Edge Computing Market by Component (Hardware, Services, Software), Application (Analytics, Augmented Reality, Location Services), End-Use - Global Forecast 2024-2030
The Edge Computing Market size was estimated at USD 6.01 billion in 2023 and expected to reach USD 7.27 billion in 2024, at a CAGR 20.96% to reach USD 22.79 billion by 2030.
Edge computing is the rapidly growing ecosystem of technologies, solutions, and services that facilitate data processing, storage, and analytics. Edge computing enables real-time decision-making, reduces latency, enhances data security, and optimizes system performance. The increasing adoption of IoT devices and the rapid expansion of 5G networks increase the need for edge computing. However, high initial investment costs and a lack of technical expertise among IT professionals are restraining the market growth. Furthermore, advancements in managing complex edge infrastructure and increased demand for low-latency applications such as autonomous vehicles and augmented reality are expected to generate lucrative opportunities for the edge computing market.
Regional InsightsThe edge computing market in the Americas is witnessing significant traction, driven by the increasing demand for low-latency processing and real-time automated decision-making solutions. The well-established technological infrastructure and early adoption of advanced technologies, including IoT and AI in the Americas are expanding the innovations and developments in edge computing. Europe's edge computing market is characterized by rapid growth in sectors such as manufacturing automation and smart city projects. The European Union's Horizon 2020 initiative includes funding for research on edge cloud architectures. Meanwhile, despite being relatively nascent in the Middle East & Africa region, there is an increased focus on improving connectivity through partnerships between local governments and international tech firms. The Asia Pacific region exhibits a high potential for edge computing market growth, fueled by rapid urbanization and significant investments in emerging technologies. Expanding digital economies, increased government focus on smart city projects, and growing adoption of Industrial IoT is expected to bolster the edge computing market in the Asia-Pacific.
Market InsightsMarket DynamicsThe market dynamics represent an ever-changing landscape of the Edge Computing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market DriversGrowing adoption of IoT across industries
Rising demand for low-latency processing and real-time, automated decision-making solutions
Surmounting exponentially increasing data volumes and network traffic
Market RestraintsHigh initial capex for infrastructure
Market OpportunitiesEmergence of autonomous vehicles and connected car infrastructure
Lightweight frameworks and systems to enhance efficiency of edge computing solutions
Market ChallengesVulnerability issues with edge nodes
Market Segmentation AnalysisComponent: Extensive adoption of software for efficient management and orchestration of resources
Application: Growing preference of analytics to ensure faster, data-driven decisions
End-Use: Wide use of edge computing in healthcare and life sciences for real-time patient monitoring
Market Disruption AnalysisPorter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis
FPNV Positioning MatrixThe FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Edge Computing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share AnalysisThe market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Edge Computing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent DevelopmentsSECO and Qualcomm join forces to launch new edge computing solutions for Industrial IoT
SECO S.p.A. partnered with Qualcomm Technologies International, Ltd. to accelerate the development of edge computing products for the Industrial IoT sector. This collaboration aims to create a system-on-module (SOM) and a modular single-board computer (SBC) for SECO's off-the-shelf hardware solutions catalog.
Bengaluru-based KaleidEO Becomes the First Indian Firm to Deploy Edge Computing in Space
SatSure Analytics' India subsidiary, KaleidEO, has made a significant breakthrough in edge computing by deploying edge computing in space. With edge computing, data can now be processed and analyzed at the source, enabling faster and more efficient data analysis. This innovative approach showcases their expertise in harnessing the power of edge computing for data analysis and decision-making.
Nokia and Kyndryl Expand Global Network and Edge Computing Alliance
Nokia and Kyndryl announced the extension and expansion of their network globally and edge computing partnership for a period of three years. The primary objective of this partnership is to collaborate on developing industry-leading LTE and 5G private wireless services, and Industry 4.0 solutions, to customers worldwide. This extended partnership underscores the commitment of both Nokia and Kyndryl to drive innovation and provide cutting-edge solutions in the rapidly evolving edge computing landscape.
Strategy Analysis & RecommendationThe strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Edge Computing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company ProfilesThe report delves into recent significant developments in the Edge Computing Market, highlighting leading vendors and their innovative profiles. These include ADLINK Technology Inc., Amazon Web Services, Inc., Axellio, Azion Technologies Ltd., Cisco Systems, Inc., ClearBlade, Inc., Dell Inc., Digi International Inc., EdgeConneX Inc., General Electric Company, Google LLC, Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation, Juniper Networks, Inc., Litmus Automation Inc., Microsoft Corporation, Moxa Inc., Saguna Networks Ltd., and Schneider Electric.
Market Segmentation & CoverageThis research report categorizes the Edge Computing Market to forecast the revenues and analyze trends in each of the following sub-markets:
Component
Hardware
Services
Software
Application
Analytics
Augmented Reality
Location Services
Smart Cities
End-Use
Energy & Utilities
Government & Defense
Healthcare & Life Sciences
Manufacturing
Media & Entertainment
Retail & Consumer Goods
Telecommunications
Transportation & Logistics
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year