According to our new research study on “Edge Computing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Organization Size, Application, and Industry,” the edge computing market is projected to reach US$ 132.11 billion by 2028 from US$ 40.84 billion in 2022; the market size is estimated to grow at a CAGR of 21.6% from 2022 to 2028.
With a significant increase in data, organizations in various industries rely on centralized cloud computing and storage solutions. Edge computing helps industries and enterprises enhance operational efficiencies, improve performance, and automate core business processes. In addition, the increasing penetration of 5G and the growing preference for high-performance smartphone apps continue to support the growth of the edge computing market. In April 2022, Casa Systems received a multi-year contract from Verizon to provide its 5G Core Network Functions to help enable Verizon’s public mobile edge computing service offering. Moreover, Verizon plans to invest ~US$ 40 million in equity in Casa Common Stock.
Autonomous vehicles can connect to the edge to improve safety, enhance efficiency, reduce accidents, and decrease traffic congestion. These cars are equipped with various sensors, and thus, large volumes of data are created, which need to be processed instantly. Machine learning (ML) algorithms used in self-driving cars extract insights from raw data to determine road conditions and make decisions based on them. The growing integration of vehicle-to-everything (V2X) technology in autonomous vehicles would offer potential opportunities for the edge computing market growth in the coming years.
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• ADLINK Technology
• Amazon Web Services, Inc.
• Dell Technologies
• EdgeConnex Inc.
• FogHorn Systems
• International Business Machine Corporation
• Litmus Corporation
• Microsoft Corporation
• The Hewlett Packard Enterprise Company
• Vapor IO, Inc
Increase in Adoption of IoT across Industries Boost Edge Computing Market Growth
The advent of IoT has enabled more than billions of devices to be connected over the internet. The proliferation of IoT has led to a significant surge in data, due to which industries increasingly rely on centralized cloud computing and storage solutions. Edge computing is performed at locations where data is collected or used, allowing the gathering and processing of IoT data at the edge rather than sending them back to a datacenter or cloud. According to the Ericsson Mobility report, mobile network data traffic rose by 40% worldwide from Q1 2021 to Q1 2022. This exponential growth in data traffic over the internet is attributed to the growing penetration of smartphones and other consumer electronic devices that can be connected over the internet due to the growing popularity of IoT. A few advantages of edge computing, including efficient data management, low connectivity costs, and better security practices, accelerate its usage across industries such as automotive, agriculture, oil & gas, and healthcare.
Based on component, the edge computing market is segmented into hardware, software, and services. The hardware segment accounted for the largest share of the edge computing market in 2021 owing to the increasing adoption of IoT with a rise in the number of connected devices. Moreover, the services segment is projected to grow at the fastest CAGR during the forecast period owing to increase in demand for 5G network services.
Based on application, the edge computing market is segmented into smart cities, Industrial Internet of Things (IIoT), content delivery, augmented reality and virtual reality, and others. The smart cities segment accounted for the largest share of the edge computing market in 2021.
Based on industry, the edge computing market is segmented into manufacturing, energy & utility, government, IT and telecom, healthcare, retail and consumer goods, and others segment. The IT and telecom segment accounted for the largest share of the edge computing market in 2021.
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