Edge computing products enable faster data transmission and processing power between linked devices. The demand for edge computing components such as services, software, and edge-managed platforms is being driven by a shift in customer preference for smart gadgets over traditional automobiles and residences. Artificial intelligence (AI) and machine learning (ML) are being used in industrial automation to reduce costs and enhance production capacity, which is helping to drive growth.
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During the projected period (2020– 2030), the worldwide edge computing market is expected to develop at a 30 percent compound annual growth rate (CAGR). Industrial automation uses edge computing sensors and routers as input mechanisms. Organizations can remotely monitor and control production processes when they use edge-managed systems. Market companies are investing in high-growth regions such as East Asia to increase their worldwide reach.
Key Takeaways of Edge Computing Market Study
• North America leads global sales with a 46 percent share of the entire market value, according to the Edge Computing Market Study. The existence of well-known edge computing companies in the United States is the key driver of industry growth.
• South Asia and Oceania have the most promising prospects, with a double-digit growth rate of 32 percent expected throughout the forecast period. The adoption of edge computing in this region is being pushed by the rapid economic digitalization of countries like Indonesia, Singapore, and Malaysia.
• The major portion of the market value is accounted for by energy and utilities. The 18 percent share can be attributed to edge computing devices’ cost effectiveness and improved management over energy grids.
• Datacenters are the most profitable application segment, with a 32.5 percent compound annual growth rate (CAGR) until 2030. The demand for this application area is driven by innovation in infrastructure and data transmission models.
• Hardware is the most popular component, accounting for more than 46% of total market revenue. The growing popularity of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) is driving up demand for hardware components including edge nodes, sensors, and routers.
• Edge computing services are the most profitable, with a 31.5 percent compound annual growth rate (CAGR) throughout the forecast period. Edge computing services are more cost-effective than buying hardware for disruptive start-ups working on AI, ML, and IoT. This is a primary driver of this component segment’s growth.
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Global Edge Computing Market: In-Depth Assessment on Key Segments
The global edge computing market is segmented on the basis of component, application and region.
|Hardware||Energy & Utilities||North America|
|Edge Nodes/Gateways (Servers)||Industrial||Latin America|
|Sensors/Routers||Transportation & Logistics||Europe|
|Others||Smart Cities, Smart Homes, Smart Buildings||East Asia|
|Software||Healthcare||South Asia & Oceania|
|Services||Agriculture||Middle East & Africa|
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Due to COVID-19 lockdowns, digital transformation is a key growth factor
Due to the COVID-19 epidemic, workers across industries and enterprises are adopting digital collaboration methods. As a result, IT companies that sell collaboration software are seeing a boom in demand for edge computing capabilities. Edge computing is used by companies like Google LLC, Zoom Video Communications, and datacenter providers. As the number of users grows, so will the demand for more advanced edge computing. Zoom Video Communications, for example, has been purchasing servers all over the world to expand its user capacity. Since nationwide lockdowns were imposed to contain the spread of COVID-19, the company has seen a substantial increase in user counts.
Similarly, Google LLC is beefing up its processing power to make its products like Hangouts, Google Classrooms, and Google Business easier to use. The rise of digital transformation among businesses and consumers offers industry players exponential development prospects. Furthermore, consumers of edge computing are likely to enjoy the benefits of the diverse variety of products once on board, and demand will continue to grow during the projected period.
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