Burgeoning Adoption of Internet of Things (IoT) to Steer Global Edge Computing Market Past US$ 69 Bn through 2032

NEW YORK, Feb. 18, 2022 /PRNewswire/ -- As per latest Fact.MR analysis, the global edge computing market size is estimated to reach US$ 5 Bn in 2022. With increasing adoption of edge computing for a multitude of applications, the overall market is anticipated to register 30% CAGR between 2022 and 2032, totaling US$ 69 Bn by 2032.

Robust expansion of edge computing market is attributed to rising adoption of cutting edge technologies such as internet of things (IoT) across various industries, increasing need for better management of data, and growing penetration of digitalization across the world.

Edge computing is a modern method for bringing computation and data storage closer to the sources of data. Adoption of edge computing minimizes the need for data to be processed in remote data centers and thus delivers much faster response times.

Moreover, it helps industrial and enterprise level businesses to enhance their operational efficiency, improve performance, and automate core business processes. It has completely changed the way data was handled, processed and delivered from millions of devices in the past.

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Increasing adoption of digitalization has resulted in the generation of enormous amounts of data. To manage this, edge computing solutions are being increasingly utilized. This is providing impetus to the growth in edge computing market.

Consequently, with telecom companies continuously looking to enhance the performance speed of mobile applications, demand for edge computing solutions is witnessing a huge upsurge. Benefits of multi-access edge computing, such as reduced network congestion are fueling their adoption.

In addition, growing trend of connected cars along with increasing adoption of edge computing in healthcare industry is anticipated to further expand the global edge computing market in the future.

As per Fact.MR, energy & utilities segment is projected to exhibit fastest growth at a CAGR of 29% between 2022 and 2032. Growing popularity of energy grids is a major factor spurring the growth in the energy and utility segment. With increasing emphasis on efficient energy utilization, there has been a significant increase in the adoption of remote monitoring and controlling solutions in energy grids.

Regionally, North America will remain at the epicenter of edge computing market growth, accounting for 46% of sales in 2022. Growth in the region is attributed to the rising adoption of digitalization and heavy presence of leading market players.

"Rising penetration of modern technologies such as internet of things (IoT) and artificial intelligence (AI) across end-use industries is providing a strong thrust to the growth of edge computing market," says a Fact.MR analyst

Key Takeaways

• With rising penetration of edge computing and IoT technology, North America edge computing market is set to grow at 27% CAGR through 2032.
• East Asia is projected to grow at a stellar CAGR of 30.0% over the forecast period, owing to the rising adoption of digitalization and increasing government support.
• South Asia and Oceania will emerge as the most lucrative pocket for edge computing, expanding at a CAGR of 32% between 2022 and 2032.
• Based on component, hardware components segment will lead the market with a share of over 46% in 2022.
• By application, energy & utilities segment is anticipated to account for more than 18% revenue share in the edge computing market through 2032.

Key Drivers

• Increasing penetration of 5G is acting as a catalyst for accelerating the growth of edge computing market.
• Preference for high-performance smartphone apps will continue to support the growth in the market during the forecast period.
• Growing proliferation of IoT across major industries is anticipated to boost the growth of edge computing market.
• Rising popularity of autonomous and connected vehicles worldwide is expected to create lucrative growth avenues within the edge computing market in the future.

Key Restraints

• Lack of awareness among people of some developing and developed regions is emerging as a major factor restraining the growth in the edge computing market.
• Increasing threat of cyberattacks is also restraining the adoption of edge computing solutions to some extent.

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Competitive Landscape

Leading players operating in the edge computing market are focusing on expanding their global footprint by means of introducing new solutions. Besides this, they are also adopting various growth strategies such as mergers, partnerships and acquisitions to gain competitive edge in the market.

For instance,

• In October 2021, Etisalat and Microsoft joined forces for launching 5G enterprise multi-access edge computing.
• In May 2020, IBM and Red Hat launched a new edge computing solutions to help enterprises and telecommunications companies manage their workloads.

Some of the prominent players operating in the edge computing market profiled by Fact.MR are:

• Cisco Systems, Inc.
• Microsoft Corporation
• Amazon Web Services (AWS), Inc.
• Moxa Inc.
• NVIDIA Corporation
• Belden Inc.

More Insights on the Global Edge Computing Sales Outlook

Fact MR provides an unbiased analysis of edge computing market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global demand for edge computing with a detailed segmentation on the basis of:

Component

• Edge Computing Hardware
• Edge Nodes/Gateways (Servers)
• Sensors/Routers
• Others
• Edge Computing Software
• Edge Computing Services
• Edge-Managed Platform

Application

• Energy & Utilities
• Industrial Applications
• Transportation & Logistics
• Smart Cities, Smart Homes, Smart Buildings
• Healthcare
• Agriculture
• Retail
• Datacenters
• Other Applications

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Key Questions Covered in the Edge Computing Market Outlook Report

• The report offers insight into edge computing demand outlook for 2022-2032
• The market study also highlights projected sales growth for edge computing market between 2022 and 2032
• Edge computing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Edge computing market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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