoption in end-use industries, including IT and telecom, data centers, and automotive. Apart from the dominant end-use sectors, the retail sector is expected to witness significant disruption due to the amalgamation of MEC over the next few years. Deployment of MEC technology is expected to enable stores to improve the performance of in-store systems and reduce data processing time, thus ensuring faster resolving of customer grievances. Furthermore, adoption of this technology is expected to reduce the load on external macro sites, thus offering a seamless in-store experience for users. Reduced Total Cost of Ownership (TCO) due to integration of MEC in network systems as compared to legacy systems and subsequent ability to generate faster Return on Investment (RoI) is further expected to encourage smaller retail chains to leverage MEC technology.
Increasing number of IoT devices and the emerging need to gain access to real-time analysis of data generated by them is expected to drive MEC market growth. Furthermore, multi-access edge computing deployment allows the improvisation of resource utilization and alleviation of routing and computing burdens due to deployment via virtual machine from the network edge to cloud computing centers. Leveraging this technology in IoT can facilitate reduced pressure on cloud networks and result in lower energy consumption, which is expected to offer significant growth opportunities to the market.
Multi-access edge computing is expected to enhance manufacturing practices and thus facilitate the advent of connected cars ecosystem. Connected cars are equipped with computing systems, wireless devices, and sensing, which have to work together in a coordinated fashion, thus facilitating the need to adopt MEC. The technology can be leveraged to exchange critical operational and safety information to enhance efficiency, safety, and enhance value-added services such as smart parking and car finder. Furthermore, provision of road hazard mapping systems, collision warning, emergency vehicle warning, and congestion detection is attracting individuals to experience these features, which is boosting the market growth.
Grand View Research has segmented the global multi-access edge computing market on the basis of solution, end use, and region:
- Multi-access Edge Computing Solution Outlook (Revenue, USD Million, 2018 - 2028)
- Multi-access Edge Computing End-use Outlook (Revenue, USD Million, 2018 - 2028)
- IT & Telecom
- Smart Cities, Smart Homes, & Smart Buildings
- Energy & Utilities
- Others (Healthcare, Agriculture)
- Multi-access Edge Computing Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Asia Pacific
- Latin America
List of Key Players of Multi-access Edge Computing Market
- ADLINK Technology Inc.
- Advantech Co., Ltd.
- FogHorn Systems
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co., Ltd.
- Juniper Networks, Inc.
- Saguna Networks Ltd.
- SMART Embedded Computing (Artesyn Technologies)
- Vapor IO
Check out more studies related to edge computing, conducted by Grand View Research:
- Edge Computing Market – Global edge computing market size was valued at USD 4.68 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 38.4% from 2021 to 2028. Edge computing introduces a great level of business complexity, as it requires an extensive range of stakeholders for IT infrastructure, connectivity, application development, traffic delivery, and service management.
- Secure Access Service Edge Market – Global secure access service edge market size was valued at USD 665.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 36.4% from 2021 to 2028. The growth can be attributed to the rising preference for remote working due to the COVID-19 pandemic, which has triggered the need for a robust security framework that can potentially ensure secure access to data on the go.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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