According to Fact.MR, the demand for edge computing is expected to grow at a CAGR of 30% in terms of value during the assessment period. Furthermore, the report predicts that the market for edge computing will exceed US$ 69 billion by the end of 2032.
Edge computing products improve processing power and data transmission among connected devices. Consumer preference for smart devices over traditional vehicles and homes is driving demand for edge computing components such as services, software, and edge-managed platforms. Trends in industrial automation that use artificial intelligence (AI) and machine learning (ML) to reduce costs and increase production capacities also contribute to growth.
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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.
- Datacenters 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.
- Edge computing services offer the most remunerative opportunities with a stupendous 31.5% CAGR during the projection period.
Rapid technological advancements across multiple industries is necessitating the need for rapid data transmission and assimilation to arrive at timely conclusions. Furthermore, there is a need to streamline workflows, all of which are expected to contribute majorly to the growth of edge computing, remarks a Fact.MR analyst.
Key Market Segments in Edge Computing Industry Research
- Edge Computing Hardware
- Edge Nodes/Gateways (Servers)
- Edge Computing Software
- Edge Computing Services
- Edge-Managed Platform
- 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
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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.
Key Companies Profiled
- Cisco Systems, Inc.
- Microsoft Corporation
- Amazon Web Services (AWS), Inc.
- Moxa Inc.
- NVIDIA Corporation
- Belden Inc.
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How is the market performing in the United States?
According to Fact.MR, the emergence of edge computing and IIoT is motivating manufacturers in the United States. Furthermore, many startups have emerged to provide platforms for developing edge-enabled solutions, which is expected to drive the regional market.
The market in the United States has a lot of potential because of the trend of digital transformation among organisations and consumers alike, which presents exponential growth opportunities for market players. Furthermore, users of edge computing are expected to realise the benefits of the diverse range of products and continue to generate demand during the forecast period.
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