04 November 2022
Visiongain has published a new report entitled Edge Computing Market Report 2023-2033: Forecasts by Organisation Size (Large Enterprises, SMEs), by Components (Hardware, Software, Services), by Vertical (Manufacturing, Energy and Utilities, Government and Defence, Telecommunications, Media and Entertainment, Retail and Consumer Goods, Transportation and Logistics, Healthcare and Life Sciences, Other), by Application (Smart Cities, Industrial Internet of Things (IIoT), Remote Monitoring, Content Delivery, Augmented Reality (AR) and Virtual Reality (VR), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global edge computing market was valued at US$39,887 million in 2022 and is projected to grow at a CAGR of 17.8% during the forecast period 2023-2033.
Edge Computing Has Been in The Spotlight for Years
Edge computing has been in the spotlight for years, circulating in a seemingly endless hype cycle. It is no wonder that, when you ask someone about exciting new use cases, they list things like self-driving cars, drones, augmented and virtual reality experiences and other examples more reminiscent of a sci-fi movie than everyday life. The top use cases for edge computing in rural environments currently are limited to retail needs, such as tracking inventory and in-store security, and 5G infrastructure deployments, which often contain edge computing components.
There is more interest in offering connectivity in rural communities today than ever before, as the pandemic has put into sharp relief the human toll of poor or no broadband access, and as the business case for that connectivity has begun to shift. The limitations of small customer pools for rural broadband are now being surpassed by the prospect of connecting hundreds, thousands, or even millions of devices used in IoT applications.
How has COVID-19 had a significant negative impact on the Edge Computing Market?
The epidemic has caused the edge computing industry to rise. When servers are located a minimum of three intermediate routing points away from their consumers, data streams, audio, and video may be received more quickly and with fewer pauses. These servers may end up on one end of the network or the other, depending on the application, when one or both edge techniques are used. One of the prosperous, new sectors that 5G wireless technology has made possible has been hailed as being edge computing. The next generation must create new, lucrative income streams for many telecoms businesses to find the worldwide transition from 4G to 5G to be commercially viable.
SLOs should benefit from the decrease in latency and the increase in processing speed (thanks to newer servers that are quantitatively devoted to considerably fewer jobs). The vast spread of resources has also been noted as a factor in service redundancy and even business continuity. A few workers on-site can sustain a conventional tier-2 data centre facility in an emergency (like a pandemic).
How will this Report Benefit you?
Visiongain’s 281-page report provides 153 tables and 157 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global edge computing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Edge Computing. Get financial analysis of the overall market and different segments including vertical, application, organization size, components, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing edge computing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Edge Computing Can Reduce the Broadband Gap in Urban and Rural Areas
Increasing internet availability in rural regions would have several advantages. Edge computing will also help rural communities in a variety of ways, including by fostering new business opportunities, bringing agriculture which is regarded as one of these communities' economic pillars—into the next generation, expanding access to healthcare through telehealth applications, enhancing community resilience to climate change by supporting smart grid or microgrid applications, integrating more renewable energy, and managing energy.
For rural areas, the work from home concept creates a new economic opportunity. Small communities around the US have a potential to draw new people since they can practically bring their job with them now that employees don't have to live close to the office, provided that they have access to a reliable broadband connection.
IoT Expansion Is Aiding Growth of Edge Computing
The use of IoT is growing quickly, which is creating a surge of data that has to be handled in centralized cloud computing and storage systems. However, the sustainability of using the cloud is uncertain owing to latency, bandwidth, and security issues, and organizations are looking instead to edge computing solutions. For data gathering and analytics, edge computing brings computation closer to the Internet of Things device. As a result, data is more securely stored, and network latency is decreased due to a reduction in the distance travelled to and from the data centre. Edge computing can thereby optimize IoT applications, particularly those that call for real-time activities
Together, IoT and edge computing provide a quicker, more effective method of data collection and processing. Real-time data processing is handled via edge computing, which lowers latency and network congestion. This enables more efficiency as well as a more seamless experience for the end-user. Additionally, IoT devices may serve as cloud gateways, enabling even greater data collecting and processing. Edge computing and IoT work together to provide a complete solution for processing and managing data.
Where are the Market Opportunities?
Increasing In 5G Usage in the Worldwide Telecommunications Business Will Boost Market for Edge Computing
The rapid acceptance and implementation of 5G technology across numerous sectors is assisting the rise in telecom edge. The ever-increasing demand for large data production and processing will be handled by 5G, which promises to give greater speed and dependability. Edge computing will continue to see growth and investment thanks to the demand for enhanced connection technologies like 5G and 6G. Solving a number of problems, such as network connectivity and system delays in data processing, will become simpler with the adoption of 5G projected to take shape in edge computing devices. Virtual reality, driverless cars, augmented reality, and IoT products and services are among areas where 5G applications will further fuel the edge computing industry.
Orchestrated Edge Systems Will Become a Competitive Alternative to Public Clouds
IT service management and delivery have entirely changed thanks to public cloud platforms like AWS, Azure, and GCP. The cloud, simply means someone else's data centre, and although it unquestionably has benefits, it's not without drawbacks. Because of this, new paradigms are about to take shape that will allow companies to create their own systems that have features comparable to those of public cloud architecture but are designed to operate at the network's edge. Organizations will be able to enjoy cloud-like ease without sacrificing performance by grouping fleets of autonomously controlled edge computing systems and dispersing them near to customers' homes.
The major players operating in the edge computing market are Belden, Inc., Capgemini SE, Cisco Systems, Inc., ClearBlade Inc., Digi International, Inc., EDGECONNEX, EDGEIQ Inc., Edgeworx Inc., Hewlett Packard Enterprise Co., LITMUS AUTOMATION, Microsoft Corporation, MOXA, Sierra Wireless, Inc., VAPOUR IO, VMware, Inc., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 25 April 2022, Hewlett Packard Enterprise has announced that Steel Authority of India Limited (SAIL), the country’s largest steel producer, selected the HPE GreenLake edge-to-cloud platform for its Bokaro Steel Plant (BSL) to modernize its critical SAP environment, accelerate its digital transformation agenda and reduce its environmental footprint.
• 23 May 2022, Litmus, the Edge Data Platform for Industry 4.0, has announced CHIMEI, a leading Taiwan-based performance materials manufacturer, has deployed Litmus Edge to power artificial intelligence at the edge. CHIMEI will deploy Litmus Edge to many of their plants to expand factory data collection and run AI models at the edge to improve quality in production processes.
Notes for Editors
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