Wilmington, Delaware, United States, July 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A study by Transparency Market Research (TMR) expects the global edge computing market to grow at a CAGR of 37.3% during the forecast period, between 2022 and 2031.
Edge computing refers to a latest technology created on a distributed computing system. The demand for different edge computing solutions is being increasing in order to reduce network burden as well as the operation time to milliseconds, nots a TMR study on the edge computing market.
Autonomous vehicle producers are growing investments in the technology due to a rise in understanding on the advantages of edge computing. This factor is generating profitable prospects in the edge computing market.
Top edge computing companies are increasing investments in R&Ds in order to develop next-gen products. Moreover, several edge computing market leaders are executing strategies such as the product portfolios expansion, mergers, and acquisitions in order to maintain their prominent market positions. These factors are helping in the rapid growth of the global edge computing market.
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Edge Computing Market: Key Findings
- The demand for autonomous and connected vehicles is being increasing around the world owing to their varied advantages. For instance, autonomous vehicles can offer precise data on the light, weather, and road conditions. Furthermore, they utilize this data to control, navigate, and drive, which in turn, improves overall driving experience. Such factors are expected to generate profitable prospects in the global edge computing market during the forecast period.
- In autonomous cars, edge computing can offer more precise and rapid data use. This, in turn, allows edge data centers to remove non-critical data and save important data within the vehicle, notes a TMR study on the edge computing market.
- Edge computing, in combination with Machine Learning (ML) and Artificial Intelligence (AI) assists in achieving situational understanding in very less time. For this, the technology offers local processing capacity to boost the processing of huge data generated by autonomous vehicles. Hence, smart driving can help in efficient management of traffic and prevent traffic bottlenecks. This, in turn, can assist in decreasing the number of road accidents globally.
- The demand for IoT edge computing solutions is being increasing around the world owing to a rise technological advancements and surge in the use of 2G, 3G, and 4G long-term evolution (LTE) wireless networks. This aside, IoT security solutions are being increasingly adopted in order to advance the flexibility and security of online communications. As a result, the edge computing market share is prognosticated to reach a valuation of US$ 161.66 Bn by 2031.
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Edge Computing Market: Growth Boosters
- Rise in the adoption of Internet of Things (IoT) technology is fueling the global edge computing market growth
- Emergence of connected cars and autonomous vehicles are driving the demand for edge computing solutions
Edge Computing Market: Regional Analysis
- Increase in the use of different connected devices including tablets, iPad, and smartphones in North America is fueling the growth in the regional edge computing market
- The presence of many well-entrenched players in Asia Pacific is expected to help in the regional market growth in the forthcoming years
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Edge Computing Market: Key Players
Some of the key players profiled in the report are:
- Atos
- Amazon Web Services (AWS), Inc.
- Dell Technologies
- Cisco System, Inc.
- Foghorn
- EdgeIQ
- Huawei
- HPE
- Litmus Automation
- IBM Corporation
- Nokia
- Microsoft Corporation
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Edge Computing Market Segmentation
Component
- Hardware
- Software
- Services
Application
- Smart Cities
- Augmented Reality (AR) and Virtual Reality (VR)
- Industrial Internet of Things (IIoT)
- Remote Monitoring
- Others
End-user
- BFSI
- Retail
- Manufacturing
- Healthcare and Life Sciences
- IT & Telecom
- Government
- Media and Entertainment
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Industrial Internet of Things (IIoT) Market - The global Industrial Internet of Things (IIoT) market is expected to cross the value of US$ 2.1 Trn by the end of 2031, expand at a CAGR of 22.9% from 2021 to 2031
Virtual and Augmented Reality Market - The global virtual and augmented reality market is estimated to exceed value of US$ 1.69 Trn by 2031, expanding at a CAGR of 38.9% during the forecast period
Internet of Things Market - The global Internet of Things market is expected to reach US$ 2,746.32 Bn by 2027. The market is anticipated to expand at a CAGR of 21.7% during the period from 2020 to 2027
Machine Learning Market - The machine learning market is anticipated to reach a value of US$ 604.5 Bn by 2030, expanding at a CAGR of 27% during the forecast period
Mobile Edge Computing (MEC) Market - The mobile edge computing (MEC) market is projected to advance at a substantial CAGR of 51.0% during the forecast period from 2017 to 2025. The revenue is projected to expand from its valuation of US$73.8 mn in 2016 to reach US$ 4228.3 mn by 2025
Cloud Workload Protection Platform [CWPP] Market- The global cloud workload protection platform (CWPP) market is estimated to exceed value of US$ 22 Bn by 2030, expanding at a CAGR of ~25% during the forecast period
Digital Experience Monitoring [DEM] Market- Digital Experience Monitoring Market size is expected to reach US$ 6.53 Bn by the end of 2031, expand at a CAGR of 18.3% from 2022 to 2031
Managed Security Services Market- Managed Security Services Market is expected to reach US$ 53.22 Bn by the end of 2031, expand at a CAGR of 14.2% from 2022 to 2031
About Transparency Market Research
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