Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The "Global 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" report has been added to ResearchAndMarkets.com's offering.
The global multi-access edge computing market size is anticipated to reach USD 23.36 billion by 2028, exhibiting a CAGR of 42.6%
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.
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.
Multi-access Edge Computing Market Report Highlights
- 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.
Market Dynamics
Market driver analysis
- Advent of OTT media streaming delivery
- Implementation of 5G
- Growing adoption of IoT across industry verticals
Market restraint/challenges analysis
- Data security and privacy concerns
Penetration & Growth Prospect Mapping
Business Environment Analysis Tools
- PEST Analysis
- Porter's Five Force Analysis
Key Company Ranking Analysis, 2020
MEC Architectural Blueprint
MEC Use Cases
5G and Edge Computing
Technical Challenges and Requirements
Competitive Landscap
- 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
- ZephyrTel
For more information about this report visit https://www.researchandmarkets.com/r/c6lt92
