According to a new market research report published by Meticulous Research the edge computing market is expected to grow at a CAGR of 34.9% from 2019 to reach US$28.07 billion by 2027.
“Edge computing is changing the way data is being handled, processed, and delivered from millions of devices around the world,” authors of the report note.
“The global edge computing market is witnessing consistent growth owing to increasing load on cloud infrastructure. Furthermore, rising adoption of industrial IoT, rising demand for low-latency processing solutions, and need for real-time and automated decision-making solutions are contributing to the overall growth of the market.”
The report states that the market is majorly segmented by component, application, end-use industry, and geography.
“With an increase in edge devices and data centres, companies incessantly require software solutions capable of controlling operations of edge devices and data centres, within the network infrastructure. This, coupled with increasing need to improve operational feasibility of such network infrastructure, is driving the growth of the edge computing platforms segment."
Based on application, the global edge computing market is majorly segmented into smart cities, industrial IoT, remote monitoring, content delivery, AR-VR, and others.
Smart cities are slated to grow at a fastest CAGR during the forecast period, the result of an “increasing push towards smart city initiatives and rising implementation of edge computing by several countries across the world to enhance building security, home automation, parking and traffic management, and city asset management.”
The report also states that the “scope of edge computing market varies greatly across different continents. This is mainly due to difference in the rate of technological developments in different parts of the world.
“North America commanded the largest share of the edge computing market and is expected to maintain its dominance throughout the forecast period. Today, a large number of business enterprises (there) are adopting edge computing technologies to enhance their IT infrastructure and leverage the benefits of new technologies, such as 5G and IoT.
“This coupled with the presence of majority of established edge computing players and start-ups, has boosted the overall edge computing market in the North American region.”
Another strong geographic area is Asia-Pacific where “rising government initiatives towards digitization, strong inclination of businesses and governments towards storing and processing data locally, and growing adoption of edge computing by enterprises” are driving the growth in that region.
Further information is available www.meticulousresearch.com.