Edge Computing Market is expected to reach a revenue of USD 702.8 Bn by 2033, at 40.0% CAGR – Insight by Dimension Market Research

Projections suggest a substantial surge, within the global edge computing market as it is expected to show noteworthy growth by reaching USD 702.8 billion by 2033 at a CAGR of 40.0%.

US, April 09, 2024 (GLOBE NEWSWIRE) — Overview

Edge Computing Market is expected to reach USD 33.9 Bn by 2024, surging to USD 702.8 Bn by 2033, with a CAGR of 40.0%. The Edge Computing Market provides services that build such computing assets within the vicinity of the information sources and the end-users in order to reduce latency and enable the processing of the data at real-time basis. The concept of edge computing comprises hardware, software, Platform and services with computing power at the network edge. The main factors pushing up the growth of this market are encompassed IoT growth, demand for low-latency apps, and cloud adoption.

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Important Insights

  • Market Size: The Edge Computing Market is anticipated to reach USD 33.9 billion by 2024 which is further projected to reach USD 702.8 billion by 2033 at a CAGR of 40.0%.
  • Component Segment: Hardware is projected to dominate the component segment with 45.1% of market share in 2024. Hardware dominates edge computing with edge nodes, sensors, routers, and endpoint devices enabling efficient data processing.
  • By Organization Size Segment: Large enterprise is anticipated to dominate the global edge computing market with the highest market share in 2024 due to the presence of a wide range of resources and their well-organized infrastructure.
  • Application Segment: Industrial Internet of Things (IIoT) is projected to show its command on the application segment with a 28.0% market share in 2024. Their dominance is credited to their wide usage in various industries where they work as transformative catalysts.
  • Regional Analysis: North America is anticipated to lead the global edge computing market with a 41.2% market share in 2024 due to its robust infrastructure, presence of various tech giants, and widespread adoption of edge computing across various sectors.

Latest Trends

  • AI Integration Revolutionizes Edge Computing: Advanced AI algorithms are deeply integrated into edge computing solutions, permitting real-time data processing and decision-making at the network side, improving overall performance of the system.
  • 5G Accelerates Edge Adoption: The rollout of 5G networks is catalyzing the adoption of edge computing, especially in sectors like telecommunications, autonomous vehicles, and smart cities, due to its capability to deal and handle large data volumes with minimal latency.
  • Security and Privacy Prioritization: The rising awareness about the data privacy guidelines and evolving cybersecurity threats, edge computing solutions are focusing greater on strong security features to ensure decentralized data processing and storage continued to be steady and compliant.

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Edge Computing Market: Competitive Landscape

  • Major players in the global edge computing market include AWS, Azure, and GCP dominate the global computing market with comprehensive product catalogs, while companies like AWS Wavelength, Azure Edge Zones, and Anthos offer a wide range of edge computing based solution to exert their prominence in this market.
  • Competition intensifies with companies like IBM, Cisco, Dell, HPE, NVIDIA, Intel, and Huawei providing tailored computing solutions, alongside startups and regional firms focusing on niche edge computing services, fostering ongoing innovation and strategic partnerships.

Some of the prominent market players:

  • ABB
  • Amazon Web Services (AWS), Inc.
  • Aricent, Inc.
  • Atos
  • Cisco Systems, Inc.
  • General Electric Company
  • Hewlett Packard Enterprise Development
  • Honeywell International Inc.
  • Huawei Technologies Co., Ltd.
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Rockwell Automation, Inc
  • SAP SE
  • Other Key Players

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Edge Computing Market Scope

Report Highlights Details
Market Size (2024) USD 33.9 Bn
Forecast Value (2033) USD 702.8 Bn
CAGR (2024-2033) 40.0%
North America Revenue Share 41.2% 
Historical Data 2018 – 2023
Forecast Data 2025-2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Organization Size, By Application, By Industry Vertical
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is projected to dominate the edge computing market as it hold 41.2% of the market share in 2024. North America dominates the global edge computing market because of the robust infrastructure and early adoption of this technology by major companies in this market like AWS, Azure, and GCP. This region’s thriving tech surroundings, considerable investment possibilities, and skilled group of workers bolster its leadership in innovation. Across sectors like telecommunications, healthcare, and finance, North American organizations are embracing edge computing to improve their efficiency, deliver low-latency services, and create new revenue streams, ensuring continued growth and dominance.

Market Analysis

In the edge computing market, hardware dominates in the component segment with 45.1% of the market share in 2024. Edge nodes/gateways, sensors, routers, and end-point devices play critical roles in permitting information processing and transmission at the network edge, facilitating real-time decision-making and analysis throughout numerous industries and applications.

The Industrial Internet of Things (IIoT) is poised to dominate the edge computing application segment, with 28.0% of the market proportion in 2024. IIoT’s fast adoption across industries and its transformative impact on enterprise operations are primary reasons for its dominance. Edge computing permits localized statistics processing, reduces latency, and helps well-timed decision-making, specifically vital for optimizing processes and enhancing productivity in industrial settings.

Growth Drivers

  • IoT Proliferation Fueling Demand: The rapid adoption of IoT devices drives the need for low-latency solutions that enhance operational efficiency which drive the demand for edge computing.
  • 5G Network Acceleration: The deployment of 5G networks accelerates edge computing adoption, particularly in telecom, autonomous vehicles, and smart cities, allowing faster data processing and real-time decision-making.
  • Data Privacy and Security Concerns: Increasing regulatory scrutiny and cybersecurity threats underscore the significance of edge computing for decentralized data processing and storage, addressing privacy, and security challenges.
  • Advancements in Edge AI and Analytics: Continuous advancements in edge AI and analytics capabilities expand the scope of edge computing, allowing sophisticated data processing & analysis at the network edge.

Restraints

  • Interoperability Challenges: Lack of standardized protocols and interoperability between different edge computing platforms avert seamless integration and data sharing, limiting the scalability and efficiency of this market.
  • Infrastructure Limitations: Inadequate network infrastructure in few regions obstruct the deployment and growth of edge computing solutions.
  • Data Privacy Concerns: Heightened scrutiny on data privacy policies poses challenges for edge computing, requiring robust security measures and compliance frameworks to address potential vulnerabilities and ensure regulatory adherence.
  • Skills Gap: The complex nature of edge computing technologies demands specialized skills and expertise, leading to a scarcity of certified specialists capable of designing, enforcing, and keeping side computing structures, slowing down adoption and innovation.

Growth Opportunities

  • Industry-specific Solutions: Tailored edge computing solutions for industries like healthcare, manufacturing, and retail provide possibilities for custom designed applications, optimizing approaches, and improving performance.
  • Edge-to-Cloud Integration: Integration of edge computing with cloud platforms facilitates seamless data transfer & processing, make way for hybrid architectures and improve scalability.
  • Edge AI Advancements: Advancements in edge AI technologies allow real-time decision-making, creating opportunities for enhanced intelligent and efficient network systems.
  • Emerging Markets Expansion: Penetration of edge computing into emerging markets provide opportunities for addressing specific demanding situations and catering to the evolving needs of various industries.

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Edge Computing Market Segmentation

By Component

  • Hardware
    • Hardware by Type
      • Edge Nodes/Gateways
      • Sensors and Routers
      • Others
    • Hardware by End-Point Devices
      • Cameras
      • Drones
      • HMD
      • Robots
      • Others
  • Software
  • Edge-Managed Platform
  • Services

By Organization Size

  • Large Enterprise
  • Small & Medium Enterprise

By Application

  • Industrial Internet of Things (IIoT)
  • Robotics and Automation
  • Remote Monitoring
  • Smart Cities
  • Video Analytics
  • AR/VR
  • Others

By Industry Vertical

  • Energy and Utilities
  • Financial and Banking Industry
  • Retail
  • Healthcare and Life Sciences
  • Industrial
  • ITES and Telecommunication
  • Others

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By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Recent Developments in the Edge Computing Market

  • February 2024: Synadia secured USD 25.0 million Series B funding led by Forgepoint Capital for NATS.io development, catering to edge AI and multi-cloud applications amidst the growing edge computing market.
  • January 2024: G42 invests in Analog, an edge computing startup focusing on AI solutions for human needs. Analog emphasizes partnership and innovation. Launch announced at Davos.
  • September 2023: T-Mobile Ventures launched a second fund to invest in AI and edge computing for the 5G network, aiming to enhance consumer products and business services.
  • August 2023: ABB invested in Pratexo, enhancing edge computing solutions for decentralized electrical networks. The partnership aims to improve security, autonomy, and resilience.
  • August 2023: OVHcloud is set to acquire German edge computing specialist grid-scale, aiming to enhance its presence in Europe and enter the rapidly growing edge computing market.

About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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