Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Edge Computing Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Organization Size, Application, and Industry,” the edge computing market is expected to grow from $40.84 billion in 2022 to $132.11 billion by 2028; the market is estimated to grow at a CAGR of 21.6% from 2022 to 2028. The increase in adoption of IoT across industries and extremely low latency and high availability of bandwidth is anticipated to fuel the growth of the market in the coming years.
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The Integration of Artificial Intelligence (AI) and Machine Learning (ML) with Edge Computing Provides Lucrative Opportunities for Global Edge Computing Market:
Integrating artificial intelligence (AI) and machine learning (ML) with edge computing presents a significant opportunity for the edge computing market. This convergence enables advanced data processing, analysis, and decision-making capabilities at the network's edge, unlocking new possibilities and driving market growth. AI and ML algorithms are known for extracting valuable insights from large volumes of data, detecting patterns, and making intelligent predictions. By combining these capabilities with edge computing, organizations can leverage real-time data analysis and decision-making directly at the edge without relying heavily on cloud or centralized processing. One key advantage of integrating AI and ML with edge computing is reduced latency. Instead of sending data to a remote cloud server for processing and waiting for a response, edge devices can process data locally, resulting in faster response times and real-time insights. This is particularly critical for applications that require immediate decision-making, such as autonomous vehicles, industrial automation, and real-time monitoring systems. Moreover, edge computing combined with AI and ML enables localized intelligence and autonomy. Edge devices can independently process and analyze data, adapt to changing conditions, and make informed decisions on the spot. This autonomy is beneficial in scenarios where connectivity to the cloud is limited, unreliable, or too costly. Edge devices with AI and ML capabilities can operate efficiently even in disconnected or resource-constrained environments, making them ideal for remote locations or IoT deployments. Integrating AI and ML with edge computing addresses data privacy and security concerns. Organizations can minimize the risk of transmitting sensitive information to the cloud by processing sensitive data at the edge. This approach ensures data privacy and reduces the exposure to potential security threats. Furthermore, AI and ML algorithms can be deployed directly on edge devices, enabling secure and privacy-preserving analysis without compromising data confidentiality. Additionally, combining AI, ML, and edge computing opens up new opportunities for edge analytics. With AI-powered edge devices, organizations can perform advanced analytics tasks locally, such as image recognition, natural language processing, and predictive maintenance. This reduces the dependency on cloud resources and enables real-time insights and immediate action based on the analysis results.
Browse key market insights spread across 174 pages with 115 list of tables & 98 list of figures from the report, "Edge Computing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Organization Size (SMEs and Large Enterprises), Application (Smart cities, Industrial Internet of Things (IIoT), Content delivery, Augmented Reality and Virtual Reality, and Others), and Industry (Manufacturing, Energy & Utility, Government, IT and Telecom, Healthcare, Retail and Consumer Goods, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/edge-computing-market
The United States has emerged as the dominant player in the edge computing market within the North America region, significantly contributing to the market's growth. The country's dominance can be attributed to several factors that have propelled its leadership position. Firstly, the United States boasts a robust and innovative technology ecosystem. It is home to some of the world's largest technology companies, including major cloud service providers, networking equipment manufacturers, and edge computing solutions. These companies have been instrumental in driving edge computing technologies' development, adoption, and commercialization, thereby fostering market growth. Secondly, the United States possesses a highly advanced digital infrastructure, including extensive high-speed internet connectivity and reliable telecommunications networks. This infrastructure is a critical enabler for successful edge computing implementations. With a strong foundation, edge devices can seamlessly connect and communicate with centralized cloud or data centers, supporting real-time data processing, low latency requirements, and efficient data transmission. Additionally, the United States has diverse industries that benefit from edge computing. Manufacturing, healthcare, finance, transportation, and entertainment sectors have a strong presence in the country. These industries have been at the forefront of adopting edge computing solutions to enhance their operational efficiency, improve decision-making processes, and unlock new opportunities for innovation. The market demand generated by these industry verticals has contributed significantly to the growth of the edge computing market in the United States. Moreover, the country has a favorable regulatory environment that fosters technological innovation and encourages investment in emerging technologies. The government has supported research and development initiatives related to edge computing, promoting collaboration between industry and academia. This support has propelled advancements in edge computing technologies, stimulated market competition, and facilitated the adoption of edge computing solutions by organizations across various sectors.
Global Edge Computing Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | USD 40.84 Billion in 2022 |
| Market Size Value by | USD 132.11 Billion by 2028 |
| Growth rate | CAGR of 21.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 174 |
| No. of Tables | 115 |
| No. of Charts & Figures | 98 |
| Historical data available | Yes |
| Segments covered | Component, Organization Size, Application, and Industry |
Global Edge Computing Market Analysis: Competitive Landscape and Key Developments
ADLINK Technology; Amazon Web Services, Inc.; Dell Technologies; EdgeConnex Inc.; FogHorn Systems; International Business Machine Corporation; Litmus Corporation; Microsoft Corporation; The Hewlett Packard Enterprise Company; and Vapor IO, Inc are a few of the key companies operating in the edge computing market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In July 2022, SixSq participated in the 5G-EMERGE project to develop solutions that use 5G technology and satellite broadcasting and enable distribution of high-quality content services all over Europe.
In February 2022, Asana, a work management platform provider, released Asana Flow, a complete range of solutions that businesses can use to build, run, and enhance their workflows.
In March 2022, FogHorn collaborated with IBM to provide a secure and open next-generation hybrid cloud platform with advanced, closed-loop system control capabilities and edge-powered artificial intelligence (AI). By bringing together edge and cloud capabilities, FogHorn and IBM plan to help customers rapidly process, deploy, analyze, store, and train critical data from the edge to the cloud and enhance their business processes
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Furthermore, the United States benefits from a strong entrepreneurial culture, a vibrant startup ecosystem, and access to venture capital funding. This environment encourages the establishment of innovative edge computing startups and enables the commercialization of cutting-edge technologies. The presence of startups and entrepreneurial talent contributes to the overall market growth, driving competition, innovation, and the introduction of new edge computing solutions.
Global Edge Computing Market: Segmental Overview
Based on component, the market is further segmented into hardware, software, and services. The hardware segment held the largest share of the market in 2020, whereas the services segment is anticipated to register the highest CAGR in the market during the forecast period. The edge computing market, by application, is sub segmented into smart cities, Industrial Internet of Things (IIoT), content delivery, augmented reality and virtual reality, and others. The smart cities segment held the largest share of the edge computing market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. The market, by organization size, is sub segmented into small and medium enterprises, and large enterprises. The large enterprises segment held the largest share of the market in 2020, whereas the small and medium enterprises segment is estimated to register the highest CAGR in the market during the forecast period. Based on industry, the market is further segmented into manufacturing, energy & utility, government, IT and telecom, healthcare, retail and consumer goods, transportation and logistics, healthcare, and others. The IT and telecom segment held the largest share of the market in 2020, whereas the retail and consumer goods segment is anticipated to register the highest CAGR in the market during the forecast period.
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