Edge Computing Market by Component (Hardware, Software, Services), Application (Real-time Data Processing & Analysis, Predictive Maintenance, & Optimization), Organization Size (Large Enterprises, SMEs), Vertical and Region - Global Forecast to 2029

Edge Computing Market by Component (Hardware, Software, Services), Application (Real-time Data Processing & Analysis, Predictive Maintenance, & Optimization), Organization Size (Large Enterprises, SMEs), Vertical and Region - Global Forecast to 2029

The 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. IT teams know the potential data transfer risks between devices and the cloud. Edge Computing addresses these concerns by minimizing the need for extensive data transfer in specific environments. By leveraging an edge platform, organizations can locally filter sensitive data and only transmit essential information required for model building to the cloud. This approach enables enterprises to maintain robust security measures and compliance frameworks tailored to their specific requirements while ensuring adherence to audit standards.

""By hardware, the edge sensors segment will record the highest CAGR during the forecast period. ""

Edge sensors play a pivotal role in edge computing by capturing and transmitting real-time data from physical environments to edge computing nodes for processing and analysis. These sensors are deployed at the network edge, close to the data source, enabling organizations to collect data directly from sensors and devices in the field. By processing data locally, edge sensors reduce latency, bandwidth usage, and dependence on centralized cloud infrastructure. They facilitate rapid decision-making, enable predictive maintenance, enhance operational efficiency, and support various applications across industries, including manufacturing, healthcare, transportation, and smart cities, driving innovation and transformation in the edge computing market.

""By Application, Real-time data processing & analytics segment will hold the largest market share during the forecast period.""

Real-time data processing and analytics play a crucial role in the edge computing market by enabling organizations to extract actionable insights from data generated at the network's edge. With edge computing, data is processed locally, allowing faster analysis and decision-making without sending data back to centralized servers. This capability is precious in manufacturing, healthcare, and logistics industries, where real-time insights can improve operational efficiency, enhance safety, and optimize resource allocation. By leveraging real-time data processing and analytics at the edge, organizations can drive innovation, improve customer experiences, and gain a competitive advantage in today's fast-paced digital landscape.

""By Software, the Network management segment is projected to record the highest CAGR during the forecast period.""

Network management in the edge computing market involves overseeing and optimizing the performance, reliability, and security of network infrastructure deployed at the edge. This includes monitoring network traffic, identifying and resolving connectivity issues, and ensuring seamless communication between edge devices and centralized data centers or cloud platforms. Effective network management enables organizations to optimize network resources, minimize latency, and enhance user experience. It also facilitates proactive troubleshooting and maintenance, reducing downtime and improving operational efficiency. By efficiently managing network resources at the edge, organizations can harness the full potential of edge computing while maintaining high levels of performance and reliability.

The breakup of the profiles of the primary participants is below:

By Company Type: Tier I: 35%, Tier II: 25%, and Tier III: 40%

By Designation: C-Level Executives: 25%, Director Level: 30%, and *Others: 45%

By Region: North America: 42%, Europe: 25%, Asia Pacific: 18%, **RoW: 15%

* Others include sales managers, marketing managers, and product managers

**RoW include Middle East & Africa and Latin America

Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies' revenue ranges from USD 10 million to USD 100 million; and tier 3 companies' revenue is less than 10 million

Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis

Key Players

Some of the key players operating in the Open Banking solutions market are IBM (US), Google (US), Microsoft (US), AWS (US), HPE (US), Dell Technologies (US), Cisco (US), NVIDIA (US), among others.

Research coverage:

The market analysis in all its areas covers the Edge computing market. Its goal is to project market size and development potential in several segments, including component, application, organization size, verticals, and regions. It comprises a thorough competition analysis of the major market players, company biographies, important insights regarding their offers in terms of goods and services, current advancements, and crucial market strategies.

Reasons to buy this report:

The study will include information on the closest approximations of revenue figures for the Edge computing market and its subsegments, which will assist market leaders and new entrants. Stakeholders will receive additional insights and a better understanding of the competitive landscape, enabling them to position their companies better and develop go-to-market (GTM) strategies. Additionally, the research offers information on major market drivers, constraints, opportunities, and challenges to help stakeholders understand the state of the industry.

The report provides insights on the following pointers:

Analysis of key drivers (such as rising demand for low latency applications worldwide), restraints (such as the complex nature of the edge computing infrastructure), opportunities (such as tailored edge computing solutions address unique challenges and requirements that increase adoption and innovation of edge computing market across sectors), and challenges (such as challenges owing to compatibility or interoperability in the Edge computing market) influencing the proliferation of the Edge computing market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development (R&D) activities, and new product & service launches in the Edge computing market.

Market Development: Comprehensive information about lucrative markets – the report analyses the Edge computing market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Edge computing market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as Google, Microsoft, IBM, and Cisco in the Edge computing market.