The latest report by IMARC Group, titled “Edge Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“ offers a comprehensive analysis of the industry, which comprises insights on the edge computing market growth. The Market size reached US$ 11.7 Billion in 2022. IMARC Group expects the market to reach US$ 45.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.4% from 2023–2028.
Edge computing is a distributed computing paradigm that brings data processing and computation closer to the data source or “edge” of the network rather than relying solely on centralized cloud-based servers. It aims to reduce latency, improve real-time data analysis, and enhance the overall efficiency of computing systems. In edge computing, data is processed locally on devices or at nearby edge servers, such as those found in Internet of Things (IoT) devices, industrial machines, autonomous vehicles, and other edge devices. By processing data closer to where it is generated, edge computing reduces the time it takes for data to travel to remote data centers and back, resulting in faster response times and lower latency for critical applications. It is particularly valuable in scenarios where real-time decision-making and low latency are essential, such as autonomous vehicles, industrial automation, and augmented reality applications. It also reduces the strain on network bandwidth and enhances data privacy and security by keeping sensitive information closer to its source. Currently, edge computing finds extensive applications in industries like manufacturing, healthcare, and autonomous vehicles, enabling real-time data processing and decision-making at the source.
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Edge Computing Market Trends and Drivers:
The global edge computing market is primarily driven by the increasing volume of data generated by IoT devices and applications, which requires faster processing and lower latency, making edge computing essential. Edge computing enables data processing closer to the data source, reducing the time it takes to analyze and act upon information. Moreover, industries such as manufacturing healthcare and autonomous vehicles requiring real-time data analysis and decision-making are positively influencing the market growth. Apart from this, the rapid expansion of 5G networks and the rising need for faster, more reliable connectivity have accelerated the adoption of edge computing. Additionally, the escalating demand for edge computing as it strengthens data privacy and security by keeping sensitive information closer to its source and reducing the risk of data breaches during transmission to centralized data centers has catalyzed the market growth. Furthermore, the rising adoption of edge computing owing to rapid advancements in hardware commerce software and edge-specific solutions that provide more options and capabilities for organizations across various industries is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Vertical:
- Manufacturing
- Energy and Utilities
- Government and Defense
- BFSI
- Telecommunications
- Media and Entertainment
- Retail and Consumer Goods
- Transportation and Logistics
- Healthcare and Life Sciences
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- ABB Ltd.
- Amazon Web Services (AWS), Inc.
- Cisco Systems Inc.
- Digi International Inc.
- General Electric Company
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- SAP SE
- Siemens AG
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