Multi-access Edge Computing Market By Component (Hardware, Software, Services), By End-User (IT and Telecom, Manufacturing, Retail, Healthcare, Automotive, Smart Cities, Smart Homes and Smart Buildings, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The multi-access edge computing market was valued for $2,810.78 million in 2022 and is estimated to reach $102,018.99 million by 2032, exhibiting a CAGR of 21.2% from 2023 to 2032. MEC is a key component of edge computing, which has become significantly popular. As businesses are willing to utilize unparalleled potential of edge computing for low-latency, real-time data processing, the multi-access edge computing (MEC) market has expanded and changed quickly. The demand for MEC to process data closer to its source to reduce latency and improve reaction times is driven by the growth of Industry 4.0, 5G, and IoT networks. The market has witnessed an increase in edge deployments from a number of different businesses. One major factor driving the deployment of MEC is the development of 5G networks. The high bandwidth and low latency characteristics of 5G have increased the efficiency of MEC. To support applications such as autonomous vehicles, augmented reality, and virtual reality, telecom providers invest in MEC. Moreover, as billions of IoT devices require real-time data processing, the Internet of Things (IoT) has propelled MEC's expansion. Fast decision-making at the edge is made possible by MEC, which boosts the effectiveness of IoT applications in industries including logistics, smart cities, and healthcare. However, privacy and security have become crucially important as MEC deployments increase. Businesses spend money on strong security solutions to safeguard sensitive data and edge equipment. Data sovereignty and privacy compliance are important factors, especially in the financial and healthcare sectors.
Surge in 5G network rollout and rise in adoption of IoT primarily drive the growth of the multi-access edge computing market. However, infrastructure costs and deployment challenges and concerns about security and privacy hamper market growth. Moreover, industry 4.0 and smart manufacturing is expected to provide lucrative opportunities for market growth during the forecast period.
The multi-access edge computing market is segmented on the basis of component, end user, and region. On the basis of component, it is categorized into hardware, software, and services. On the basis of end user, it is fragmented into IT and telecom, manufacturing, retail, healthcare, automotive, smart cities, smart homes and smart buildings, and others.
The key players operating in the multi-access edge computing industry include Hewlett Packard Enterprise Development LP., Juniper Networks, Inc. Huawei Technologies Co., Ltd. Intel Corporation, Advantech Co., Ltd., ADLINK Technology Inc., IBM, Vapor IO., Nokia, and SAGUNA. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition for multi-access edge computing industry.
The report focuses on growth prospects, restraints, and analysis of the multi-access edge computing trend. The study provides Porter’s five forces analysis to understand the impact of numerous factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the multi-access edge computing market share.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multi-access edge computing market analysis from 2022 to 2032 to identify the prevailing multi-access edge computing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the multi-access edge computing market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global multi-access edge computing market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ComponentHardware
Software
Services
By End-UserIT and Telecom
Manufacturing
Retail
Healthcare
Automotive
Smart Cities, Smart Homes and Smart Buildings
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersJuniper Networks, Inc.
Huawei Technologies Co., Ltd.
Advantech Co., Ltd.
ADLINK Technology Inc.
Vapor IO.
SAGUNA
Intel Corporation
IBM
Nokia
Hewlett Packard Enterprise Development LP
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