A study by Transparency Market Research (TMR) expects the global edge computing market to grow at a CAGR of 37.3% during the forecast period, between 2022 and 2031.
Edge computing refers to a latest technology created on a distributed computing system. The demand for different edge computing solutions is being increasing in order to reduce network burden as well as the operation time to milliseconds, nots a TMR study on the edge computing market.
Autonomous vehicle producers are growing investments in the technology due to a rise in understanding on the advantages of edge computing. This factor is generating profitable prospects in the edge computing market.
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Edge Computing Market: Key Findings
- The demand for autonomous and connected vehicles is being increasing around the world owing to their varied advantages. For instance, autonomous vehicles can offer precise data on the light, weather, and road conditions. Furthermore, they utilize this data to control, navigate, and drive, which in turn, improves overall driving experience. Such factors are expected to generate profitable prospects in the global edge computing market during the forecast period.
- In autonomous cars, edge computing can offer more precise and rapid data use. This, in turn, allows edge data centers to remove non-critical data and save important data within the vehicle, notes a TMR study on the edge computing market.
- Edge computing, in combination with Machine Learning (ML) and Artificial Intelligence (AI) assists in achieving situational understanding in very less time. For this, the technology offers local processing capacity to boost the processing of huge data generated by autonomous vehicles. Hence, smart driving can help in efficient management of traffic and prevent traffic bottlenecks. This, in turn, can assist in decreasing the number of road accidents globally.
- The demand for IoT edge computing solutions is being increasing around the world owing to a rise technological advancements and surge in the use of 2G, 3G, and 4G long-term evolution (LTE) wireless networks. This aside, IoT security solutions are being increasingly adopted in order to advance the flexibility and security of online communications. As a result, the edge computing market share is prognosticated to reach a valuation of US$ 161.66 Bn by 2031.
Edge Computing Market: Growth Boosters
- Rise in the adoption of Internet of Things (IoT) technology is fueling the global edge computing market growth
- Emergence of connected cars and autonomous vehicles are driving the demand for edge computing solutions
Edge Computing Market: Regional Analysis
- Increase in the use of different connected devices including tablets, iPad, and smartphones in North America is fueling the growth in the regional edge computing market
- The presence of many well-entrenched players in Asia Pacific is expected to help in the regional market growth in the forthcoming years
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Edge Computing Market: Key Players
Some of the key players profiled in the report are:
- Atos
- Amazon Web Services (AWS), Inc.
- Dell Technologies
- Cisco System, Inc.
- Foghorn
- EdgeIQ
- Huawei
- HPE
- Litmus Automation
- IBM Corporation
- Nokia
- Microsoft Corporation
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Edge Computing Market Segmentation
Component
- Hardware
- Software
- Services
Application
- Smart Cities
- Augmented Reality (AR) and Virtual Reality (VR)
- Industrial Internet of Things (IIoT)
- Remote Monitoring
- Others
End-user
- BFSI
- Retail
- Manufacturing
- Healthcare and Life Sciences
- IT & Telecom
- Government
- Media and Entertainment
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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