Chicago, April 30, 2024 (GLOBE NEWSWIRE) -- The global Edge Computing Market size is expected to grow from USD 60.0 billion in 2024 to USD 110.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period, according to a new report by MarketsandMarkets™. The surge in adoption and practice of IoT across industries irrespective of enterprise sizes, strict compliance and adherence to government regulatory requirements, and integration of AI/ML that significantly leverage(s) global Edge computing market are some of the key driving factors that foster Edge computing market growth.
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Edge Computing Market Dynamics:
Drivers:
- AI/ML integration with edge computing enables real-time data analytics and decision-making at the network edge.
- Integration drives the edge computing market by facilitating real-time analysis and decision-making.
- It reduces the need for extensive data transmission to centralized servers, cutting latency and improving efficiency.
Restraints:
- Edge computing implementation demands significant infrastructure investment in devices, networking, and management systems.
- Challenges include managing edge devices, networking components, and systems.
- This complexity is a limiting factor for global market adoption.
Opportunities:
- Customizing edge computing solutions for different industries offers substantial growth opportunities.
- In healthcare, it supports remote patient monitoring and real-time data analysis.
- Meeting industry needs unlocks new adoption avenues and drives innovation in the market.
List of Key Players in Edge Computing Market:
- IBM (US)
- Microsoft (US)
- HPE (US)
- Google (US)
- Dell Technologies (US)
- NVIDIA (US)
- AWS (US)
- Cisco (US)
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Based on Services, the Professional services segment will record a higher CAGR during the forecast period.
Professional services play a crucial role in the edge computing market, offering specialized expertise and support to organizations implementing edge solutions. These services encompass consulting, implementation, support & maintenance, enabling seamless adoption and operation of edge computing infrastructure. By leveraging professional services, businesses can effectively design tailored edge architectures, optimize performance, and address specific use case requirements. Additionally, expert guidance ensures smooth deployment and integration with existing systems, enhances operational efficiency and reduces downtime. Overall, professional services empower organizations to maximize the benefits of edge computing, accelerate innovation, and stay ahead in today's competitive landscape.
By Organization size, SMEs will hold a higher CAGR Enterprise video market share during the forecast period.
In recent years, Small and Medium Enterprises (SMEs) have increasingly turned to edge computing solutions to enhance their operations. Edge computing allows SMEs to leverage real-time data processing and analytics capabilities without large-scale infrastructure investments. By deploying edge computing solutions, SMEs can achieve improved efficiency, agility, and cost-effectiveness in their operations. Moreover, edge computing enables SMEs to address data security and privacy concerns by processing sensitive information locally, closer to the data source. As edge computing technology evolves, SMEs are expected to increasingly adopt these solutions to stay competitive in their respective markets and drive innovation in their business processes.
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By Verticals, the Manufacturing industry will record the highest CAGR during the forecast period.
The manufacturing industry has experienced a significant transformation by adopting edge computing technology. Manufacturers can process and analyze large volumes of data generated by IoT sensors and devices in real-time by deploying edge computing solutions. This enables them to optimize production processes, enhance quality control, and improve operational efficiency. Edge computing also facilitates predictive maintenance, allowing manufacturers to identify and address equipment issues before they cause costly downtime. Additionally, edge computing enables manufacturers to leverage advanced analytics and machine learning algorithms to gain valuable insights from their data, leading to better decision-making and innovation. As a result, the manufacturing industry is experiencing accelerated growth and digital transformation, driving increased productivity and competitiveness in the market.
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