REDDING, Calif. , July 24, 2024 /PRNewswire/ — According to a new market research report titled, “Edge Computing Market by Component (Hardware, Platform, Services), Application (Smart City, Industrial IoT, AR/VR, Others), End-Use Industry (Energy & Utilities, Manufacturing, Retail, Others), and Geography – Global Forecast to 2031,” the edge computing market is projected to grow at a CAGR of 37.4% from 2024 to 2031, reaching $169.3 billion in 2031.
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Edge computing refers to managing data at the edge of the network where it is generated, instead of processing data in centralized data processing warehouses. Edge computing is rapidly transforming the way data is processed, processed, and delivered from countless devices across the globe. The benefits of edge computing include reduced operational costs, minimized internet bandwidth usage, and improved performance. These benefits are expected to drive the growth of the edge computing market in the coming years.
The edge computing market is expected to experience significant growth over the next few years due to the rapid adoption of intelligent IoT applications across various industries. The increasing amount of data collected from IoT devices, the prevalence of high-speed broadband networks, and the emergence of 5G technology are driving the demand for high-speed data processing.
The edge computing market has been segmented by component (hardware, platform, services (training & support services and consulting services)), application (smart city, industrial IoT, remote monitoring, content delivery, AR/VR, and other applications), end-use industry (manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other end-use industries), and region. The study also evaluates the industry competitors and analyzes the market at regional and country levels.
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Based on components, the edge computing market is categorized into hardware, platform, and services. In 2024, the hardware segment is expected to account for the largest share of the edge computing market, exceeding 52%. The large market share of this segment is attributed to the increasing adoption of IoT and increasing investments in edge computing infrastructure by market players. For example, in February 2023, bitsensing (Korea) launched the 24GHz Traffic Insight Monitoring Sensor (TIMOS) powered by the NVIDIA Jetson platform. It is equipped with AI edge computing to enable smart city environments by delivering accurate and reliable real-time detection on roads, including traffic statistics, accidents, violations, and estimated time of arrival.
Based on application, the edge computing market is categorized into smart city, industrial IoT, remote monitoring, content delivery, AR/VR, and other applications. The smart city segment is expected to account for the largest share of the edge computing market, exceeding 22%, in 2024. The large market share of this segment can be attributed to the increasing number of smart city projects across the world and the growing adoption of smart technologies in city management. Smart cities are increasingly adopting edge computing strategies to mitigate the costs associated with transmitting large amounts of data and reduce bandwidth requirements.
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Based on the end-use industry, the edge computing market is categorized into manufacturing, retail, healthcare, media and entertainment, telecommunications, transportation and logistics, government and defense, energy and utilities, and other end-use industries. The energy and utilities segment is expected to account for the largest share of the edge computing market, exceeding 19%, in 2024. The large market share of this segment can be attributed to the increasing efforts being made by market players to implement edge computing for data processing in remote locations and the growing need in the energy and utilities industry to enhance production capacity, streamline processes, improve sustainability, and extend asset life. For example, in June 2023, Itron Inc. (US) launched Edge Gateway, an edge computing platform aimed at enabling companies to achieve decarbonization and sustainability goals while efficiently managing critical infrastructure.
Based on geography, the edge computing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for the largest share of the edge computing market, exceeding 43%, in 2024. North America’s large share can be attributed to the region’s well-established technical and educational infrastructure, high adoption of advanced technologies, and concentration of a large number of established edge computing companies as well as startups. Furthermore, there is an increasing adoption of edge computing solutions among North American businesses as they look to enhance their IT infrastructure and leverage the benefits of cutting-edge technologies, especially 5G and IoT.
Key players operating in the edge computing market are Amazon Web Services (US), Microsoft Corporation (US), Dell Technologies, Inc. (US), Hewlett-Packard Enterprise Company (US), General Electric Company (US), Huawei Technologies Co., Ltd. (China), IBM Corporation (US), Juniper Networks, Inc. (US), Cisco Systems, Inc. (US), FogHorn Systems, Inc. (US), Google LLC (US), Intel Corporation (US), SAP SE (Germany), MachineShop, Inc. (US), and Saguna Networks Ltd. (Israel).
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Report Scope:
Edge Computing Market Assessment – By Component
Hardware Platform Services Training & Support Services Consulting Services
Edge Computing Market Assessment – By Application
Smart City Industrial IoT AR/VR Remote Monitoring Content Distribution Other Applications
Edge Computing Market Assessment – By End Use Industry
Energy & Utilities Transportation & Logistics Manufacturing Healthcare Government & Defense Retail Communications Media & Entertainment Other End-Use Industries
Edge Computing Market Assessment – By Region
North America Europe Germany UK France Italy Spain Rest of Europe Asia Pacific Japan China India South Korea Australia & New Zealand Rest of Asia Pacific Latin America Middle East & Africa
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