Edge Computing Market Overview:

The Edge Computing market is projected to grow from USD 36.35 Billion in 2022 to USD 168.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.51% during the forecast period (2022 – 2030).

Bringing computers and data processing near to the data source is the major goal of edge computing in the market. The Edge computing market has seen growing utilisation along with the expansion of edge computing. Therefore, sectors like the BFSI, manufacturing firms, IT and communications, and many more are using edge computing in the industry. The IoT’s significant effect in modern society is the primary cause of the rise in the usage of edge computing. The increased use of cloud computing and storage solutions is also helping to promote edge computing. Edge computing allows for operation and processing, which speeds up decision-making near to the data source. Even Purdue University has employed IoT sensors to hasten and enhance plant development as well as the process of food production.

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Key Players:

Key Companies in the Edge Computing market includes,

  • General Electric Company
  • Amazon Inc.
  • Intel Corporation
  • Microsoft Corporation
  • SAP SE
  • Schneider Electric SE
  • Alphabet Inc.
  • IBM Corporation

Regional analysis:

The Edge Computing Market receives support from many different locations. Some regions are comparable to others, such as the Asia Pacific region, Europe, and North America. As a result of the consistently high rate of population growth in the Asia Pacific region, that area currently accounts for the greatest proportion of the total share. The North American area has a smaller edge computing market share than the Asia Pacific region, but it still comes in second place overall in the edge computing market. It is important to take into account the remaining areas, such as Europe and the rest of the globe, because it is anticipated that they would see economic expansion in the next few years.

Market segmentation:

In 2021, the hardware industry captured a sales share of more than 40% in terms of components. The hardware is expected to hold the largest Edge computing market share throughout the course of the projection since it is becoming more and more popular in the managed services sector. The amount of data produced by IoT and IIoT devices is rapidly expanding along with their quantity. Enterprises are thus using edge computing equipment to reduce the stress on the cloud and data centres in order to deal with the volume of data generated.

In terms of applications, the Industrial Internet of Things (IIoT) sector led the edge computing market. In 2021, the division attracted a revenue share of above 28%. In order for manufacturers to achieve the aim of digitising their facilities, edge computing has become crucial. In the industrial sector, edge computing has a sizable installed base in the form of device edge. As services become more complex and the infrastructure edge is made more accessible, it is anticipated that demand for edge infrastructure will rise.

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In 2021, the energy and utilities industry achieved a revenue share of above 15%. Smart grids, which rely on device edge infrastructure, are probably going to help the energy and utility sector’s income rise. Global attempts to increase the efficiency of electrical utility services, including the development of alternative renewable power sources like solar and wind, are being fueled by environmental sustainability programmes. In order to empower capabilities and improve operating efficiencies, smart grids are being implemented all over the world. These networks can allow microgrids to support generation from scattered renewable sources, real-time consumption control, and integration with smart appliances.

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