Global Multi-Access Edge Computing Market 2024-2031

Global Multi-Access Edge Computing Market 2024-2031

Global Multi-Access Edge Computing Market Size, Share & Trends Analysis Report by Solution (Hardware, Software and Services), by Network Type (Wireless MEC and Wired MEC), and by End- User (IT & Telecom, Data centers, Energy & Utilities, Automotive, Manufacturing, Retail, Healthcare and Others) Forecast Period (2024-2031)

Global multi-access edge computing market is anticipated to grow at a considerable CAGR of 11.4% during the forecast period (2024-2031). The growing adoption of ultra-low latency and high bandwidth technology along with 5G data network is the key factor supporting the growth of the market globally.The increasing demand for MEC allows computing, network, and mobile service providers to shift some of the computing and cloud-based processes to the edge of the network environment, achieving better performance, latency, and security resulting drive the growth of the market. The market players are introducing multi-access edge computing solutions that further bolster the market growth.

Market Dynamics

Rollout of 5G Networks Deployment

Multi-access edge computing lowers latency by bringing compute capabilities closer to the end user, 5G speeds can increase up to ten times faster than 4G. Edge computing and 5G are two closely related technologies that have the potential to greatly enhance application performance and allow for the real-time processing of massive volumes of data.

Increasing demand for edge analytics and real-time processing

MEC provides real-time data analytics which allows businesses to drive actionable insight from data. With multi-access edge computing (MEC), traffic and service processing is moved from a centralized cloud to the edge of the network, where it is closer to the user. The data is processed, stored, and analyzed at the network edge rather than being sent to a cloud for processing.

Market Segmentation

Our in-depth analysis of the global multi-access edge computing market includes the following segments by solution, network type, and end-user.

Based on solution, the market is sub-segmented into hardware, software and services.

Based on network type, the market is sub-segmented into wireless MEC and wired MEC.

Based on end users, the market is sub-segmented into IT & telecom, data centers, energy & utilities, automotive, manufacturing, retail, healthcare and others (smart cities, smart homes, & smart buildings).

Services Segment is Projected to Emerge as the Largest Segment

Based on the solution, the global multi-access edge computing market is sub-segmented into hardware, software and services. Among these, the service ssub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the growing adoption of multi-access edge services in application developers and content providers cloud-computing capabilities and an IT service environment at the edge of the network.

Wireless Multi-Access Edge Computing (MEC)Sub-segment to Hold a Considerable Market Share

The increasing demand for wireless multi-access edge computing (MEC) enables cloud computing capabilities to the edge of the wireless access networks, closer to the end-users. MEC-enabled 5G wireless networks to real-time, low-latency, and high-bandwidth access to radio network resources.MEC technology provides new insights into coherent integration of Internet of Things (IoT) in 5G wireless systems including Network Function Virtualization (NFV), Software Defined Networking (SDN), Network Slicing and Information-Centric Networking (ICN), that propel and intensify the integration of MEC IoT in 5G networks.

Regional Outlook

The global multi-access edge computing market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

An increasing number of Asia-Pacific companies and governments investment

Countries such as India, China, and Japan establishing and enhancing a mechanism for collecting marketing data and improving overall business operations by using multi-access edge computing.

The companies in the region adopting technologies to promise even greater security, real-time insights, and expanded capabilities for multi-access edge computing.

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to presence of enormous number of providers offering multi-access edge computing.Several companies are creating collaboration for multi-access edge computing systems for many sectors, including start-ups and major IT organizations.For instance, in February 2023, Kyndryl and Nokia announced a three-year extension and expansion of their global network and edge partnership, with a focus on developing and delivering industry- LTE and 5G private wireless services and Industry 4.0 solutions to customers globally. Additionally increasing government initiatives in 5G network and increases in the installation of the data center, which provides integrated multi-access edge computing, are the factor propelling the market growth in the region.

Market Players Outlook

The major companies serving the global multi-access edge computing market include Amazon Web Services, Inc., ETSI, Huawei Technologies Co., Ltd., Intel Corp., Microsoft Corp.,among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.

Recent Development

in January 2024, American Tower and IBM Corp. collaborated to accelerate the deployment of a hybrid, multi-cloud computing platform at the edge. Through this collaboration, American Tower plans to expand its neutral-host, Access edge data center ecosystem to include IBM Hybrid Cloud capabilities and Red Hat OpenShift.

In August 2022, NTT DATA, Inc. launched aunch of Edge-as-a-Service, a managed edge compute platform that gives enterprises the ability to deploy quickly, manage and monitor applications closer to the edge. VMware’s secure application development, resource management automation, and real-time processing capabilities combined with NTT’s multi-cloud and edge platforms, develop a fully integrated Edge+Private5G managed service.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global multi-access edge computing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.