According to a report by Grand View Research, Inc.; the global edge computing market is anticipated to attain a valuation of USD 3.24 billion by 2025. Growing requirement for technology that can enhance data processing capabilities in organizations to avoid delays in essential decision-making can boost market over the forecast period (2016 to 2025). Increasing volume of internet of things (IoT) data attributed to growing adoption of smart devices can augment product demand. Edge computing collects, processes, and stores IoT generated data for organizations.
Growing requirement for automation of business attributed to rising emphasis on time management and costing can fuel growth of market. In addition, increasing use of advanced technology to gain real-time insights from IoT data and to make effective decisions for business growth can fuel edge computing market growth in the forthcoming years. Moreover, high demand for real-time screening to avoid delays in treatment of patients can further augment expansion. However, rising concerns regarding data security and privacy can hinder market growth of market over the forecast period.
The worldwide edge computing market can be segregated on the basis of vertical, organization size, technology, and region. Based on vertical, the market can be segregated into energy and utilities, IT and telecom, manufacturing, healthcare and life sciences, consumer appliances, transportation and logistics, and others. Manufacturing segment is likely to witness high demand over the forecast period. Growing adoption of IoT devices in automotive companies can further fuel growth.
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In addition, IT and telecom segment is predicted to witness steady growth over the forecast period. Increasing number of telecom subscribers is likely to impel demand among telecom companies to enhance network efficiency and service quality.
Based on organization size, the market for edge computing can be classified into large enterprises, and small and medium enterprises (SMEs). The SME segment is predicted to expand at the highest CAGR during the forecast period. Rising need for automation and cost optimization can positively influence market growth.
The large enterprises segment dominated the market in 2016 and can grow at similar pace over the forecast period. Large companies are likely to multiply operating units and sufficient capital to invest in various edge computing technologies as compared to SMEs. This, in turn, can stimulate market growth.
Based on technology, the market can be bifurcated into mobile edge and fog computing. In 2016, mobile edge computing segment dominated the market and accounted for largest market share. It is expected to witness steady growth during the forecast period. Continual technological advancements in telecommunication sector such as 5G are likely to impel demand for edge computing solutions. This, in turn, can fuel growth of the segment in near future.
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Fog computing is likely to witness high CAGR in the forthcoming years attributed to increasing use of connected devices. Growing need for Machine-to–Machine (M2M) communication, real-time computing, and IoT connectivity can fuel demand.
Regional segmentation includes Europe, Middle East and Africa (EMEA), North America, Asia Pacific, and Latin America. In 2016, North America was the dominant regional segment and accounted for largest market share. It is expected to grow at similar pace till 2025. Presence of large tech giants such as Google, Inc., Hewlett Packard Enterprise Development LP, and Amazon Web Services, Inc. (AWS) can fuel regional market growth. In addition, high demand for edge computing solutions and services in manufacturing and telecommunication sectors is likely to further stimulate regional growth. Moreover, continual technological advancements coupled with proliferation of digital services can positively influence market growth in this region.
Asia Pacific is expected to witness significant expansion at CAGR of 46.7% during the forecast period. Supportive initiatives from local governments to promote advanced infrastructure and digitization can impel market growth. Rising investments in IoT and cloud technologies are anticipated to bode well for regional market growth during next few years. Moreover, increasing use of social media and internet in countries such as Japan and China can further propel growth.
Some of the leading companies in edge computing market are Amazon Web Services, Inc. (AWS); Aricent, Inc.; Cisco Systems, Inc.; General Electric; and Intel Corporation.
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