Edge Computing Market Size, Share, Industry Trends and Forecast to 2030

Edge Computing Market Size & CAGR in 2021

The global edge computing market is expected to reach a market value of USD 6.72 billion in 2021 with a compound annual growth rate (CAGR) of 18.4%. Edge computing has gained significant importance due to the increasing demand for low-latency processing and real-time data analytics across various industries.

COVID-19 Impact on the Edge Computing Market

The COVID-19 pandemic has accelerated the adoption of edge computing technologies as businesses shifted to remote work and digital operations. The need for efficient data processing at the edge of the network became crucial to enable seamless connectivity and ensure business continuity.

Edge Computing Dynamics

Edge computing is revolutionizing the way data is processed and analyzed by bringing computational capabilities closer to the data source. This decentralized approach to data processing offers low latency, high bandwidth, and real-time insights, making it ideal for various applications such as IoT, autonomous vehicles, and smart cities.

Segments and Related Analysis

The edge computing market can be segmented based on components, deployment models, applications, and end-users. The key components include hardware, software, and services, while deployment models can be categorized as cloud-based, on-premises, and hybrid. Applications of edge computing span across healthcare, manufacturing, retail, transportation, and more.

By Region Analysis

The edge computing market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America currently leads the market with a significant share due to the presence of major technology players and early adoption of edge computing technologies. However, Asia Pacific is expected to witness the highest growth rate in the coming years.

Key Market Players and Competitive Landscape

Some of the key players in the edge computing market include Cisco Systems, Inc., Hewlett Packard Enterprise (HPE), IBM Corporation, Intel Corporation, and Microsoft Corporation. These companies are focusing on strategic partnerships, product innovations, and acquisitions to strengthen their market position and gain a competitive edge.

Recent Happenings in the Edge Computing Market

In recent developments, Microsoft launched Azure Edge Zones to enable 5G edge computing capabilities for businesses. Intel announced the acquisition of SigOpt, a leading provider of optimization solutions for AI models, to enhance its edge computing capabilities. These advancements signify the growing significance of edge computing in the digital transformation journey of organizations.