Dublin, Ireland, Aug. 17, 2022 (GLOBE NEWSWIRE) -- A recently published report by Fact.MR reveals that the demand for edge computing is projected to expand at a CAGR of 30% in terms of value during the period of assessment. Moreover, the report estimates that the market for edge computing is likely to surpass US$ 69 Bn by end of 2032.
Edge computing products facilitate enhanced processing power and data transmission between connected devices. The shift in consumer preference for smart devices over conventional vehicles, and homes drives the demand for edge computing components such as services, software, and edge-managed platforms. Industrial automation trends that employ artificial intelligence (AI), and machine learning (ML) to curb costs and increase production capacities also contribute to growth.
The COVID-19 pandemic has boosted field service solution adoption across industry verticals as the users move to leverage field service solutions advantages, such as expansions and less cost. Despite the global economic slowdown, around 50% of subscription companies are expanding at a similar pace without any negative influence due to the COVID-19 pandemic.
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Key Takeaways from the Market Study
- 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 Landscape
The competitive landscape of the edge computing market is shaped by product innovation and strategic mergers & acquisitions. Cisco Systems, Inc., Microsoft Corporation, Amazon Web Services (AWS), Inc., Moxa Inc., NVIDIA Corporation, and Belden Inc. are some prominent manufacturers of edge computing.
- 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. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides incremental multi-billion dollar revenue opportunities for the two companies.
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Key Market Segments in Edge Computing Industry Research
- By Component
- Edge Computing Hardware
- Edge Nodes/Gateways (Servers)
- Sensors/Routers
- Others
- Edge Computing Software
- Edge Computing Services
- Edge-Managed Platform
- Edge Computing Hardware
- 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
Recent Developments
- 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 Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the market providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of component (hardware (sensors/routers, edge nodes/gateways, and others), software, services, and edge-managed platform), applications (energy & utilities, industrial, transportation & logistics, smart cities/smart homes/smart buildings, healthcare, agriculture, retail, data centers and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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