Edge Computing Market Is Poised To Reach US$ 69 Billion By 2033

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According to a report released by Fact.MR, there is a projected 30% compound annual growth rate (CAGR) in the market for edge computing during the assessment period. Furthermore, by the end of 2032, the edge computing market is expected to grow to be worth over US$ 69 billion, according to the analysis.

Products for edge computing make it easier for linked devices to communicate and analyze data more efficiently. The demand for edge computing components like services, software, and edge-managed platforms is driven by consumers’ desire for smart devices over traditional cars and residences. Growth is also aided by industrial automation trends that use machine learning (ML) and artificial intelligence (AI) to reduce costs and boost output.

The COVID-19 pandemic has increased the usage of field service solutions in all industry verticals as users seek to take advantage of their advantages, which include cost savings and expansion. About 50% of subscription businesses are growing at a similar rate despite the global economic downturn with the COVID-19 pandemic having no detrimental effects.

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Principal Findings from the Market Analysis

  • Global market for edge computing to reach US$ 5 Bn by 2022-end
  • North America leads global sales with 46% share of the total market value.
  • South Asia & Oceania offers the most lucrative opportunities with the highest double-digit growth rate of 32% during the forecast period.
  • Energy & utilities account for the largest share of the market value. The 18% share can be accredited to cost efficiency and enhanced control over energy grids offered by edge computing products.
  • Data centers are the most financially rewarding application segment with a meteoric 32.5% CAGR through 2032.
  • Hardware is the most selling component segment with more than 46% share of the total market revenue.

Competitive EnvironmentProduct innovation and well-timed mergers and acquisitions have a significant influence on the competitive environment of the edge computing industry. Several well-known edge computing manufacturers include Cisco Systems, Inc., Microsoft Corporation, Amazon Web Services (AWS), Inc., Moxa Inc., NVIDIA Corporation, and Belden Inc.

  • In January 2022, Amazon Web Services (AWS) announced the general availability of its new Amazon Elastic Compute Cloud (Amazon EC2) Hpc6a instances. These purpose-built EC2 instances leverage 3rd Gen AMD EPYC CPUs to process high-performance computing (HPC) workloads at what Amazon claims.
  • In November 2021, Kyndryl announced a landmark global strategic partnership that will combine its market-leading capabilities in the service of enterprise customers.

Important Market Segments for Industry Research on Edge Computing

  • By Component
    • Edge Computing Hardware
      • Edge Nodes/Gateways (Servers)
      • Sensors/Routers
      • Others
    • Edge Computing Software
    • Edge Computing Services
    • Edge-Managed Platform
  • By Application
    • Edge Computing for Energy & Utilities
    • Edge Computing for Industrial Applications
    • Edge Computing for Transportation & Logistics
    • Edge Computing for Smart Cities, Smart Homes, Smart Buildings
    • Edge Computing for Healthcare
    • Edge Computing for Agriculture
    • Edge Computing for Retail
    • Edge Computing for Datacenters
    • Edge Computing for Other Applications

Latest Advancements

  • In June 2021, Cisco announced its new portfolio of catalyst industrial routers to extend the capability of enterprise network to the edge with flexibility, scalability, and security with embedded 5G technology.
  • In April 2021, Verizon and AWS launched its private mobile 5G edge computing to enterprises in the US through Verizon private 5G network and AWS outposts.
  • In March 2021, The company announced the launch of next-generation data center and power supply solutions at the Digitally Transforming Energy Infrastructure online event. Data center solutions are for small and edge computing scenarios including FusionModule2000, FusionModule800, and FusionModule500 for different industry purpose.
  • In March 2021, Nokia launched of edge automation solution to remove the complexity of managing multiple cloud data center by automating it through a unified platform.

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More Beneficial KnowledgeFact.MR provides an objective study of the industry in its most recent report, which includes projected information for the years 2022–2032 as well as historical data for the years 2017–2021.In six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa), the study provides crucial market insights based on component (hardware, including sensors/routers, edge nodes/gateways, and others), software, services, and edge-managed platforms; and applications (energy & utilities, industrial, transportation & logistics, smart cities/smart homes/smart buildings, healthcare, agriculture, retail, data centers, and others).

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