According to a research report “Edge Computing Market by Component (Hardware, Software, and Services), Application (Smart Cities, Remote Monitoring, IIoT, AR and VR, Content Delivery), Organization Size (Large Enterprises and SMEs), Vertical and Region – Global Forecast to 2027″, published by MarketsandMarkets, the edge computing market size is expected to grow from USD 44.7 billion in 2022 to USD 101.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period. The rising adoption of work from home culture, advancements in virtual and cloud-based technologies and solutions are a few factors driving the growth of the edge computing market.
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Increased Data Traffic Spurs Edge Computing
The lockdowns that followed the COVID-19 pandemic skyrocketed the number of people working remotely. According to McKinsey’s American Opportunity Survey 2022, 58% of respondents reported having the opportunity to work from home at least once a week, while 35% reported having the option to work from home five days a week. The exponential rise in data traffic due to remote workplaces created a need for higher network bandwidth. It also led to incomprehensible network congestion and failures. In the current business scenario, reducing service access latency and data sent to the cloud are crucial for enterprises using cloud infrastructure. Businesses, including hospitals, factories, and retail locations that process sensitive data and power critical systems, require solutions with low latency to function reliably and safely. Furthermore, applications such as remote monitoring of oil & gas fields and manufacturing sites and content delivery are delay-sensitive and require real-time computation.
Impact of IoT
With more businesses adopting the internet of things (IoT) for connectivity and automation, the edge computing market is growing. As per the IoT Analytics’ Global IoT Enterprise Spending Dashboard, the overall enterprise IoT spending increased by 22.4% in 2021, accounting for USD 158 billion. According to Accenture, IIoT is expected to add USD 14.2 trillion to the global economy by 2030. Companies implement IoT solutions to achieve large-scale monitoring and detection. For instance, the Alaskan government uses smart sensors combined with edge computing to send alerts to drivers about weather and road conditions to prevent road accidents. However, IoT devices produce a vast amount of data, particularly from sensors. Edge computing addresses the issue of network congestion and latency by collecting and processing data in real time. It also eliminates the disadvantages of cloud computing, such as DDoS attacks and cloud outages. Furthermore, it can act as a firewall for IoT and storage devices and provide a safe networking environment. In view of this, companies using IoT and cloud services continuously integrate edge computing into their IT infrastructure.
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Emerging Trends
As per the global LinkedIn data, there has been a surge in remote job postings, with an average increase of 2.8 times in July 2020. The increase in remote postings among the 18 countries ranged from 1.5 times in Canada to 4.9 times in Brazil. Moreover, remote job searches also increased by 60%, while applications have increased by 2.3 times. Consequently, the increased emphasis on remote working has led to a massive increase in data volumes and network traffic globally. This has encouraged enterprises to look towards edge computing for its umpteen benefits, such as low latency, high bandwidth, and low power.
Edge computing is transforming the way businesses operate across every industry. Factors such as the growing adoption of IoT, increasing data volumes and network traffic, rising demand for low-latency processing, and real-time automated decision-making solutions fuel the growth of the edge computing market.
Key Players
The Major Players for edge computing market includes some of the major vendors offering contact center solutions across the globe include AWS (US), Cisco (US), Dell Technologies (US), Google (US), HPE(US), Huawei (China), IBM (US), Intel (US), Microsoft (US), Nokia (Finland), Adlink(Taiwan), Axellio (US), Capgemini (France), ClearBlade (US), Digi International (US), and more.
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