Edge Computing Market Size to Hit at USD 116.5 Billion by 2030
According to Precedence Research, the global edge computing market size is expected to hit around USD 116.5 billion by 2030 and expanding growth at a CAGR of 12.46% over the forecast period 2022 to 2030.
The global edge computing market size was valued at USD 40.49 billion in 2021. Edge computing can resolve this issue significantly by processing and analysing data closer to the center where it is acquired. As per Cisco Internet Business Solutions Group (IBSG), the number of connected IoT internet – enabled devices exceeded the growing global population in 2010, with a device to person ratio of 1:1.84. By 2020, it is predicted that each individual would have up to ten internet gadgets, generating more than 40 zettabytes of data every year. As a result, the pressure on network infrastructure is constantly growing, offering prospects for development in the edge computing sector.
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The Internet of Things (IoT) market has expanded dramatically in recent years and is likely to expand even further in the subsequent years. As the devices connected to the internet grow steadily, they generate an increasingly huge amount of data. As a result, the requirement to handle and evaluate this data more quickly is increasing accordingly. Although cloud computing is critical to the development of IoT, it cannot match the expectations for quicker data processing in all cases. And from the other side, keeping big volumes of data stored in the cloud may be costly, and accessing this material from the cloud is also costly.
- By component, the U.S. edge computing market was estimated at USD 692.3 million in 2021 and growing at a CAGR of 33.1%
- North America region has accounted market share of over 41% in 2021
- In 2021, the server segment accounted 45% market share
- The market share of edge sensors/routers segment was 24% in 2021
- In 2021, the energy and industrial segment has garnered 18% revenue share
- In 2021, the Industrial Internet of Things (IIoT) segment accounted 32% market share
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North America dominated the market in 2021. The confluence of IIoT and edge computing is creating favorable conditions for firms in the United States to transition to link manufacturing. Multiple companies have also emerged to provide infrastructure for building edge-enabled solutions, which are expected to drive market growth in the region. Telus Communications and MobiledgeX, Inc., for example, work together to develop the MobiledgeX Early Access Project. The initiative has enabled programmers to develop, test, and evaluate the effectiveness of edge-enabled apps in a minimal setting.
Due to the COVID-19 pandemic, Asia Pacific is expected to drive strong growth from2022 to 2030, owing to an increased focus on enhancing communications technology in the area. Because of the region’s tremendous expansion of the connected device ecosystem, a great volume of data is created, necessitating the need for a strong computing architecture. Google Inc. unveiled its Global Mobile Edge Cloud (GMEC) concept, which is primarily geared at the US market. Microsoft Corporation’s launch of Azure Edge Zones is expected to stimulate growth in the region in the next years.
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